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Get To Know Your Market

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This is part of my ongoing Series on Getting From Zero to One.

You have been refining and cultivating your map almost daily by now. The exercise has not been in vain. Steadily you approach the time when you will launch your new business. You are readying yourself through preparation, thinking, learning. Your mantra of technology/product, team, funding continues... you're thinking through it all. You have reams of Google docs prepared which include your financial model, your potential customers, your potential advisors, partners, investors, team members, product road map, and the like.

But do you really understand your market and the problem you seek to remedy? How deeply have you examined it? Have you spoken at length with potential customers, partners and experienced hands in this space? What is the competitive landscape? What is your true addressable market and is it substantial enough? What unfair(!) competitive advantage will you be bringing to this space? What makes this venture truly special? Lastly, as Heinemeier Hansson asks: is it your best idea?

There is no escaping complete immersion in this market in that you must understand its every nuance. You must speak to the actual people who dwell in it every day of their lives and understand what their experiences and challenges are. By doing so you will stress-test your initial assumptions, meet potential customers, partners, founders, team members, and perhaps new friends. You will no doubt find yourself adjusting your model, your map, your strategy. By the time you launch everyone should know you and many of them should be willing to work with you and use your product- it is the only way. Startups are a community activity, not a solitary exercise.

You must also know that your first foray into this market will probably not strike the bulls-eye, so your company must be designed with flexibility in mind, always ready to pivot and iterate until you find the right product/market fit.

So while you consider everything else we have been discussing in getting from Zero to One, remember: all of these considerations are subsumed by the overarching landscape of the market in which you will dwell.