What Determines Whether A Startup Will Fail Or Succeed In The Market?
Kim & Todd Saxton
Clinical Professor of Marketing
Associate Professor, Indiana Venture Faculty Fellow
We’re both very passionate about enabling the innovators.
Kim & Todd talks about how the entrepreneurial journey involves navigating uncertainty rather than taking risks. They talk about how if you can handle uncertainty and create opportunities as well as create challenges then you’re in a better position to not just navigate but to take advantage of that uncertainty to create a positive inflection point for your business.
They also talk about the two main reasons why startup fails – one is the lack of good market fit and the other one is they are running out of money. Market fit refers to how well a company fits into its target audience. It’s also known as customer fit or product fit. If you don’t know who your customers are, you won’t be able to create the products they want. You may think you know what your customers want, but if you don’t test your assumptions with real customers, you could end up building something nobody wants.
Having good discovery skills is important for startups.
In today’s global economy, there is a growing need for companies to design products that appeal to consumers across cultures.
When developing products for international markets, it is important to understand cultural differences between countries
In order to humanize the recruitment and hiring process, you must first understand why people join organizations. Once you do, you can create a culture where everyone feels valued and appreciated. This makes the recruiting and hiring process less stressful and more enjoyable for both parties.