A Quote by Jose Ferreira
No one cares how valuable your product is if its addressable market is small. The key isn't so much the number of users as it is the dollar size of the market.
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From the very first inkling of a concept, founders need to gather a target group of five to ten potential users to begin the feedback loop. We all think we know how the market will react to new ideas, but actual users live with the pros and cons of the existing market conditions every day. They are the market experts.
Shutterstock has evolved from an image-based marketplace for small businesses to a much broader platform, with a large and expanding addressable market opportunity.
Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
A market economy is a tool - a valuable and effective tool - for organizing productive activity. A market society is a way of life in which market values seep into every aspect of human endeavour. It's a place where social relations are made over in the image of the market.
Most investors are obsessed with the market size today and they don't think about how the market is going to evolve.
There's no question here that every effort is made to earn as much money off tobacco as possible. At the same time, the same people who are doing everything they can to get every penny out of this product, are condemning its use, are bludgeoning and impugning its users, and denying them every day more and more places where they can legally use the product. In the process, they have been the architects of the black market. The people in charge of all this have themselves set the stage for black market circumstances to prosper and thrive.
"(Big name research firm) says our market will be $50 billion in 2010." Every entrepreneur has a few slides about how the market potential for his segment is tens of billions. It doesn't matter if the product is bar mitzah planning software or 802.11 chip sets. Venture capitalists don't believe this type of forecast because it's the fifth one of this magnitude that they've heard that day. Entrepreneurs would do themselves a favor by simply removing any reference to market size estimates from consulting firms.
Use Time. Make it easy. Get your money to work for you. The key is to get in the market, as it is not about timing the market, but time in the market that matters.
The Single Market is no-where defined in the E.U. treaties. If you suddenly ask people to define the Single Market, the number who can do that, who are specialists in the area, is pretty small.
Doing a me-too business, because it's you - the only person who cares about that is you. The market doesn't care if it's you. The market is pretty much being served. You better have something that the world doesn't have, because even then, you might screw it up through your own ineptitude and inexperience.
The worst thing that you can do in terms of bringing a product up to the market is to be two days after someone else has brought a similar product to the international market-It's dead.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
A successful business must have a sound knowledge of its market and work on how its product or service will be different, stand out and improve people's lives. If you can ensure it responds to a real need in the market place, your business can punch well above its weight.
Many first-time founders fail to understand the difference between the potential of the Total Addressable Market (TAM) and the very finite subsection they can hope to capture. No company ever captures the entire market they pioneer. Innovation doesn't happen in a vacuum, and others will jump in from the moment you've identified the potential.
You have to connect with your market and your employees. First, understand that what your market says is fact and what you say is opinion. Then, take the time to create a good connection with your employees. Without those two key connections, your business will be stuck in mediocrity forever.
I think, when I see entrepreneurs, they tend to talk about the market and the industry - which is obviously very important, but the most important thing is you're product. What are you selling? And does it really have product-market fit?
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