There are many different approaches to become an entrepreneur. Either you are a tech freak and therefore have the ability to build your own products (Mark Zuckerberg top example), or you have the ability to convince people around you to receive money, resources and time (almost every other Entrepreneur that isn’t a college dropout). But one thing that is key when starting a company is to find product market fit. Finding product market fit means you find a problem people have, have the RIGHT solution to it, find people who want to use your solution, and then prove that many more people have the same problem. If you have achieved this then you are able to convince investors much easier that your already floating and sailing boat needs is a few 500hp engines in the back to help propel it forward.

 

But now taking a step back. How do you find product market fit? The best thing is so think big, but do small. Take baby steps at the beginning with constant tests and improvements. As we are living in an age where technology is so cheap and software is of abundance, we have all the right tools to test ANY idea in a cheap manner.

“The best thing is to think big, but do small.”

Let’s take the steps one by one.

Discovering a problem:

Talk to your user. This is the most simple AND important step that you will ever have. First it is important to understand your user. You need to know what they do, how they do it and most importantly WHY they do it. By understanding WHY they want things and do this you can get the core of their habits and therefore design their future decisions.

 

How to do this? Well if you want to do a really really really bad job, you will conduct an online survey with a few pages of questions that no one fills out and the ones that do can’t provide you any detail. Don’t get me wrong, online surveys are great for validation – the step that comes last!

 

Your best bet is to just meet them. Yes, go out and talk to every single customer. Have a open conversation with them and do not lead them into answering any questions based on the answers you want to hear. The best trick here is to do it in a way that the person doesn’t realize you are ‘investigating’ him/her. For example, if you think there is a problem with the hotel relations service, that you go and talk to the concierge, bell boys and other guests as if you were also a guest. This method puts you in the shoes of the customers so you can feel what a customer would normally feel.

 

The key here is that you see the world from the perspective of your customer. You need to get in the head and think like they would think. We at Yelloh have developed a tool to do just that – video online surveys so that you can conduct qualitative research in the quickest and easiest manner. The process is similar to how you would make a online survey, you input questions, share a link with your respondents and then wait for the results. The biggest difference is that respondents can answer the questions in video format directly from their mobile browser. This makes it easier for them to give you qualitative answers as they just have to speak their mind.

 

Using Yelloh you can understand your customers, see their perspectives, and understand their problems. Once doing this you can start to move on to the next steps, which is analyzing the information and compiling it with everything you know before brainstorming for solutions.