A Friday series exploring Startups and the people who make them go. Read all If the Shoe Fits posts here
You recognized a need or a problem and had an idea for a solution.
You started your company based on that idea.
You attracted a team and customers because your idea worked.
Early success doesn’t always translate to long(er)-term success.
Because one-product companies don’t prosper long-term.
Extending and expanding product uses based on customer feedback will provide further growth, but for longer-term success you want additional products.
The best new products will address your current market place.
Because your current client base knows and trusts you, so they will be more willing to try a new product from you.
And this is where many founders go astray.
They assume new product ideas will come from them, another senior manager or a senior developer, instead of allowing ideas to bubble up from anybody on their staff.
Which is why they are so surprised when a lower ranking staffer resigns to do a startup that plays to their market.
Where is your next idea coming from?
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