From 0 to 1M sales: How these students managed to overcome the hardest part – Product/Market Fit…

Whether or not customers are willing to pay you to address their problem is crucial to the success of your business.
Product/market fit ( PMF )  describes this situation. Among failed startups, failure to reach PMF is the leading factor (in more than 40% of cases).

Here are two cases of students achieving PMF prior to launching their own businesses:

Jennifer’s flat mate needed a paper (= issue / problem ) written, and she knew she was brilliant at essays, so she requested Jennifer to do it.
Jennifer couldn’t provide a hand because she had to do a book review first.
Jennifer was finally given $20 (=ready to pay) by the persistent flat mate.
Inspired by this, she decided to start penning academic works for pay.
She eventually had to bring on other writers due to an increase in demand. EssayService began in this fashion.

Second, as a graduate student on a tight budget, Gilboa was unable to replace his broken spectacles from a backpacking trip (= problem + willing to spend less).
After doing some investigating, he was taken aback to find that glasses were commonly marked up by a factor of 10 to 20 over their production cost (= potential savings).
Gilboa connected with classmate Neil Blumenthal, and the two of them started a cheaper eyewear business together.
Warby Parker has made over $200 million in fundraising and sold over 1 million pairs of spectacles.

Think about this :  How can you used social media to get feedback from your potential clients that validates your product idea ?

 

 

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