In the recent years there are so many businesses started that, the number of businesses started in a particular year are more than the total number of businesses in the history of the world.
The business world has become complicated and so has the world. Economies are changing, people’s habits are changing. Countries like China and India are growing at a rapid pace, and a lot of middle class is moving to a higher middle class and so on.
Normal people don’t keep up with these changes and aren’t really aware of the different classes in society. As an Entrepreneur, you should.
A product market fit is when you figure out that the product or business that you are creating has a validated market around it. In simple terms, a lot of people are willing to pay money to use your product or service.
Why is this important?
It’s extremely important to go through this process because you don’t want to be building something that people are not going to buy. Just because you build something, it doesn’t mean people are going to buy it.
As an entrepreneur it is a must to attain product market fit before you build a product, hire a team, spend money on marketing or raise money.