A useful framework for scaling up a company that avoids the dangers of being product-centric.
Balfour's framework takes you through four stages of fit:
- Market-Product Fit
- Product-Channel Fit
- Channel-Model Fit
- Model-Market Fit
The biggest mistake that most entrepreneurs make is they think they can build an amazing product in isolation, and once they have a few customers loving it, they can Frankenstein channels onto it afterwards. But it’s actually the exact opposite — you have to build your product to fit the channels. You control what your product is, but you don’t control the rules of the channel.Read more...