Thread by @rolandtannous

1/12 For the past 2-3 months, I've been seriously exploring a product idea based on research papers and my management experience. I've recently had to make a strategic decision for the direction of this product. Here's how I did it. #ProductDevelopment #StrategyInPublic

2/12 I initially identified 2-3 competitors who were using less than optimal technology, providing no to low user benefits, No serious threat. So, I decided to talk to users and understand if my idea solves a real pain point. User interviews showed enough interest!

3/12 Recently, I discovered a serious competitor—a recently launched startup. They seemed to have out-executed me with a larger team, successful beta on Product Hunt, pre-seed funding, and strong YC network. The challenge was real! @agazdecki you always talk about this .

4/12 I initially got spooked, questioning how I could compete against a better-equipped, funded competitor. Could larger players enter the market soon too? I needed to make a decision: pivot, drop the idea, or continue with more serious efforts. Time for strategy!

5/12 So how do you approach strategic decision making at a startup or a small operation? Do you go big and do a deep dive analysis ? No! I ran through a small process enough to make what i call a minimally acceptable decision (MAD). This one took one day.

6/12 A minimally acceptable decision is a decision that is (a) desirable: based on reasoning and sound judgment, aligns with stakeholder needs. (b) feasible and (c) financially viable, ie positive decision ROI. Here's how I approached the decision-making process in this case.

7/12 I re-checked the market potential and growth. I reassessed the value prop using YC inspired criteria ( attached), and revisited the idea's business potential using a Business Model canvas. Conclusion: idea worth pursuing, high growth potential, feasible & highly monetizable

8/12 Next step was to determine the current attractiveness of the market. I used Porter's 5 forces which looks into competitive rivalry, power of buyers, supplier power, barriers to entry and threat of substitutes. Attached my notes. Conclusion: Market attractiveness is high

9/12 Next was about performing an objective analysis of my company and discovering sources of competitive advantages. I used a SWOT analysis (basic notes attached).

10/12 Using the info gathered so far, and common sense, I made a minimally acceptable decision (MAD):
I decided that the best course of action is to continue building the product while accelerating execution and emphasizing innovation as a main differentiation driver.

11/12 Great but what about a quick and dirty action plan to go with that strategic decision? Start with very broad terms and detail as you go. my draft plan attached.

12/12 Stay tuned for more updates on my product journey! I'll be sharing my plan and progress milestones soon.#ProductStrategy #Innovation #StartupLife #StrategyInPublic