Startups obviously want to make money and reach profitability, but it’s important not to get too caught up in the “how” right away.
Union Square Ventures principal Fred Wilson wrote on his personal blog that he’s seen some entrepreneurs make the mistake of trying to figure out their business model before they lock down a concrete strategy.
Doing so, Wilson says, “can be the worst thing” for a business.
It’s important to first understand where your product fits within any given market, Wilson says. The next step is to determine the best strategy for your business.
“Not finding product market fit is fatal,” Wilson writes. “But going down the wrong path in terms of strategy and business model can be fixed.”
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