product, minimum-viable-product, product-market-fitSo the problem is if you focus on a single project and hit a hard wall and you try to go around it, there might not be a path out and you might be stuck forever. But we do hear stories about people selling their startups cause its not working and 1 week later it grows 10 times.
What is the best way to approach this? Should a startup build multiple products and see which one the customers like better/has better potential/is taking of. Or should a startup stick with a single product and a single vision and ride it until they have to pivot?
If you try to build multiple products at the time with a small team, there’s a good chance you’ll end up spreading yourself too thin and not ship anything.
It depends on whether you’re talking products as in variations of a single product line, or independent product lines. Stories abound of startups going under because a successful product line was destroyed by the team and resources being spread too thin on launching too many new, minimally-related product lines.
On the other hand, offering a careful and moderate selection of variations on a single product line can help expand your market for minimal capital/resource expenditure.
I would echo with Denis's answer.
Product or market fit can only be determined after successful Innovation Accounting through multiple iterations of the Build-Measure-Learn feedback loop.
That is a huge amount of work and efforts for the entire team. So, using those efforts on a single product would help the startup in taking better pivot or persevere decisions.
So, if you have multiple products going on in the startup, then the effort is doubled, on the same team. So, it would be extra pressure and diverting focus.
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