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Plan while you can, launch as soon as possible, and make changes as you go
Planning is essential part of startups as it helps you to understand not in depth reality but at least the birds eye view as how you are going to go, its like getting plan of a house you are planning to build, the architect can only give how its going to look like but it cannot give you the complete feeling of how it will look when you build and stay.
Though the above example looks perfect but for a company it’s not related as the planning is done in stage wise for a specific milestone and once on reaching it needs to be relooked and correct the forward going journey.
Let’s take example you have built software, which will help parents understand the progress of their kids and also help the management in reducing the redundant work. This product has all the best market size, requirement and growing market, growing market size all every possible best recipe for success. Lets analyze the company with above statement and what happens when it does not follow the above statement
Taking too much of time to launch will ensure competitors coming on to board, don’t think you are the only one who has got the idea and only one company which is working in this market, so taking too much of time in entering market takes toll on product.
Making changes with regard to various competitors or as required by the end customer is essential holding on to product and saying this is what my offering is does not work in competitive landscape its good in monopoly market. It’s not about who is running fast it’s all about capturing rather than running fast.
The changes can also be in terms of pricing and services being provided the customer oriented market keeps changing at drop of every single second if not in position to handle then with all the best of parameters for success the company still goes for toss.