Workshop on Achieving Problem-Solution Fit and Product-Market Fit

Mr. Dilip Sharma, Founder, Healthy Box, was the resource person for the workshop organised on ‘Achieving Problem-Solution Fit and Product-Market Fit’ on October 10, 2022.

Mr. Dilip shared that the Product-Market Fit is part of the Customer Validation Process. Owners of businesses should turn their solution into an optimal good or service that fits the market as a whole rather than just a select group of potential clients. A product with a lot of paying customers and one that customers are enthusiastic about is the outcome of the product-market fit.

He added that building something nobody wants is the number one reason for new business failure. He guided students that even if an entrepreneur builds something that customers want, he/she can still fail to build an appropriate business model around it. So before one plans to begin executing on that "next big thing" he/she needs to test their ideas to be sure for achieving the proper fit with the market and for the company.

He highlighted that one should strive to achieve three kinds of fit before one begins any tasks related to execution: Problem-Solution Fit, Product-Market Fit, and Business Model Fit. Achieving these three kinds of fit will help aspiring entrepreneurs to minimize the risk of failure, Mr. Sharma said.