Leading a young Product team? Here are a few mistakes to avoid!

Are you a young Founder /Co-founder who recently started your startup journey, believes in his ideas, loves his vision & ready to give all your Heart, Soul, Sweat & Blood for your product?

You'd be the folk who will make the hundreds of decisions that will define the product's success. Not every member of the team must be a proven superstar, but everyone must be capable of doing their duties adequately in order for the team as a whole to function efficiently. Identifying problems early on and anticipating challenges allows you to reduce expenses and penalties when things do not go as planned. It's a lot easier said than done. Ideas are simple to come up with, but putting them into action is difficult.

Here are a few hand-picked suggestions if you are new to this-

• Having a Roadmap

Roadmapping is a key component of strategic planning. The activity might function as a catalyst for discussions about where and why you will invest. Connecting your product strategy to an implementation promotes alignment and keeps everyone focused on the tasks that are most important in attaining the goal. You can graphically convey your product's direction to internal teams and external partners. Visibility into what is coming next assists the entire company in prioritizing and planning for the new experience you will provide.

• Keeping it Simple

You must take a basic action, Keep It Simple. All you need to do is stay on track with the value you're attempting to transmit and make things easy for consumers. The retention rate decreases as user sophistication rise. Create an MVP. This is a critical step for you to take. Determine the bare minimum of qualities required to verify or disprove the hypothesis.

Observe and collect data by bringing the MVP to market and determining whether or not your potential users are actually utilizing it. Analytics enters the picture here. Track your users' use and evaluate what and how often they use it. Build on the MVP or go on a different path. These extra experiments will aid in the validation of your theory.

• Knowing your end-users

Using customer information in your product development should allow you to create more valuable features and services that solve customer concerns better. Customer engagement would help to generate enhanced functional requirements, alter product design to minimize manufacturing costs, or build a design that more effectively addresses the specific demands and difficulties of consumers.

Furthermore, Knowing your customers can enable more efficient methods of delivering products and services to consumers through techniques such as enhancing communication and feedback systems. Taken collectively, these advantages should encourage long-term repurchases of your products at a higher profit margin, resulting in improved relationship profitability.

• You never hire a perfect team, The team gets perfect with the going!

It is difficult to locate top-tier talent. High-caliber talent is expensive to hire. False hiring may devastate your organization, and it can take a long time and a lot of money to undo these terrible mistakes. Getting a team to work for you is typically a time-consuming process that takes several months, and A-teams can take up to a year in some circumstances. This time may be used to develop your product using whatever resources you might have.

• Putting everything in the Basket.

Young & Aggressive Founders are so much self-motivated that they want everything in their product, Avoid the temptation to overburden your product with features, and ensure that the product provides a pleasant user experience. Have a solid management team and be moderate when it comes to technology. Finally, map out your product development path ahead of time.

• Solving an unrealistic problem

This might be hard & hurting but is your product idea even worth it? Do end-users also feel that your product solves a real problem. Sometimes, Leaders are so married to their product idea that they might not realize what's right or what's wrong. It's always recommended to have bold Co-founders, Partners, or a team that bring you to the right path in case you aren't able do it yourself.

Building a product is not a destination but a journey full of ups & downs, Your first version of the product should be rolled out in the quickest of time & here's why WE EXIST!

We got an in-house team of 60+ highly skilled UX/UI Designers & Product Engineers who made things happen.

Having shipped 40+ live products with over 100,000+ active users across industries like Fintech, Community, Social Media, IoT & Healthcare, etc we have evolved ourselves as a reliable PRODUCT PARTNER.

Free free to write me at sid@hiehq.com or schedule a time to chat: calendly.com/hiehq to learn how we could help you bring the best out of your digital product.