Is time and money the most important thing in building a product? ⏰ 💰
LisaKim
24 replies
For many startups, time and money are always limited and, honestly, never enough. We still need to put out better-than-good products on the market.
This may seem impossible, but is there a way to overcome the limits of time and money? Do you think the available time and money define how good a product will be? 🤔
Replies
Anastasia C@anastasia_chow
develops on what kind of product you are making. If the business is kind of "winners take all" then time is crucial as such you need money to speed up. If not, I think we can gradually work on it.
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@anastasia_chow Isn't pretty much everything a 'winner takes all' these days?
I think that depends on the product, but those are typically out of your control, so I would focus less on those and focus more on things within your control like persistence and time management.
As an example, building my AI tool evoke-app.com didn't cost too much, but as a student, it was quite time intensive. Nothing I can do about assignments and exams, but by properly managing time and having 2 co-founders, I'm able to resolve the time problem by quite a bit
@richard_gao2 Could I anticipate a Time Management story by you soon?! I would love to hear more about your success and how you plan your future successes!
Partially. You need dedication and a great team as well. :-)
Many influences are out of your control, but one that is not, is passion! Set your goals straight and follow them and believe in yourself (and your team)!
@inesfenner I see PASSION as seasoning to the product. Without passion, we'll only arrive to plain and unoriginal products.
Money is important, but it’s far more important to have the right money. The best kind of money is money that people don’t realize they’re spending. Money that is spent with such ease that it might as well be invisible. It’s called “Frictionless Money”. Examples include features built for you, or for others. If you can pay for your users to do something for you, then you should. The key is to make that frictionless for your users.
@matthewtooth Very interesting. I will have to do some more research on "frictionless money", thanks!
Time and money are important factors for a start-up, but you also need to have the drive and put in the hard work to succeed
Time and money is the most important things, but if you have a great team, they can build and market a product in a short time, you don’t need a lot of money to do it, because you can find someone who can provide a good service for a cheap price.
Definitely not. I think it's mostly about the team, their skillset, domain knowledge, and set up a collaboration. You can have a lot of time and budget but a team that's not performing or doing things incorrectly won't make the product successful.
The limits of time and money can be a significant challenge for startups, but it is possible to overcome them through planning, prioritization, and efficient use of resources.Focus on delivering a minimum viable product that addresses the most critical needs of the target market, rather than trying to build the perfect product from the start. The available time and money do not necessarily define the quality of the product, but they can impact the speed of development and the scope of the features offered.
If you have time but not money, you can still build a great product, but if you don't have time, you can't.
Also, I don't think a great product can be created with money alone. For a good product to be built and advance its competitors, it needs to be backed up by a lot of experience, knowledge, and much other stuff which all require time but not necessarily money.
Therefore, in my opinion, time is one of the most important elements in building a great product but not money.
Time and money are certainly important resources in building a product, as they can influence the speed and scope of development, as well as the resources available to bring a product to market. However, they are not the most important things in building a successful product!
Factors like:
- having a clear understanding of the target market and user needs,
- developing a strong product vision and strategy,
- focusing on user experience and customer satisfaction can be even more critical to the success of a product.
I believe that having a well-rounded approach that takes into account a variety of factors, not just time and money, is likely to lead to a stronger and more successful product in the long run :)