Product-market fit requires a market, a business model and customer engagement

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Excerpt (with edits) from Product/Market Fit is a Continuum by William Mougayar:

How do you measure product-market fit and know that you’re there?

1) Marc Andreessen emphasized 3 variables: the product, the market and the team that is executing on it.
=> Take-away: if there is no market, even a great product and a great team will not get you there.

2) Steve Blank argues that Business Model realization is part of the Product/Market Fit.
=> Take-away: if you can’t realize the business model, there is no Product/Market Fit.

3) Eric Ries, Ash Maurya and Dave McClure look at Product/Market Fit based on user engagement, by focusing on conversion velocity, from user acquisition to deep engagement.
=> Take-away: If there is no retention and referrals, there is no Product/Market Fit.

4) Ben Yoskovitz and Alistair Croll remind us that maybe we should think in reverse, i.e. Market/Product Fit, not Product/Market Fit.
=> Take-away: “Instead of building new features, or rebuilding from scratch, try pointing your product at a new market.”

They are all right.