Directly taken from:
Want to be Rich? DON'T Start a Side Hustle.
There is really one way to build a proper product or business that you can get successful with. This is how proper companies have done over the years and forever, and it will seem very obvious once you understand.
Your product or business should solve a problem that people have. If there is no problem, then why should people invest their money or time for you? Take time to identify the problem properly. This doesn’t mean just the issue, but what’s the market like, and are there any solutions already built? If so, can you build something that’s different?
If you don’t have problems, then either you aren’t actively noting them or you aren’t going out enough to identify them.
Build the Minimal Viable Product (MVP) to solve the problem and get feedback from your customers. Don’t build the full product or invest money and time to build everything that’s everlasting. You can’t do that because you don’t fully understand the scope of your own project. Start small.
Don’t misunderstand what a MVP is as well. It doesn’t need to be a web application or software. Dropbox’s MVP was a video explaining how it works.
How DropBox Started As A Minimal Viable Product | TechCrunch
Identifying how much your product is worth will be difficult. You can compare against other products or calculate an amount that will cover your created expenses.
Understanding it from a user’s perspective and getting feedback helps here.
Understand what your customers are after. Maybe they want something entirely else. If so, you can create a product for that and improve it. Analytics play a key role and make sure to include it as soon as possible to understand.
Even if your product fails, learn why it did and keep improving and moving forward.