Entrepreneurial

The bazaar, the oldest newest idea for small businesses

In an FT column today Dave Eggers pines for the days when schools taught metal and woodworking. “It doesn’t all have to be keyboards and screens, does it?” he asks.

It certainly doesn’t.

Many small business in the U.S. are  becoming part of a new wave of small-scale and super premium manufacturing. There’s any number of examples to look at, like the plumbing parts manufacturing in Brooklyn, the artisanal chocolate makers and the distillers in Boston.

There’s also no shortage of stories focusing on Brooklyn’s manufacturing boom. Turns out we are making things with our hands even if schools don’t teach us how anymore.

Of course Brooklyn, with its close proximity to Manhattan and available factory space, can’t be a model for every city that wants to develop a micro-manufacturing center specializing in pickles, bicycles and chocolate.

But there’s an old idea that Eggers touches on that’s taking hold in New York that other cities can and should appropriate. And it’s such an old concept that Brooklyn can’t even take credit for it. It’s the bazaar, as old as market capitalism itself.

Founder-market fit a key for startups

– Chris Dixon is the co-founder of Hunch and of seed fund Founder Collective. This blog originally appeared here. The views expressed are his own. –

An extremely useful concept that has grown popular among startup founders is what eminent entrepreneur and investor Marc Andreessen calls “product/market fit,” which he defines as “being in a good market with a product that can satisfy that market.” Andreessen argues persuasively that product/market fit is “the only thing that matters for a new startup” and that “the life of any startup can be divided into two parts: before product/market fit and after product/market fit.”

But it takes time to reach product/market fit. Founders have to choose a market long before they have any idea whether they will reach product/market fit. In my opinion, the best predictor of whether a startup will achieve product/market fit is whether there is what David Lee calls “founder/market fit”. Founder/market fit means the founders have a deep understanding of the market they are entering, and are people who “personify their product, business and ultimately their company.”

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