Whether you’re new to the game or a seasoned veteran, it’s all too easy to make mistakes when selecting a new product to work on.

For instance, I’ve started several projects over the past two years. None have taken off, but I’ve had my fair share of failures. Looking back, I can see that I might have done better if I had been more rigorous and consulted a proven framework before launching each one.

Classic frameworks or analysis methods (like the full Business Model Canvas or the 7 Domains Framework) can feel too sprawling for a small tech startup team. Because we’re still small, we don’t need to explore every possible dimension. Instead, we can pick a more focused, rapid-fire tool to validate our idea and quickly pinpoint an early entry point.

Lean Canvas

One such tool is Lean Canvas, created by Ash Maurya as a simplified take on the Business Model Canvas. It’s geared toward startups or small teams and includes nine parts:

  1. Problem: What core pain point are you solving?
  2. Customer Segments: Who are your key users? Who will adopt early?
  3. Unique Value Proposition: What unique benefit do you offer? How do you stand out?
  4. Solution: What product or service are you offering to tackle the problem?
  5. Channels: How will you reach users? How will they learn about and use your product?
  6. Revenue Streams: What’s your business model for making money? Will users pay, or is there another way to monetize?
  7. Cost Structure: Where do your main expenses come from? Staff, servers, marketing, or something else?
  8. Key Metrics: Which metrics truly reflect product value and business health? (e.g., retention rate, paid conversions, etc.)
  9. Unfair Advantage: Do you or your team have any hard-to-replicate edge, such as patents, exclusive resources, or special networks?

Lean Canvas is especially suited for teams that want to move fast and iterate quickly. It focuses on the problem-solution fit and early validation rather than laying out a long-term business ecosystem.

A Few Other Straightforward Questions

Outside of this startup canvas, there are some simple considerations founders often talk about:

  • Frequency: Do people use it daily, like brushing their teeth?
  • Severity of Need: Is this a “shot by a bullet” pain or just a “mosquito bite” annoyance?
  • Market Size: Is there a large user base that needs this, or just a tiny niche?
  • Competition: Is the space already crowded with numerous players?
  • Starting Small: Can you begin with a very minimal version, or does it require building a huge operation from the start?
  • Long-Term Growth: Can it keep evolving for years, or is it more short-lived?
  • Flywheel Effect: Does each additional user or piece of content strengthen the overall product and create defensibility?
  • Network Effect: Can it spread like WeChat or Facebook, where people join because their friends are there?
  • Founders’ Passion: If there’s no visible progress after a year, would you give up? How badly would you miss it if you didn’t do it?

Whenever you’re about to dive in to build a new product, try answering these questions first. You might find they alone can keep you from going down the wrong path.