How Can Entrepreneurs Successfully Launch a Platform?
Successful platform entrepreneurs often follow these best practices:
Identify a Niche: Start by focusing on a specific niche market to gain traction before expanding. Build a Minimum Viable Product (MVP): Develop an MVP to test the core interaction and gather feedback from early users. Foster Trust: Implement robust trust and safety measures from the beginning to build credibility. Leverage Network Effects: Design features that encourage user engagement and interaction to benefit from network effects. Iterate and Scale: Continuously improve the platform based on user feedback and scale operations strategically.