There is a wide divergence of success and of caliber/quality for the 3 core elements: team, product, and market.
Definitions of key terms:
- Caliber of team: suitability of CEO, senior staff, engineers, & key staff
- Quality of product: impressiveness of product to customer
- Size of market: number & growth rate of customers for product
Market matters most to success because:
- Market will be fulfilled by first viable product
- It doesn’t matter how good the product is, so long as it works
- Team is easy to upgrade if market is good
- A great team & great product cannot fix a bad market
The only thing that matters is getting to product/market fit (PMF). Before PMF (BPMF), do whatever you can to get to PMF.