If you’re working on something, it is wise to know whether you are making progress. If not, measurement will allow you to make decisions: (i) to take action, or to (ii) otherwise abandon your venture.

Value is the only thing that matters

The key measure of success in any venture: (i) do people value your products?

• If that’s the case, then you SHOULD be able to generate some money from it. If people value it enough, then they will pay for it (key assumption). If they don’t value it, then they will not pay for it.

Therefore your number #1 metric should be how much money you’ve earned from it.

Proxy Measurements

Depending on your problem and solution, you can measure your progress in different ways.

Here’s my progress

(a) February 2021 Revenue: $0 Expenses: Considerable Profit: Negative

But, I have 109 users registered. Not all are active users. But that’s a promising start. I’ll need better marketing to push these numbers up.

I hope to get 1000 active users by the end of the year. And to generate some yields from my efforts. If not, then either I’m building a useless product, or I’m pretty bad at marketing.

(b) March 2021

• 141 users. Not bad. But not create. Still sitting on $0 income from this though. My time has been constantly interuptted on other projects, which is frustrating, but looks like we’re heading in the right decision. I hope to cleverly execute key tools that make this product extremely compelling.