S3Corp. Tech Blog

Success begins with understanding the needs of the market before developing a product. I co-founded Hubstaff, a tool for remote teams to track time and improve communication, with my friend Jared. Our journey started when we identified a gap in tools for managing remote team. After building a solution we loved, we realized that countless other remote company owners faced the same challenges. This discovery transformed Hubstaff from a personal tool into a growing business that supports remote work lifestyles.

Having worked with remote businesses since 2004, I have consistently relied on three core principles to guide my decisions. These principles are not only critical for achieving business success but also essential for personal freedom.

Find a Hungry Market

The most valuable advice I’ve received, and the one I return to for every new idea, is to find a hungry market. Success hinges on identifying a specific group of people who face the same problem and providing them with a solution. Too many businesses begin with a product idea and then look for an audience. This approach is backward. Start by understanding the audience and their pain points, then create something valuable for them.

For instance, if you find 100 individuals struggling with the same issue, your role as an entrepreneur is to solve that problem effectively. This market-driven approach forces you to focus on value creation from day one. On the other hand, if you pursue an idea solely because you find it intriguing, you are pursuing a passion project rather than a business. Both are valid paths, but only one aligns with entrepreneurship.

Vietnam software services offer an excellent case study in market-focused development. Many companies in this space have grown by addressing the specific needs of global clients, such as cost-effective software development. Their success is rooted in identifying a market demand and meeting it consistently.

Live Within Your Means

Financial discipline is essential for both business operations and personal life. Spending beyond your means limits freedom, regardless of how much money you earn. Aligning your expenditures with your goals is critical. Unfortunately, consumer culture bombards us with messages urging unnecessary purchases. A new car, phone, or office may seem appealing, but these choices often fail to bring us closer to our objectives.

In business, living within your means may involve working remotely instead of renting a large office or choosing shared workspaces for occasional team meetings. Similarly, in personal life, thoughtful spending leads to financial freedom. For example, asking your child about their day can be more meaningful than buying them expensive gadgets. Prioritizing experiences and relationships over material possessions aligns spending with your core values.

While some discretionary spending is important for personal enjoyment and business growth, excessive expenses can undermine your goals. Smart investments and cost control are pivotal. Every dollar saved increases your financial flexibility, creating more room to focus on what truly matters.

Let Customers Be Your Compass

In any business, opinions will flood in from every direction. It’s tempting to seek validation from various sources, but only one opinion truly matters: your customers’. A mentor once advised me to ignore feedback from anyone who wasn’t part of my target market. If they’re not paying for your product or service, their input is irrelevant.

Boldness is often required to stand out in a crowded marketplace. By focusing on your customers’ feedback, you can refine your offering to meet their needs more effectively. This approach is particularly valuable in industries like web and mobile application development, where customer demands evolve rapidly. A successful business begins with solving problems for a small group of people and then scaling that solution while maintaining value.

The first group of customers provides the most actionable insights. Listening to them—not critics, competitors, or casual observers—guides the growth of your business. Their feedback ensures that your product remains relevant and impactful, ultimately driving success.

Conclusion

The lessons that have shaped my entrepreneurial journey emphasize clarity and focus. Finding a hungry market ensures that your business solves real problems. Living within your means fosters financial freedom and sustainability. Finally, letting customers guide your decisions ensures that your product evolves in alignment with market needs.

These principles have helped me build a thriving remote business and achieve personal freedom. They are universal truths that apply to entrepreneurs across industries. By following them, you can create a business that not only succeeds but also brings meaningful value to your life and the lives of others.

Source: sharing from co-founded Hubstaff