0/ This week on the pod I chatted with @hnshah about his “billion dollar mistake” - finding lightning in a bottle and letting it slip away.
We disagreed at times, but he came with punchy hard earned lessons that I appreciated - painful and applicable.
These were my favorite:
We disagreed at times, but he came with punchy hard earned lessons that I appreciated - painful and applicable.
These were my favorite:
1/ Optimizing your startup for speed is the only way to keep your head above the water.
The key to optimizing your startup for speed? Learn how to make rapid—but thoughtful—decisions.
The key to optimizing your startup for speed? Learn how to make rapid—but thoughtful—decisions.
2/ The trick to better decision-making is to be strategic about your decision making
Here’s how to do it:
- Break down a decision into a series of questions
- Use the questions to challenge assumptions & learn
- Validate what you’ve learned by running lightweight experiments
Here’s how to do it:
- Break down a decision into a series of questions
- Use the questions to challenge assumptions & learn
- Validate what you’ve learned by running lightweight experiments
3/ Great leaders are consistent, they help provide a direction and get the team focused on doing what’s best for the business, at all times.
They are unbiased, focused on execution, developing a vision, helping prioritize and getting alignment from the team.
They are unbiased, focused on execution, developing a vision, helping prioritize and getting alignment from the team.
4/ Transparency can only be achieved through clarity of communication
If you don't have a process to communicate your message and the rationale behind it clearly, you muddy the waters.
Lack of clarity destroys information flow.
If you don't have a process to communicate your message and the rationale behind it clearly, you muddy the waters.
Lack of clarity destroys information flow.
5/ You don’t know what your team is thinking unless you ask
A lot of root cause failure in startups is bad communication. Co-Founder conflict, Management team conflict - it’s death by 1000 cuts.
When in doubt, ask. Ask what people are thinking/why.
Process. Reflect. Act.
A lot of root cause failure in startups is bad communication. Co-Founder conflict, Management team conflict - it’s death by 1000 cuts.
When in doubt, ask. Ask what people are thinking/why.
Process. Reflect. Act.
6/ Growth brings 6 competing forces
Existing Customers - how do we keep them happy
Sales - what acquires more customers
BoD - what drives the largest return
Future Investors - what drives growth / velocity
Ourselves - what do we want to build
Competitors - what's the reaction
Existing Customers - how do we keep them happy
Sales - what acquires more customers
BoD - what drives the largest return
Future Investors - what drives growth / velocity
Ourselves - what do we want to build
Competitors - what's the reaction
7/ Speed to product-market fit isn't important; speed once you have product-market fit is imperative
Once you have product market fit, your competitors will see it, hear about it or know it. That's when the market starts to chase you. You have to be ready for the chase.
Once you have product market fit, your competitors will see it, hear about it or know it. That's when the market starts to chase you. You have to be ready for the chase.
8/ Getting to Product Market Fit and maintaining Product Market Fit are different games with different rules
Product Market Fit is a function of:
- Intuition
- Research
- Iteration
Scaling is a function of:
- Process
- Systems
- Cadence
- Repeatability
Product Market Fit is a function of:
- Intuition
- Research
- Iteration
Scaling is a function of:
- Process
- Systems
- Cadence
- Repeatability
9/ As a Founder, you earn the right to realize your vision.
Focus less on the vision in the early days. Focus more on the milestones required to earn the right to build against the vision.
As it is, if you're on the right path, your vision will tweak over time.
Focus less on the vision in the early days. Focus more on the milestones required to earn the right to build against the vision.
As it is, if you're on the right path, your vision will tweak over time.
10/ Servicing your customer better than anyone in the market is how you win.
Too often Founders focus on the wrong thing. They play the game they think they should be playing (fundraising, press, vanity metrics)
What do your customers think about you? That's all that matters.
Too often Founders focus on the wrong thing. They play the game they think they should be playing (fundraising, press, vanity metrics)
What do your customers think about you? That's all that matters.
11/ Iterate on Your Self-Awareness
Reflect on your insecurities with yourself and your business, and use them to drive you to be more self-aware. To learn more about your blindspots, consider the opposite of some of your firmly held beliefs.
Reflect on your insecurities with yourself and your business, and use them to drive you to be more self-aware. To learn more about your blindspots, consider the opposite of some of your firmly held beliefs.
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