Product market fit, a thread:
Many founders come from accomplished career-paths or elite universities.
They really struggle with PMF.
Why?
Because in school or most jobs, the problem-set is defined.
PMF is completely undefined; there is no “right answer.”
They really struggle with PMF.
Why?
Because in school or most jobs, the problem-set is defined.
PMF is completely undefined; there is no “right answer.”
With PMF, there are no rules.
That’s what makes it so brutal.
Like creating art, it’s an open-ended act of creation.
Do people really love what you’ve created?
With art and business alike, this is the only question that matters.
That’s what makes it so brutal.
Like creating art, it’s an open-ended act of creation.
Do people really love what you’ve created?
With art and business alike, this is the only question that matters.
A big misconception about PMF is that it requires 1000s of customers.
It doesn’t.
The companies that have the strongest PMF may only have 50 or 100 users, but these users are super-users.
This means that their users obsess over their product.
Do this, and you’ve found PMF.
It doesn’t.
The companies that have the strongest PMF may only have 50 or 100 users, but these users are super-users.
This means that their users obsess over their product.
Do this, and you’ve found PMF.
PMF differs between B2B and consumer businesses.
B2B generally solves pain-points for other businesses.
The three ways to find PMF in B2B are to 1/ reduce cost, 2/ drive efficiency, or 3/ enable new forms of revenue for other businesses.
Build it cheaper, faster, or smarter.
B2B generally solves pain-points for other businesses.
The three ways to find PMF in B2B are to 1/ reduce cost, 2/ drive efficiency, or 3/ enable new forms of revenue for other businesses.
Build it cheaper, faster, or smarter.
Consumer businesses, on the other hand, can just be fun to use.
A founder once told me their advisor said “solve a pain-point" but he just thought his idea was cool and something people would use.
I said that’s all that matters!
He followed his gut, and the app is blowing up.
A founder once told me their advisor said “solve a pain-point" but he just thought his idea was cool and something people would use.
I said that’s all that matters!
He followed his gut, and the app is blowing up.
Ok, so how do you go about finding PMF?
One way is to solve your own problems.
For example, in the past I ran e-commerce sites.
We would consistently lose 70% of shoppers at checkout.
One way is to solve your own problems.
For example, in the past I ran e-commerce sites.
We would consistently lose 70% of shoppers at checkout.
The tech was super annoying to improve checkout, and there was no shared identity across sites.
I thought “there really be a company that solely focuses on checkout”
I did my research and was shocked to find no one doing this.
I then started Bolt.
I thought “there really be a company that solely focuses on checkout”
I did my research and was shocked to find no one doing this.
I then started Bolt.
Another good example is Brex.
Immigrants from Brazil, the founders had a really tough time getting corporate credit cards for their startup.
They then pivoted their company into solving this very problem!
They soon realized that this problem was bigger than they had imagined.
Immigrants from Brazil, the founders had a really tough time getting corporate credit cards for their startup.
They then pivoted their company into solving this very problem!
They soon realized that this problem was bigger than they had imagined.
Oftentimes the biggest opportunities in the world are right in front of us.
Checkout.
Corporate credit cards.
That being said, they can still be extremely difficult to recognize and solve.
Checkout.
Corporate credit cards.
That being said, they can still be extremely difficult to recognize and solve.
Another route to PMF is ‘being on the frontier”
This means building for the future.
For example, Filecoin.
Nearly 8 years ago, they knew the crypto world would need decentralized file storage.
Today, they are one of the most important layers of crypto infrastructure.
This means building for the future.
For example, Filecoin.
Nearly 8 years ago, they knew the crypto world would need decentralized file storage.
Today, they are one of the most important layers of crypto infrastructure.
Whether it’s solving workflow problems for enterprise companies,
creating consumer apps that people love to use,
or building frontier tech to power the future,
like with art,
there is no “right answer” to PMF.
creating consumer apps that people love to use,
or building frontier tech to power the future,
like with art,
there is no “right answer” to PMF.
Founders are not business people.
I believe above all else, they are artists.
The best embrace their inner creator.
The worst deny it.
My advice: stay creative, passionate, and persistent.
I believe above all else, they are artists.
The best embrace their inner creator.
The worst deny it.
My advice: stay creative, passionate, and persistent.
And that’s it!
If you liked this, give me a follow.
I’m 27 and have built two unicorn companies.
On Twitter I share my learnings.
100k here we come!
If you liked this, give me a follow.
I’m 27 and have built two unicorn companies.
On Twitter I share my learnings.
100k here we come!
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