BZ Podcast Review 17: Lost and Founder - Rand Fishkin
Key Takeaways
1. Minimally Viable Product (MVP) is not a solution for all. For a startup in the very beginning, it makes sense for it to iterate on its product and solutions to get better and better. However for a startup that build a brand already. A crapy MVP will just ruin the brand. When customers see a crapy product, they don’t think as entrepreneurs do - This will be a great product if they change this and this after several iterations. They just think this is a company making crapy products and then move on.
2. Service/consulting Business and Scalable Product Business. For service business, it is hard for you to become a unicorn in SV however you can pocket whatever you are making and go travel around. While for a scalable product business, the revenue you get each year is just a step stone to the final exit. You are answering to the VCs and the money you ‘made’ is nothing before exit.
3. We are always trading time for money. There is no way around it. However how we do it, we can decide.
4. Very talented people could be a poor fit for the company. There is a technical part of hiring and there is an attitude.behavior side of hiring. Now you understand the purpose of those behavior questions during the interview process is to access whether you are a fit from your projected behavior later on, including work ethics, teamwork attitude, conflict handling, leadership…
Word of Wisdom
“It takes 20 years to build a reputation and 5 minutes to ruin it.”
Credited to: JLD Entrepreneur on Fire
