A Quote by Sam Altman
Be suspicious of any work that is not building product or getting customers.
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Be suspicious of any work that is not building product or getting customers. It's easy to get sucked into an infrastructure rewrite death spiral.
Auctomatic was a compressed start-up experience, going from start to launch to acquisition in under a year. We spent a long time building the product before getting our first customer, whereas with Stripe we made sure we had paying customers from the very start.
Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
If you're building a social product, you're still living in the last century if your product doesn't work on Facebook.
Not being in tune with your customers is like living in an alternate reality; the way you think your customers feel about your product is not always the same as what your customers really think about your product.
The banks' product is debt. They try to tell customers that "debts are good for you," but the customers can't afford any more debt, so there's no way the banks can continue their current business plan.
It's all about having a product that you're proud of and coming to work every day. Those basic building blocks are the same in any business.
Building a product is easy. But building the company that builds the product is hard.
What you find is, you have to deliver a product that has value to the customer. When you do, and I think the wind community is getting much closer to that, customers will want it.
To ensure we are meeting the demands of existing customers while also attracting new users, we remain focused on building cutting-edge technology and introducing new and innovative product offerings.
The art of entrepreneurship and the science of Customer Development is not just getting out of the building and listening to prospective customers. It's understanding who to listen to and why.
Breakthrough Advertising is not about building better mousetraps. It is, however, about building larger mice - and then building a terrifying fear of them in your customers.
Traditional sales and marketing involves increasing market shares, which means selling as much of your product as you can to as many customers as possible. One-to-one marketing involves driving for a share of customer, which means ensuring that each individual customer who buys your product buys more product, buys only your brand, and is happy using your product instead of another to solve his problem. The true, current value of any one customer is a function of the customer's future purchases, across all the product lines, brands, and services offered by you.
I was honored to start a small business and to borrow an enormous amount of money and to build piece upon piece, place upon place, building upon building and product upon product, throughout the United States and eventually Europe and facilities around the world.
The risk of relying on a handful of customers is not just financial. Your product also is at risk when you're at the mercy of a few big spenders. When any one customer pays you significantly more than the others, your product inevitably ends up catering mostly to that customer's specific needs.
It occurred to me that building a company was the best way to align a group of people towards building something great. And its really... it's a good organizational structure where you can really reward people. If they're building something that's good, you can you work with partners and reward them if the product that you're developing work well. It's a good way to get the best people involved to build something very good.
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