A Quote by Scott Cook
In my view, product/market fit is the most important thing to get right as a startup entrepreneur. There's a variety of ways to do it, but without solving some pain point that the customer gets so excited about they tell their friends, it's really hard in the modern age to get any liftoff.
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I think, when I see entrepreneurs, they tend to talk about the market and the industry - which is obviously very important, but the most important thing is you're product. What are you selling? And does it really have product-market fit?
At some point, you have to disconnect, if the obsession with playing a real person gets in the way of the movie at large. At the same time, we're all interested, as actors in trying to get as close to the real thing as we can, and whatever you can do in order to create that transformation feels fun and, for me, the furthest I can get away from myself is fun. It's all part of the costume, the accent, and all that stuff. It's about trying to get close without it being a detriment to the point of view of the story that you're trying to tell.
I take a lean-startup approach: creating agile, interdisciplinary teams that get the minimum viable product to market as soon as possible. It's my job to be entrepreneur-in-residence, an internal change agent.
It's a standard thing you hear from startup people - that their product is somehow improving the world. And if you follow the reasoning, you will get somewhere, and I'll tell you where you get: You'll get to the description of what happens to the winners under the system that they're building.
You can't get anywhere without incredible passion, because if you're an entrepreneur, there's gonna be a lot of bumps in the road. A great artist has to do their art. There's nothing that can stop them from doing it. They just have to get it out there. It's the same thing for an entrepreneur. If you don't feel that way, then you're probably not really an entrepreneur.
The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
Market type determines the startup's customer feedback and acquisition activities and spending. It changes customer needs, adoption rates, product features, and positioning as well as its launch strategies, channels and activities.
What is the most overrated skill for an entrepreneur? The most overrated skill is skill. Luck is more important. The entrepreneur gets credit for being this genius, when really he was just at the right place at the right time.
At the start of any program, asking questions is the most important part of the process. If you get [the customer's] requirements wrong, then you don't have a successful product.
I overheard one of my friends say, 'If Amari scores, I bet he's real happy and he'll get real excited.' I just so happened to score, and since I heard him say that, I was like, 'Nah, I'm not going to get really excited.' And for some reason, that felt like the right thing to do. I been the same way since.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
It really comes down to fit. When it comes to a suit, for example, it's important that the shoulders fit you well; the length of the pants are important. That kind of shows me right away if you're into it or if you don't care. If they get the shoulders right, you know that they have some sort of interest in getting a good look.
Any struggle or pain that you experience just gets you to the top, and you can't get there without making the climb. A few years later, you won't remember exactly the way the pain felt or how long it took, you'll just remember the view from the top. In fact, you might smile at the fact you had to work to get there.
The red carpet is kind of a surreal experience. There's nothing normal about it, so for me the most important thing is to maintain some normality right until the point you get out of the car.
The most challenging thing for a young entrepreneur is to think long-term. When you are 22 years old, it’s hard to think in 22-year increments since that’s as long as you’ve been alive. But it’s really important to view your life as an entrepreneur as a long journey that consists of many short-term cycles.
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