gdavida / fundraise

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Startup #26

Open gdavida opened 6 years ago

gdavida commented 6 years ago

http://startupclass.samaltman.com/courses/lec01/

Build a great product

Its better to build something that a small number of users love, then a large number of users like.

So get users manually and remember that the goal is to get a small group of them to love you. Understand that group extremely well, get extremely close to them. Listen to them and you'll almost always find out that they're very willing to give you feedback. Even if you're building the product for yourself, listen to outside users, and they'll tell you how to make a product they'll pay for. Do whatever you need to make them love you, and make them know what you're doing. Because they'll also be the advocates that help you get your next users.

You should make this feedback loop as tight as possible. If your product gets 10 percent better every week, that compounds really quickly. One of the advantages of software startups is just how short you can make the feedback loop. It can be measured in hours, and the best companies usually have the tightest feedback loop. You should try to keep this going for all of your company's life, but its really important in the early days.

You really need to use metrics to keep yourself honest on this. It really is true that the company will build whatever the CEO decides to measure. If you're building an Internet service, ignore things like total registrations—don't talk about them, don't let anyone in the company talk about them—and look at growth and active users, activity levels, cohort retention, revenue, net promoter scores, these things that matter. And then be brutally honest if they're not going in the right direction. Startups live on growth, its the indicator of a great product.