I recently saw data from Y Combinator comparing what founders consider their biggest obstacle, then contrasting that with a list of the things proven to grow companies fast (what you really need). To be clear, high growth is all that matters when it comes to proving product market fit. Nothing says “people need our stuff” like hoards falling all over themselves to obtain your product/service.
What you think holds you back:
1. Funding (from investors)
2. Bug fix (make it work better)
3. Design (make it easier to use and pretty)
What actually holds you back:
1. Launch (get product to market)
2. Design (make it easy use and pretty)
3. Pricing (create consumer surplus)
Remember, high growth covers a multitude of sins.
Short on cash? Sell more.
Product buggy? Get code fixes to market now.
Alternatively, Failory did a study that patterned start up data to identify why some fail and some succeed. The 4 reasons for failure generally fell into four categories:
- Incompetence – lack of planning
- Inexperience – lack of product know-how
- Inexperience – lack of managerial skills
- Personal problems – you’re a hot mess.
The worst thing you can do, is say to yourself, “I believe, therefore I am right.”
Note, three of these categories are, by definition, items that founders may lack and fall into the false premise, “I believe, therefore I am right.”
We see many founders who fail to identify that they are in one of these categories. Successful founders know that they are always one or more of these, and fill their gaps by building a diverse team that is united and motivated around common goals and vision. It takes humility to assume you know nothing, and build a team with the skills to succeed. And humility is what you really need.
Humility will help you get MVP to market faster because you know it will never be perfect. Humility will make the product better because you will not assume you know what the customer wants and will listen to them. Humility will help you to identify who you need to execute your vision, and inspire them to follow you, especially when times are tough.
In short, develop your company with humility, so you can grow with confidence.