Lesson Summary

We start out by talking about failure. Most startups fail due to non-product-related issues, such as not being able to attract customers quickly enough to become profitable, or to cultivate long-term value that turns in to retained users.

The data reveals that over 75% of startup failures are tied to these growth-related challenges.

Successful founders prioritize customer validation before anything else. They engage with customers regularly to understand their needs and maintain constant dialogue.

Key takeaways:

• Startups often fail due to non-product-related issues.
• Customer validation is crucial for success.
• Engaging with customers leads to understanding their needs.

Validation involves working with early adopters, getting feedback, and understanding market demand before investing in extensive product development.

Successful founders focus on distribution and finding product-market fit in a specific segment before expanding. They also engage in pre-selling and are actively involved in all facets of their venture.

Validation tactics include customer discovery, live conversations, spending money on engagement channels, leveraging platforms that help connect you to your ICP (Wynter.com is great for this type of validation [ps you can make a bit of $ by being a member of their supply side, and for giving feedback to other founders]), or conducting cold outreach through LinkedIn.

In summary, we cover why:

• Successful founders focus on distribution and finding product-market fit.
• Validation involves tactics like customer discovery and live conversations.
• Engaging with customers is essential for validation.

And a lot more.