If I want to start a business in a recession, how should I do it?
New video (with @noahkagan and @AswathDamodaran)pic.twitter.com/iB7CEoUPcC
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What business should I start in a recession? (with Noah Kagan)I respond to Noah and Aswath Damodaran's discussion on: "If someone today is saying they want to build their own business, and be recession-proof for the future, what would suggest for them?Pokaż ten wątek
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Think the critique at 2:00 is a straw man. Seems clear that the spirit of that comment was about P/M fit. Find smth unique and of value that you can bring to the table. I.e. don’t do smth software or others can do bttr/cheaper. Pretty much what Schwarzman (Blackstone) said at SGS
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He was presenting it like this: “First, determine the unique product you’re going to bring to the table.” But, my whole point is that it needs to be: “First, look at what the market is hungry for, and bring that to the table.”
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W odpowiedzi do to @mijustin@YounglingAndCo i jeszcze
This is why I'm not a fan of the pm-fit model. Too often, it puts the cart before the horse. You could be the best at making foie gras, but that won't matter if the market only wants
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Sure, you can bring foie gras to the table, but that doesn't mean folks will eat it.2 odpowiedzi 0 podanych dalej 0 polubionych -
1/2 I think you’ll have a hard time finding anyone in this industry worth their salt that wld disagrees w this thesis. (Only Andy Rachleff comes to mind.) But I think that you accidentally misrepresented Damodaran, unless I got it wrong, and PMF (if we go by Andreessen’s def).
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W odpowiedzi do to @YounglingAndCo@mijustin i jeszcze
2/2 But it’s a valid point worth emphasizing because it’s very counterintuitive. (This does show the problem with our ill-defined vernacular in this field. We need a more mathematical approach where the definitions are very precise such that we can form falsifiable propositions)
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I think you need both an unmet need in the market and a unique product/service that is not easily replicable to succeed. I believe that the latter is scarcer than the former, because data has made it more difficult to hide what you are doing & imitation has become easier.
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This is very similar to Rachleff’s thesis. He states that a market first approach will only lead to trivial ideas. I think it’s worth pointing out that context matters here. Trying to start a unicorn startup (which is context he’s talking about) vs bootstrapping a lifestyle biz.
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I’m firmly in the bootstrapping camp.
(Although, I don’t like the “lifestyle biz” label)
An antithesis to Rachleff is @bbalfour’s writing:
https://brianbalfour.com/essays/market-product-fit …
"The Road to a $100M Company Doesn’t Start with Product"https://brianbalfour.com/essays/market-product-fit …
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