The Biggest Issue with Product-Market Fit
Founder's Journal
Morning Brew
4.8 • 1.1K Ratings
🗓️ 27 September 2023
⏱️ 16 minutes
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| 0:00.0 | What's up everyone? Welcome back to another episode of Founders Journal. I'm your host Alex Lieberman co-founder and executive chairman of Morning Brew. |
| 0:08.0 | Before we hop into the show, I have a 10 second favor to ask of you. We have tons of new listeners to the podcast and my goal is to get to know as many of you as humanly possible. |
| 0:19.0 | Now, what I'm about to say is either the smartest thing I've ever done or the absolute dumbest. |
| 0:24.0 | Either before you start this episode or right after you finish it, shoot me an email to my personal email, Alex at MorningBrew.com. |
| 0:32.0 | If you want the easiest option, the two second option, just say hi in the subject line, literally hi and I will respond to you getting the conversation going. |
| 0:41.0 | If you're a little bit more ambitious and maybe you have 30 seconds instead of two seconds, shoot me an email to Alex at MorningBrew.com and tell me a little bit about yourself and why it is that you listen to Founders Journal. |
| 0:52.0 | I cannot wait to get to know you over the coming days and, you know, for me, it's the best part of this podcast is getting to know the community and the listeners who give me their time. |
| 1:02.0 | Now, for today's episode, I'm going to talk about the entrepreneur's ever-illusive North Star that is product market fit. Let's hop into it. |
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| 2:11.0 | I've been thinking about product market fit fair bit recently partly because it's the number one focus at story are my executive ghost writing agency because I don't think we have product market fit yet, but I think we can get there in the next few months. |
| 2:32.0 | If we stay relentlessly focused on checking in with our customers and iterating on our service and our process. |
| 2:40.0 | I also have been thinking about it partly because I feel like a lot of founders are focused on the wrong things today focused on growth and focused on acceleration of revenue. |
| 2:51.0 | And I think it's largely driven by social media's pressure to build and grow things fast. |
| 2:56.0 | Now Raul Vora from Superhuman put it perfectly in 2018 and I think it's as relevant what he said today. |
| 3:04.0 | Raul said investors advising early stage teams should avoid pushing for growth ahead of product market fit. |
| 3:11.0 | As an industry, we all know that this ends in disaster, yet the pressure for premature growth is still all too common. Startups need time and space to find their fit and launch the right way. |
| 3:23.0 | So my hope with this episode is to help reiterate the importance of finding product market fit however long it may take you before focusing on other things like growth. |
| 3:32.0 | And I want to give you a simple single metric for any entrepreneur irrespective of the market you're in or the product that you've built. |
| 3:40.0 | A metric that you can focus on that can be a really good proxy for knowing if you do or don't have product market fit. |
... |
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