Founders are Put on the Pedestal Too Early
Jen Abel, the co-founder of PMF finding agency JJellyfish, made a bold statement when she proclaimed that founders are put onto a pedestal too early. While this statement may seem harsh, it does carry some truth. Founders often share a vision that is nothing more than an idea, which gets funded with millions of dollars, and they are told how smart they are. With millions of dollars in the bank, company building seems like the logical next step. However, the law of probability states that there is a 98% chance that the original vision is not what actually becomes commercialized if the startup is successful. With this in mind, how do founders pivot before they run out of money?
The answer to this question is simple - the art of asking discovery questions. This craft is something that good salespeople excel at, but for founders, it can be difficult because they are incredibly biased. They already believe they have what the market wants. However, the reality is often very different. The market does not necessarily want what the founder thinks it wants. Therefore, it is imperative for the founder to ask discovery questions to uncover their assumptions and discover the truth.
The biggest mistake that founders make is to assume that the market wants what they have created. They fail to validate their assumptions, and they fail to ask the right questions. The result is often a product that fails to meet the market's needs or wants. For example, a founder may create a product that solves a problem that no one cares about. Or they may create a product that solves a problem that is already being solved by an existing product. This is why it is crucial for founders to get out of the building and talk to potential customers.
The success rate of a startup is heavily dependent on how a founder interviews their market and allocates resources effectively. The successful founder is knowledgeable about their customer's pain points and needs. They conduct market research to gain insights and feedback, which helps them make better decisions. They understand that their original idea is just that, an idea, and that to succeed, they must be willing to pivot and iterate. It is the art of asking discovery questions that enables a founder to pivot and iterate effectively.
When a founder is on a pedestal too early, they risk alienating their customers and the market as a whole. They risk creating a product that solves a problem that no one cares about, and they waste valuable resources and time. The successful founder is humble, open-minded, and receptive to feedback. They understand that their product is not perfect, and that there is always room for improvement. They focus on their customer's needs, and they are willing to pivot and iterate until they reach product-market fit.
Founders are often put on a pedestal too early, which can lead to a false sense of confidence. They assume that their product or service is exactly what the market wants, when the reality is often very different. However, the art of asking discovery questions enables founders to pivot and iterate effectively. By getting out of the building and talking to potential customers, founders can uncover their assumptions and discover the truth. By being open-minded and receptive to feedback, they can create a product that meets the market's needs and wants. The successful founder is humble and focused on their customers. They understand that their original idea is just that, an idea, and that to succeed, they must be willing to pivot and iterate until they reach product-market fit.