Product-Market Fit (Failory)

Speed reading by Tim Ferriss (promo)

Best notes from the book:

"Lack of product-market fit took the crown – it was by far the most deadly mistake and the primary reason for the failure of 34% of the failed startups we have interviewed "

"Consequently, from idea to MVP, your main job is to validate your assumptions and to prove that people want what you are making. Everything else is secondary. "

"Finding product-market fit means finding a robust link between your offering and the wants and needs of the customers you are trying to sell to (your target market). "

"The basic theoretical framework of finding PMF coming from Eric Ries’s Lean Startup (arguably the most important startup book) is as follows:
1. Choose your target market
2. Find their under-served needs or wants
3. Define your value proposition
4. Specify and build your MVP
5. Test it with customers
6. Iterate fast until you find PMF "

"Once you find good PMF with your MVP, your users start to care:
- They become annoyed when the product is down
- Feature requests become frequent
- Your users start promoting the MVP for you and your early-adopters start to grow in
numbers without additional efforts on your side."

"According to Balfour, you have a model market fit if your average revenue per user multiplied by the total number of customers you can realistically capture results in at least $100M. "

"Until you have solid PMF proof for your startup idea, PMF is your highest priority. You should subtract all other non-vital fits and factors. "

"the magic number indicating good PMF is 40%. I.e. If less than 40% of your users were left disappointed for being unable to use your product, then you have not successfully found PMF yet. "

"Peter advises that before PMF you need to “be a cockroach”. You need to constrain your burn as much as possible, code as less as possible, and talk to customers as much as possible. "

"If you’re wondering if you have PMF or not, you most likely don’t have it.
True PMF feels much more intense – like a loss of control. The market pulls, rather than you having to push."

"Your vision and intuition are irrelevant, all that matters is the market. "

"Mocks before code"

"“Feedback is noise until you segment it.” - Des Traynor "

"Finding PMF essentially means fitting a good solution to the correct problem "