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This book was very informative, but the most helpful takeaway for me was what I learned about the Morph phase.
I have a tendency to really latch on to my initial idea and this chapter helped me understand that this mindset counterproductive. You need to be open, flexible, and willing to change directions (or morph) when the market is telling you to do so.
Not only that, but it is all but guaranteed that version 1.0 of your idea will NOT be a home run. A number of successful businesses that we know and love today started off as something completely different. Only by morphing were they able to finally find product market fit.
So let your first Idea drive you to QUICKLY produce and release a product. But then after that, you need to listen to intently to the feedback of your customers and be prepared to morph.
Knowing this, has taken a lot of the pressure of me to create something perfect in the lab that is my head. We may think I know what people want, but there is often a big difference between what we think people want, and what people are actually willing to use or pay for .
Now, my only goal is to produce a MVP (minimum viable product) as quickly as possible so I can start gathering feedback. The sooner I do this, the sooner I create a product that people love.
5 of 5 people found this review helpful
I'll start by saying that I studied marketing in college, which may be the reason why I didn't think most of this content is new and informative.
This book covers the business life cycle from start to exit.
Howard has great insights on how businesses morph to survive. "Morph," meaning that the business will need to change its strategy based on market feedback to survive. He states that many businesses have to "morph" in order to be successful and gives good examples.
The other information about growth, scaling, finding partners, and raising money seems to be scratching the surface and shares information that seems obvious.
1 of 1 people found this review helpful