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John S. Kim, Co-Founder and CEO of Sendbird, dives into the art of customer retention, crucial for sustainable growth. He discusses the concept of 'Ikigai', emphasizing finding your purpose for long-term success. Kim highlights the importance of terminal ARR, transforming what may seem like a negative metric into a growth opportunity. He provides real-world examples to illustrate how slight changes in retention rates can drastically affect revenue, and urges businesses to adopt long-term strategies for customer engagement.
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Quick takeaways
- Deep introspection to discover one's authentic self is essential for sustainable success and happiness in entrepreneurship.
- Understanding terminal ARR and its relationship with customer retention is crucial for navigating growth sustainability and avoiding stagnation.
Deep dives
The Importance of Finding Your Authentic Purpose
Success is often tied to discovering one's authentic self rather than merely following market trends. Many entrepreneurs chase the latest fads, such as cryptocurrency or artificial intelligence, without considering what truly resonates with their personality and long-term interests. Engaging in deep introspection allows individuals to identify opportunities that align with their core values, leading to sustainable success and happiness. Emphasizing the joy found in the journey rather than solely focusing on the end goal cultivates a fulfilling entrepreneurial experience.
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