Colleen Schnettler, founder of HelloQuery, discusses choosing the right product idea, converting a service into a SaaS, evaluating potential ideas, audience growth, survivorship bias, and looking back on mistakes.
Carefully evaluate and validate ideas before building to ensure long-term success.
Define success based on personal goals and values when choosing new product ideas.
Remove urgency and enjoy the process of building small products for a sustainable approach.
Deep dives
Exploring the Importance of Choosing the Right Product Idea
The podcast episode delves into the process of selecting the right product idea to build a business around. The conversation discusses the challenges and strategies for sustaining a bootstrapped or mostly bootstrapped business, emphasizing the need to carefully evaluate and validate ideas. It explores the concept of vision and how it should incorporate user feedback to guide product development. The episode also touches on the importance of finding a market with proven demand and the potential for success in crowded markets. Overall, the discussion highlights the need for a balanced approach, considering personal circumstances and optimizing for long-term growth.
Navigating the Transition Period and Evaluating Ideas
The episode features a conversation with Colleen Schnettler, the founder of Hello Query, discussing her transition phase after her co-founder left the business. Colleen explores the challenges of assessing and choosing new product ideas, emphasizing the need to define success and consider personal goals and values. The conversation touches on the significance of focusing on customer needs and creating value for real businesses, rather than assuming one's own vision or following popular trends. It also highlights the importance of removing urgency and finding joy in the process while exploring new ideas.
The Potential of Podcast Sponsorship and Dynamic Audio Insertion
During the episode, the host and guest discuss an interesting idea related to podcast sponsorship and dynamic audio insertion. They explore the potential opportunities in the podcast space, considering strategies beyond traditional advertising and exploring human touch sponsorship and other high-value offerings. The conversation acknowledges the existing feature of dynamic audio insertion in some platforms, but still sees untapped possibilities and room for more innovative product solutions. Overall, this idea presents an exciting opportunity to explore new revenue streams and enhance the podcasting experience.
The Value of Removing Urgency and Exploring Small Bets
The episode highlights the importance of removing urgency when evaluating new ideas and transitioning to different business opportunities. It emphasizes the value of playing and having fun with building small products and not putting excessive pressure on finding the next big winner. The conversation encourages focusing on personal goals and optimizing for a sustainable, long-term approach rather than expecting immediate success. The concept of seasons in entrepreneurship is discussed, reflecting the change in mindset and preferences over time. Overall, the episode promotes a balanced and adaptive mindset to navigate the entrepreneurial journey.
Personal Reflections and the Search for Success
The episode concludes with introspective reflections by the host on past decisions and the journey as an entrepreneur. It highlights the importance of defining success based on individual circumstances and prioritizing personal fulfillment. The conversation touches on the crucial role of mindset and maintaining a healthy approach to entrepreneurship amid challenges and uncertainties. The host shares personal experiences and lessons learned, emphasizing the need to adapt and explore different approaches to find fulfillment and build a sustainable business.
Colleen Schnettler, founder of HelloQuery, joins me for a wide-ranging discussion around the question of choosing the right product idea to commit to as an entrepreneur.
Brian and Colleen recorded this conversation on November 17th, 2023.
(00:00) - Colleen Schnettler
(01:02) - Twitter, Conference, and Podcast friends!
(02:44) - Transitioning between between ideas
(03:29) - Joining TinySeed
(04:28) - the ZipMessage to Clarityflow story (as of Nov 2023)
(15:55) - Emotional Runway
(17:20) - Choosing a product idea
(21:07) - Converting a service into a SaaS
(25:34) - Riding a wave
(29:31) - Evaluating potential ideas
(33:05) - Validating ideas before building
(40:34) - Audience growth vs. not
(44:41) - What are you optimizing for?
(50:05) - Survivorship bias
(51:43) - Looking back on mistakes
(54:04) - Shipping tiny ideas
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