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Entrepreneur and co-host, Alex Lieberman, talks about the difference between demand and product market fit, the age of overreaction to trending products, the expectation of moving fast in business, the challenges of every business, the importance of having the right reference point when hiring, and the value of discipline.
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Quick takeaways
- Having demand for a business does not guarantee product market fit; building great products for the right customers takes time.
- Avoid the tendency to overreact driven by trends and social media influence; make decisions based on logic and avoid FOMO.
Deep dives
Demand does not equal product market fit
Having demand for a business on day one does not mean that you have found product market fit. Many creators and entrepreneurs with a large audience may launch businesses based on the short-term cash grab, but this approach can create a false sense of security and neglect the importance of building great products for long-standing businesses. Product market fit requires understanding the right customer and offering the right product or service, which can take time to figure out.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode