I’ve been learning a lot, and I’m so glad I can proudly say that I’m actually going to bed smarter than when I woke up, just as Charlie Munger advised. I truly believe that the tiny, repetitive growth will eventually pay off via the power of compounding. There is still so much to learn, but also can’t wait to see what will come. These are the key lessons I need to keep in mind for myself:

  1. Pricing comes first. Research the market and set the price (WTP validation) before proceeding with design and building. Sell first, then give what they said they want need.
  2. Is this product a painkiller or a vitamin? Especially for founders going from 0 to 1: Does our product solve a real problem, or is it just a nice-to-have? Just because a product sounds good doesn’t mean it solves a problem or that people will pay for it. There are many good ideas, but people can live without them.
  3. Targeting everyone means targeting no one. Trying to distribute to a broad audience dilutes the limited resources and focus. Paradoxically, the more widespread the problem, the more specific the initial target audience should be.
  4. Don’t overthink it. What we need isn’t our brain’s thought, but the opinion of users. So stop trying to make it perfect and just ship it.
  5. Are we chasing the waves, or are we seizing the inevitable future? Is time on our side, or is it our enemy?

I’ll keep the lessons updated as I learn more.