We failed to build a business because our product did not monetize, and it took too long to figure that out.
We sequenced building our business in the following order: First we built our team, then the product, then distribution, and then monetization.
We did not reach product-market fit until 2019, five years after starting the company.
What is a business that got small again
A business that “gets small again” is a business reduced to the level of its owner’s personal resistance to change – its owner’s comfort zone. (works and waits for something positive to happen)From https://sive.rs/book/EMythRevisited
Company stock you can’t sell is useless
One company wanted to acquire [nomadlist] for $8M [of their] stock and I ask them “can I sell it (the stock)?” And they reply “Not on Nasdaq; maybe on the second market”
“Stock is useless”
His argument is that many Startup founders are not really rich. They are venture-backed and get payed in stock that cannot be exchanged for money.
- levelsio’s interview clip in How to Get Rich as a Startup Founder (and How Not To)