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And I had the good fortune of working with about 40 or 50 companies through an advisory practice called Prodify that I had established. Ben:And when I felt like it was about time to be done with that and I really wanted to get back into direct hands-on operational roles myself, to lead product again at a company, I decided to hand the keys of that advisory practice over to somebody who had been working with me for a little bit of that time, who does a great job of running that advisory practice, and still lives on today. And then we coauthored a book together to make sure that we had the right thoughts, that we could put those things down on paper that we can share with the broader community. I would like to set the stage for our community even more, Ben. Can you give us a little bit of insight of, what is the difference between a fha loan on forclosure no repairs or warantees can we get a home repair loan product company and a service company?
And the second part of that question is, what does product include as far as, is it just physical products or can it also be internet type how can i borrow money online in canada companies or digital products? Roughly, there are two different kinds of companies out there. There are services companies and there are product companies. And I know you come from a corporate background, tech Silicon Valley background. I did product for a long time, you did product for a long time. But in the corporate world, in the tech world, even in the non-tech world, a lot of companies have this thing called Product with a capital P. Lowercase P product is the actual product that is for sale. So you think about things that are obvious, like Microsoft Word or you think about sometimes an iPhone. Or what about a marketplace product like eBay itself?
And so what that leads you to realize is that, wait, the whole notion of what a product actually is is fairly complex. Ben:And so all the things that you had referred to, I think are all part of that, like, which features to include, where the product development should be headed next, what kinds of improvements do you want to prioritize? These are all kinds of questions that product managers are constantly trying to fha loan on forclosure no repairs or warantees can we get a home repair loan make decisions around.
And then, in many ways, their role is to deploy the resources that the company has to maximize the success of that product within the market.
And obviously, these are multi-billion dollar companies that have teams of literally hundreds of people that are focused on capital P Product management. What about us as smaller entrepreneurs who are just getting started? Is this whole discipline of product just as important to us?
But honestly, sometimes product management is most important when the whole entire company itself is the product. So all these kinds of questions emerge that are very meaningful and can sometimes be the life or death of a company very early on.
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So you mentioned this term product market fit, and I think that comes up a lot in this space, but like I said, a lot of new entrepreneurs may have never specifically heard of fha loan on forclosure no repairs or warantees can we get a home repair loan this term or how important it is in determining taking a concept to blast out a product and make it as successful as it can possibly be.
So can you give us more information, tell us more about what product market fit is?
And why is it so incredibly important for product entrepreneurs to really grasp this concept fully? So product market fit is this funny term and that is thrown around a lot within 1 hour loans no credit check the investor community. So product market fit refers to the idea that that risk has basically been accounted for and paid off so that you actually build the thing that in the market will be successful. Ben:But at the same time for you as a business, you can actually do this profitably. You can gain customers profitably, you can service those customers profitably, etc.
And I love the fact that you were able to distill the three core components of great product market fit down into product market and economics.
And I imagine that for somebody to be a great product manager, for somebody to be great at product, they have to have a handle on those three things: creating a great product, understanding the market and discovering the market, and then the economics of whatever the company and the product is.
You did product at a number of individual companies, and then you started a consulting firm where you went out and it sounds like you found companies that needed help, I assume startup companies that needed help with their product. J:And you came in and you basically served as the expert while they were growing. And we talked earlier about how especially small companies need great product people, even more so than big companies, because that is the company at the early stage. Can you give us an idea of, what differentiates a great product person or a great product team from just a mediocre one? I think a lot of entrepreneurs make a 90 day loans mistake when they make their first product hire. So getting that thing out the door, launching it, etc, is first and foremost, your job as the entrepreneur. They meet with you, you share a meal together, they ask what your retirement goals are, etc. And then they come up with a strategy that makes sense. And then they do that with the next person, and the next person.
Ben:But if you think instead about a product, maybe something like Mint. They have to design the product as a single one-size-fits-all solution for a whole entire market.
And that may mean that the product itself asks those questions, but it means it all has to be programmed from the beginning, to be loan with poor credit again, one size fits all.
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Ben:The vast majority of entrepreneurs, I would say, release their product far too late. They believe in this future product potential that could be out there. Look, you want to be proud of what you deliver, I think we all understand that. Ben:And then I can take it to the next 10 customers, and then I can fha loan on forclosure no repairs or warantees can we get a home repair loan take it to the next 10 customers. And so I think of it as, you actually want to carve your market up into a few different groups of people. So I want to circle back to one other thing that you mentioned, Ben, that I found really powerful and I suspect our community will as well.
You talked a bunch about the extreme power of really layering in new products on top of the infrastructure that you build. And that can be a real frustration in the role because you have all these great ideas and you want to make them all go happen, etc. What that means is, you get to cherry pick and choose the best few things to work on. And yes, it means you will have to say no to everything else, but saying no to everything else is part of the innovative process. And I really like that because if you think about product strategy, you think about product vision.
This is this shiny opportunity that looks good over here. But if we say yes to that, and we fha loan on forclosure no repairs or warantees can we get a home repair loan say yes to this and we say yes to cash today loan this, we fall into the trap of becoming that services-based company again. And you can do that by really saying no to all these other opportunities that are going to be outstanding. Ben:But once you achieve that, you realize that the whole entire world is opened up. Do us bank small dollar loan I take this product market fit that I have here? And now, do I go try to get product market fit for a different market? Hey, this technology could be used in these five other industries. What about just refining the product and making it better a one?
Or, what if we integrated some other company that we could potentially acquire? The list just goes on and on and on on these different directions that are all possible, but the question is, which of those are stepping stones? Obviously, Microsoft has a million products, both in the consumer space and the B2B space and basically everywhere, probably government space and hardware and software. But if you think about it, most of these companies made their name by doing one thing for a really long time really, really well. J:So even these large companies, Google now owns everything, but what was Google?
How would I know how much additional reliable payday loans sleep that I need tonight based on the run that I did earlier today?
You run cash advance canton ohio any search, you become acclimated to using Google for everything. Because the data that they collect about when somebody searches for this term and then they get shown these results, then they click on this particular one and then they actually go visit on that site versus they bounce off and go somewhere else, gives them a data asset that they can use to then create better advertising solutions than anybody else can ever provide.
Ben:And no one else has access to the same kind of data volume that Google does. So they utilize that to then make their advertising products better. I was actually reading something yesterday that goes right to the heart of what you are saying, it was a quote or a discussion with Elon Musk about Tesla and why Tesla will likely win the self-driving car wars.
One, they were first, they were one of the first, but two, a lot of other car companies rely on simulation data. So they create these non-real world simulations and they use those simulations to program their car to self-drive and do the right things and not do the wrong things. And they will grow exponentially as opposed to linearly because that data is just self-reinforcing, if that makes. Just think about this, with Microsoft Word, personal loan to pay bills they had word processing for years and years, decades before other people had it.
And the more convoluted, the more complex the product became, the more of a learning curve there was to getting up and running with it. And that collaboration capability was worth more than all of the features of rich text editing that Microsoft Word could offer combined.