Lesson 2022
Had my first covid and traveled. Now it’s time for the year in review.
1. PMF is getting harder to reach but the new era is coming
I got lucky 20 years ago to launch one product, raise capital and sold the company. and got lucky 10 years ago to launch over 20 apps and one app hit 2 million downloads in 3 months and reached top grossing #49. 10 year forward in 2022, anybody can build a tech product with a laptop. We now have to test 100+ assumptions to win the market. User needs are sophisticated. There are many many options. And if you experiment 100s of assumptions, each failure isn’t too catastrophic. This quote from Paul Graham is more accurate than ever.
Instead of trying to point yourself in the right direction, admit you have no idea what the right direction is, and try instead to be super sensitive to the winds of change. — Paul Graham
The water we swim in is crowded and choppy. With the rise of AI, we are on the verge of the new beginning. Listen to one of my favorite podcasts by Ben Thomson, the water we swim in to discuss the end of the beginning. ❤
When the product fails, a slightly different angle but the same metaphor works here. We are just a drop in the ocean= We are not the event but a participating factor. One success doesn’t lead to the next success if we are in a wrong market, with a wrong team or a wrong time. Swimming hard in a calm lake is exhausting. We barely stay afloat not to mention going anywhere. Your swimming skills just got you in the water but catching the wave requires sensing the environment and the wind.
In other words, layoff, failure, and even success isn’t only because I am good or bad. To have a perspective, I connect with the community- peers and mentors, monitor the market and understand the macro trend. Having a perspective makes it easier to shift from victim to a responsible mode. It didn’t happen to me. I am not the event. Now the question is, what do I do about it?
2. The importance of community for product and self
Building and being a part of communities are getting more important not only to build a successful product but also to help each other through covid, current economic crisis, global warming, and the war. I started a book club with members at Chief and Executive Women in Product. The current book is Never Split the Difference by Chris Voss. We end up dissecting the book and come up with women version of negotiation strategies with real world examples. DM me if you want to join.
I also started to initiate and participate product management webinars and podcasts. One post on LinkedIn got me connected with over 500 product managers in Korea. I feel responsible to answer all the questions I couldn’t answer in that 90 minutes. I am planning to share and connect more in 2023.
It takes time to find my crowd and to feel the sense of belonging, but it’s worth find my people. It’s never too late. For those who are interested in starting your own or starting a community for your product, Highly recommend the book, the business of belonging by David Spinks.
3. Profit vs. Growth
Spoon Radio offers a live streaming audio app. we are profitable expanding looking to ways to grow in the global market. This year has been tough for everyone and it’s going to get worse before it gets better. We are grateful to be in the position to think about growth. Crazy good things happen in tough times. We hope to make some crazy good stuff in 2023. The balancing act of keeping the book green and investing for growth is tricky because we are afraid of what can go wrong. Growth initiative can easily die if we project short term thinking of profitability. The key is catching the signal and testing riskiest assumptions step by step. No matter how much money you have, there’s always one thing that you have to focus on.
Lastly, writing is my liberation, my savior. Thanks for reading my article. Please comment or DM. I’d love to hear from you.
