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What Happens When Purpose Is Assumed, Not Discovered
- Lessons learned from a startup set up to fail reveal the importance of discovering, rather than assuming, purpose.
- The author reflects on a startup experience mirroring the cautionary tale from 'What I Learned Losing A Million Dollars.'
- Joining a fledgling firm with unclear customer needs and insufficient validation led to inevitable failure.
- Issues arose from a top-down approach, lack of industry experience, and an ambiguous problem statement.
- Outsourcing the core value proposition and neglecting customer feedback further compounded challenges.
- The belated realization that no specific problem was being solved marked the startup's downfall after two wasted years.
- A rushed pivot to Marketing Mix Modelling highlighted the team's lacking expertise in solving industry challenges.
- The parallels drawn between the startup CEO and Jim Paul emphasize false confidence and a failure to accept losses.
- Key lessons include prioritizing validated solutions, customer-centric approaches, and prudent investment strategies.
- The author concludes that despite the invaluable learnings, this startup failure remains a pivotal professional experience.
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