What I Learned

I promised myself that I would read at least one decent book a month this year as I observed how little I spent on books I 2023 and really felt I missed it. For sure, I am constantly reading articles and thought leadership pieces but to get through an actual book was more focused and although there is very little time, I am making this a priority in 2024.

The first one of the year, read over the Christmas season, is one I should have read BEFORE I built my start up. Its true that every start up is its own story but there are learning curves that one need not go through if smart up front. This book was very useful because it provides a candid and insightful look into Fishkin's entrepreneurial journey and the challenges he faced in building and growing Moz. He honestly shares his experiences with the highs and lows of startup life, the complexities of leadership, and the harsh realities of the tech industry.

The book explores themes such as the pressures of venture capital, the importance of company culture, and the impact of personal sacrifices on the entrepreneurial path. Fishkin also reflects on his struggles with depression and the toll that the startup grind took on his mental health.

For me, some key takeaways included:

1. The importance of having guiding principles and values in your company. Whilst they may not make you money in the short term, they certainly will guide you to do so in the long term. At Moz, his were TAGFEE- Transparency, Authenticity, Generosity, Fun, Empathy and Exception. Looks easy enough, but when they are used in all decision making- it becomes more than a catchphrase.

2. The difference between MVP (Market Viable Product) and EVP (Exceptional Viable Product) struck a cord, as we at Platforum9 aimed to produce the Exceptional before validating potential user assumptions with a MVP and then switched. He comments that great products are rarely minimally viable and that’s a good point but much time and money can be wasted in producing a beautiful white elephant nobody will use because the research was not carried out properly or the idea validated in the first place.

3. His Chapter on fundraising and the role of VC and Investors in shaping your business is highly relevant in a world where fundraising at an early stage is more difficult than ever and the terms offered by VC’s are often very unattractive for founders. Realism on valuation and quiet determination remain the overriding considerations for Founders today. Reality checks on the state of the business are vital, whilst not diminishing the ambition and vision of the founders.

4. The issue of the quick scale to sale was very interesting as he himself had regretted a significant offer from Hubspot’s Brian Halligan and lost the moment, and the valuation forever as he held out to grow it alone. Timing and a bit of luck is a most important part of the journey.

5. To state the obvious. To get cash positive- we must spend less

6. The issue of focus is something every start up founder struggles with- in fact every entrepreneur is faced with a multitude of issues to resolve, move forward, fix, sell, inspire all day every day.

Lost and Founder is both a personal memoir and a valuable resource for aspiring entrepreneurs, offering practical advice and lessons learned from Fishkin's own successes and failures in the world of startups.

A quote from Jeff Bezos is a nice illustration on the motivation behind the entrepreneurial mind “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying” provides a unique perspective on the challenges of building and sustaining a business in the competitive tech landscape. Wish I had read it earlier!