Jeff Large

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July 15, 2020 By Jeff Large

Simon Dingle | Part 2 Uncovering Business-Building Myths

The Jeff Large Podcast
The Jeff Large Podcast
Simon Dingle | Part 2 Uncovering Business-Building Myths
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In This Episode You’ll Learn:

  1. Why timing is the most important factor in the success of a business
  2. Start-ups shouldn’t focus on sticking to a plan
  3. How to figure out what people want

Building a Successful Start-Up

Simon has started over a dozen businesses. While there’s no formula for start-up success, Simon swears by one maxim: Timing will determine the success of your business. 

Be honest about what the data is telling you about your business. Don’t rely too heavily on prior business experience when launching a start-up.

“It’s the Wild West and it’s kind of weird because experience only counts for so much in [the start-up] space.”

Plans vs. Planning

Simon stresses doing things right and not fast—and to not place too much emphasis on plans.

“Plans are irrelevant but planning is everything”

He says this is the most important mantra in making a business because plans are no match for the unpredictability of the future. Start-ups need flexibility to survive.

Right Beats Fast

One of the myths many start-ups fall subject to is that they have to be the first company to hit the market with their idea. 

Simon says it’s better to take your time developing an idea or product well so you get it right at the time of release—that’s what Google and Apple did. If you’re too focused on releasing your product quickly,  glitches get overlooked.

Observe People

Simon insists a control group is the worst way to figure out what people want because nobody actually knows what they want until it’s in front of them. Rather, Simon opts for an anthropological approach. 

Knowing what your customers need takes discipline. You’ve got to go out, observe people in their environment, and figure out what your customers really need.

Simon recommends The Design Sprint as a framework that can help start-ups understand what customers need and how a certain product fits the bill. He says it’s important to be able to draw helpful information from pre-made frameworks, but a start-up shouldn’t be bound to one.

“There’s no silver bullet system.”

Once a start-up knows what customers need and how their product addresses that need, success is a matter of timing.

“If you look at the data, timing is really the most important factor in the success of a business or a product. Team is second.”

With careful development of quality products, the right timing, and a dynamic team, your start-up will be well on its way to lasting success.

Learn More:

  • Simon’s website
  • Simon’s LinkedIn
  • Simon’s book “In Math We Trust”
  • Simon’s podcast

Also Mentioned In This Episode:

  • Part One: Simon Dingle | The Philosophy of Cryptocurrency and the Importance of Storytelling
  • Bill Gross’s Ted Talk on start-ups
  • “Anything You Want” by Derek Sivers
  • “The Ten Faces of Innovation” by Tom Kelley
  • “Sprint” by Jake Knapp
  • “Predictable Revenue” by Aaron Ross
  • “Scale” by Geoffery West

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