In this 1-minute YouTube Short, my guest Andrew Satz emphasizes the importance of balancing product development and networking when running a startup. According to the speaker, while the primary focus should be on the product, approximately 10-20% of time should be spent on networking. Investors are highlighted as invaluable resources of information, as they have their fingers on the pulse of the market and see a wide range of companies.
For startup leaders, especially those in CEO roles, understanding market needs is crucial. The speaker recommends regular interactions with potential and existing customers to align the product with actual market needs. This, they caution, is often different from what startup leaders assume the market wants.
Beyond simply gaining information for yourself, the speaker points out that you should also consider how you can help the people you’re networking with. The act of networking should be reciprocal. For instance, an investor might be looking for a particular kind of company that someone in your network could fulfill.
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