6 lessons after losing $50 million in a deal

Recently, prominent entrepreneur Justin Kan, founder of Twitch® and Justin.tv®, posted a video on YouTube® through which he shared some of the lessons learned as a result of the unfavorable outcome of one of his ventures.

The differentiator of your products or services must be clear and forceful. The market does not need more of the same. If the solution you offer is disruptive, make sure you’re solving a real problem that others haven’t solved yet.

  • Do not undertake anything that you are not 100% passionate about.
  • Do not hire in a hurry. Make sure you add the key people. Not only is enthusiasm and commitment enough, the skills and performance of those who join are essential from day 1. In addition, they must genuinely share your vision and the way to achieve the objectives.
  • Marketing should never be the main differentiator. If the product or service does not live up to market expectations, there will be no marketing strategy that can solve such a problem.
  • It’s not just about winning or dying, you have to be empathetic and receptive to the frictions that arise; For this, it is necessary to maintain open and constant communication with all the members of the team.
  •  Do you really want to be at the helm? Justin Kan concluded that his vocation was not exactly that of CEO. Leading a business entails great sacrifices and performing tasks that are not always accommodating.

Conclusion 

Define the differentiator of your product or service.

Do not do marketing until you are convinced of it.

Undertake with absolute passion in relation to what you offer.

Hire the right people making sure they have the right mindset not only is it enough that they share your vision, it also requires a high degree of resilience, patience, commitment and standing firm in the face of ups and downs.

Entrepreneurship is not for everyone, and this applies both to those who assume the role of CEO, and to those who join the team.

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