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Lance Chen

Commonplace Book

This is where I jot down takeaways from podcasts, videos, blog posts, and etc.

  • Finding Product Market Fit in a Competitive Market with Derrick Reimer

    podcast
    Link open_in_new
    • A lot of competitions in the space tends to correlate with a really large active market.
    • A lot of bootstrappers tend to look for niche opportunities that often lead to crickets.
    • A lot of tools are extremely broadly positioned, and a lot of time that is the sign that they are not serving the needs of every particular sub-niche within the market well.
    • There are barely spaces with no competition that you could build a 7-9 figure business in SaaS today.
    • Two ways to build a large SaaS business:
      • Out-innovate existing competitors (Drip vs InfusionSoft) or niche down (SavvyCal vs Calendly)
      • Catch new area or technology (Baremetrics - insights for Stripe)

  • Idea to Validation to Launch: The First 365 Days of Tuple with Ben Orenstein

    video
    Link open_in_new
    • People are willing to pay for things that do not exist yet, if they truly want it.
    • Rejection feels terrible, but it is not actually terrible.
    • It is basically impossible to ship early enough, it is so hard to know what the minimum thing is. So ship before you are ready, ship the thing that you feel incomplete.
    • Health ingredients
      • Have savings, live frugally.
      • Have audiences, being useful on the internet.
      • Have relevant skills, build and ship something.
      • Ask for what you want.