So, next time your idea encounters a roadblock or rejection, keep pushing forward. It reminds us that early setbacks don't determine your ultimate success. When your idea faces rejection or criticism, remember Airbnb's journey. This story sends a powerful message: Never let rejection define your path. We've always struggled with travel as a category." "We decided yesterday to not take this to the next level. The potential market opportunity did not seem large enough for our required model" "Unfortunately we don't think that it's the right opportunity for _ from an investment perspective. Imagine, for that amount, you could have owned 10% of Airbnb!īut, they faced rejection after rejection from some of Silicon Valley's top investors. Here's the story for their rejection letter:Īirbnb's co-founder shared their early struggles on a podcast.īack in 2008, they were seeking $150,000 at a $1.5M valuation. Today, Airbnb is handling as much money as the entire GDP of Croatia. When Airbnb was trying to raise funds for their startup, everyone thought that there was no need for such an idea in the market and rejected their pitch. Which of these resonates with you the most? Startup journeys are tough, but with these insights, you're armed with a roadmap for success. It's what drives your team, attracts support, and builds your company into something great. It's your duty to yourself and your stakeholders.ĩ/ Have a clear mission: Define your mission early. Maintain your health, sleep, and personal relationships. It's often that last push that leads to success.Ĩ/ Take care of yourself: Remember, this is a marathon, not a sprint. Care deeply about every customer's experience with your company.ħ/ Resilience is key: Startups are about bouncing back from failures. Recruit and retain exceptional talent don't settle for mediocrity.Ħ/ Relentless execution: Details matter. Make that long-term commitment and see how it transforms your decision-making.Ĥ/ Stay lean and nimble: Be like a speedboat in the early stages stay small and flexible until you're certain your concept works.ĥ/ Build an A-Team: Your team defines your company. A 2% improvement in every cycle can take you light-years ahead.ģ/ Think long-term: Most successful companies are 10-year projects from the start. Get to know your audience like the back of your hand.Ģ/ Shorten the feedback loop: Understand compound growth and keep your iteration cycles short. Here are some valuable insights from his talk:ġ/ Know your users intimately: The best founders dive headfirst into customer support and even live with their users. These insights are pure gold for anyone looking to succeed in the startup world. Just watched a fantastic clip where Sam Altman, the man behind Y Combinator, highlighted 9 crucial things he's observed in the best founders. What's your favorite Amazon shopping tactic? Their game plan is a well-oiled machine, and they've got us hooked! Today, we buy with confidence, knowing that if the product doesn't meet expectations, Amazon's got our back with easy returns and exchanges. It's that kind of customer service that keeps our trust intact. Remember that time your Amazon package arrived looking like it had gone through a blender? Within minutes of contacting customer care, they promised a replacement - free of charge. Amazon's "Continue as a guest" and "One Tap Order" options make the whole process a breeze, making impulse purchases all the more tempting. Timed sales, like Prime Day, work wonders to lure customers in with irresistible discounts.Ī well-known rule in marketing: the easier the checkout, the better the sales. The math adds up, and now, Prime Customers spend over twice as much as the newcomers.Įver felt the urge to buy something just because it's a steal for the next two hours? That's called urgency, and Amazon knows how to use it. Prime customers are Amazon's golden goose they spend a whopping 67% more than first-timers. Why? To entice folks into joining their Prime Subscription. In 2022, they splurged a cool $16.6 billion on Prime Video alone. Plus, same-day delivery? It's like Amazon's on steroids! You'd rather fill up your cart than pay a delivery fee, right? Fuel and time saved make online shopping a no-brainer. The minimum order value for free delivery (say, ₹500 or ₹1000) is the bait. Here's a sneak peek into their tactics that make us shop till we drop:Īmazon willingly parts with around $8 billion every year on shipping costs. It's no accident they've actually got 100s of psychologists on their side. Ever wonder why Amazon seems to have this uncanny ability to keep you glued to their app?
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