Tuesday 26 March 2024

The Customer is the King

Having built a multi-million dollar business over the years, if there is 1 learning on building a Business that I can share, then that is - "Focus on the Customer, and everything else will follow".

I see so many young Entrepreneurs chasing Investors, Advisors and hotshot executives when they don't even have a Product/Market fit.

Look, the only stakeholder who really "gives" you money, is the customer. Everyone else is there to "take" money. How?

1. Investors invest so that they can get back higher returns in the future.
2. Advisors are there to guide you, but eventually they also want a return on their time.
3. Your team members will help you build the Business, but they draw money in the form of salary.

The only one who really pays you money, without asking for more money back, is the customer. So, the true source of money for a Business is only and only the Customer.

Therefore, focus on the Customer. If you have found the right Problem that your Customer wants a solution for, everything else will follow. Investors will be behind you to give you money. The best advisors would want to help you do better and you'd be surrounded with talented members who'd want to join you in the journey. All because you have the Customer.

So, if you're an early-stage founder, stop spending time on everything and go and sit with your Customer and ask them their top 1 or 2 pain areas that you can solve.

Solve it, and you're already more successful than 90% of the Founders out there who have raised money but have no clue what they're doing.

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