Today on Trend Following Radio Michael Covel talks with author and startup entrepreneur Gabriel Weinberg about the concept of traction. Gabriel points out that in the business world traction is about far more than simply getting a grip and hanging in there – it’s about then moving forward, ultimately toward a defined goal (customers).
Just like a trend following trader that uses quantitative methods to invest scientifically, Gabriel relies on numbers and hard data to inform him about which marketing channels are working and which should be focused on, and which are less effective and should be dropped. The result is a streamlined marketing approach that’s allowed Gabriel, a self-published author, to sell upwards of 35,000 copies of his book.
Michael and Gabriel also talk about how psychology factors into startup entrepreneurship. For anyone investing their time and energy into a project, both passion and resiliency are paramount. If you aren’t passionate about the work you’re doing, and if you don’t genuinely enjoy the challenge of bringing a product to market, then you’re doomed before you ever start. Best, as Michael suggests, to run back to the office cubicle.
In this episode of Trend Following Radio:
- Reaching your goal, then setting another
- Resilience: vital to the entrepreneur
- Committing to your idea
- Psychology: the main barrier to success
- Understanding that it’s okay to fail
- Enjoy the challenge – or go do something else
“And so if you think of your initial product as a leaky bucket – you know, you pour in customers at the top and customers leak out of the bucket because your product’s not good yet…You need a steady stream of cold customers with fresh eyes to tell you where those leaks are, and if you don’t have that when you launch you’re still gonna have leaks more of the time than not.” – Gabriel Weinberg
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