Defining "Growth"
Why you should always follow a growth mindset
Read Time: 3.50 Minutes
Boiled down to simple terms, you have to bring two essential things for a successful business.
1. Building a product/service which solves an existing problem.
2. Distribute the product/service to customers which have that existing problem.
There is a famous quote you here at that point all the time:
"First time founders focus on product, second time founders on distribution"
Of course in the long run, you should nail both, but as we all know there are plenty of great products in this world, without the visibility they deserve.
So this quote, has some truth in it.
In addition this quote is a good start to define what growth should mean to run a sustainable business.
But there are shit-loads of frameworks and discussions in business what growth should mean and what is part of this. Often marketing related or wall street related.
So here my definition of growth...
For me, growth should always be in your mind. Not for the sake to just get "bigger" or getting more customers and revenue.
But with an always on growth mindset, you stay "ahead of the curve".
Why?
Because following this means, that you always experimenting how to get better.
How to make things better to understand for your customers. Better to use. And make it more visible to people which facing the problem you solve.
This mindset "automatically" will fight churn.
And yes, every business has churn. Except paying taxes, everyone of us has a customer life time for any specific product or service.
And to stay sustainable you have to fight churn.
This approach of thinking also helps you to stay up to date with your solution.
Better visibility and new customers provide you with the needed feedback to deliver, even on the long-term, a great product or service.
For me, growth doesn't mean to grow in the capitalistic sense of the word at all times.
For me growth means to stay a life-long learner and test always new discoveries in a practical matter.
So let's get back to the quote at the beginning.
You may think the growth mindset just applies to the second part.
In general not totally wrong. But a growth mindset means also to build strategies and ideas of growth thinking into the product itself.
Product led growth. But we may get to this in an other post in the future.
For the second part, growth means in my understanding, to implement a way/system to always test, discover and find assumptions how to make the business better by talking to customers.
If you apply this process by design in your business, growth in the good sense is maybe nearly inevitable.
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