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  7. Why 90% of Startup CEOs Are Failing | Key Insights by John Kim of Sendbird

Why 90% of Startup CEOs Are Failing | Key Insights by John Kim of Sendbird

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Video by: EO
Discover why many startup CEOs are failing based on insights shared by John Kim, founder and CEO of Sendbird. Learn the importance of customer interaction and finding a strong product-market fit in the early stages of startups.
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Video Summary & Chapters

0:01
1. Customer Interaction Strategies
Importance of talking to customers daily for startups
0:26
2. Introduction to Sendbird
Overview of Sendbird as a leading conversations platform
0:56
3. Aligning Strengths with Startup Ideas
Choosing startup ideas aligned with personal strengths
1:41
4. Customer Engagement Balance
Balancing product development and customer interactions
2:32
5. Early Stage Product Development
Importance of finding product-market fit in the early days
3:30
6. Building Organizational Culture
Creating a strong culture within startup organizations
4:02
7. The Importance of Company Culture 🌟
Understanding the critical role of company culture in organizational success.
4:44
8. Impact of Culture on Company Performance 💼
Observing how culture influences company execution and employee retention.
5:30
9. Building a Strong Company Culture 🏢
Initiating core values and workshops to establish a robust organizational culture.
5:52
10. Seeking Growth Opportunities 🚀
Advice on learning from companies ahead to fuel rapid growth.
6:14
11. Pursuing Greatness 🌟
Strategies for identifying patterns of success and achieving greatness.
6:47
12. Working Backwards for Success 🔄
Applying the principle of working backwards to achieve desired outcomes.
6:58
13. Essential CEO Responsibilities 🎯
Understanding the key roles of a CEO in driving company success.
7:19
14. Dream Big and Embrace Risk 🌠
Encouragement to have ambitious goals, long-term vision, and risk-taking mindset.

Video Transcript

0:01
I'm still surprised by a lot of founders when I ask them,
0:03
like, how many customers did you talk?
0:05
They're like, oh, I talked to three customers last week
0:07
or five customers last month.
0:08
I'm like, are you kidding me?
0:10
You need to be talking to three or five customers a day.
0:11
You'll be attending so many networking parties,
0:14
going to every single conference,
0:15
going to every single speaking event,
0:17
but you don't go back to fundamentals
0:18
of building a strong product.
0:20
None of that really matters
0:21
until you find a strong product market fit in the early days.
0:24
None of it else matters.
0:26
Hi, my name is John, founder and CEO of Sandberg.
0:29
We are the world's leading conversations platform for mobile application.
0:32
We powered a quarter billion users on a monthly basis sending seven plus billion messages,
0:37
offering major applications like Dordias, PayPal, Reddit, Y'all, Fanny, Spores,
0:42
Kraft and in Korea.
0:43
Today we have over of 340 employees globally in seven different countries.
0:47
We have collectively raised over $220 million in funding, which valued our company over a billion dollars.
0:56
Something that a lot of first-time founders don't really think about is,
0:59
They look for market trends or opportunities.
1:02
They think that are interesting and timely,
1:04
but a lot of founders pick ideas that are not really aligned to their own strengths.
1:09
So what ends up happening is after two to three years,
1:11
they realize that pretty much whatever you do is harder than you think.
1:14
It will take longer, it will be harder.
1:15
So a lot of smart people end up giving up too quickly.
1:17
Because it wasn't really something that they wanted to commit for the next 10 years.
1:20
Whatever the next thing you pick, try to like see if you can really commit to the idea,
1:24
imagine yourself doing that for the next 10 years.
1:26
Which is very, very hard.
1:27
But if you can really see yourself in the next 10 years doing things, hopefully greater
1:31
as-scale, that's a really important question.
1:33
I would also ask myself, when I'm starting my next company, is to, can I commit to this
1:37
for the next 10 years?
1:41
I'm still surprised by a lot of founders when I asked them, like, how many customers
1:44
did you talk last week?
1:45
They're like, oh, I talked to three customers last week or like, five customers last
1:48
month, I'm like, are you kidding me?
1:50
You need to be talking to three five customers a day.
1:52
People who are good with one thing tend to overlook the others.
1:55
So for instance, if you're an engineer, if you love building great products, it will be naturally
1:59
biased for spending more time on product.
2:02
So instead of spending more time with customers, you're like, oh, you think you have an idea
2:05
about customer, you try to go and build it before even talking to customers or validating
2:09
from customers.
2:10
If you're so outward facing, you will be attending so many networking parties, going to every
2:14
single conference, going to every single speaking event, but you don't go back to fundamentals
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