Failure can be a painful experience; it’s crucial to embrace it as a valuable learning experience and use those lessons to become a better entrepreneur. Venture capitalists often appreciate entrepreneurs who have experienced failure because it shows their ability to adapt and improve their strategies. Ultimately, the ability to learn from failure separates successful entrepreneurs from the rest.
Episode 185: How to be efficient in e-commerce logistics
Airhouse CEO and Co-Founder Kevin Gibbon started in tech, developing software for significant aerospace players like Boeing and Raytheon. After a few years, he set out to carve his own path, building Shyp, attracting $62.1M in funding, and landing on Fast Company’s 50 Most Innovative Companies list. Unfortunately, Shyp was a bright star that ultimately burned out. Still, Kevin walked away from the experience equipped with priceless insight. At Airhouse, he’s applying that insight to revolutionize how DTC e-commerce brands scale logistics.
Key Takeaways:
- Venture capitalists are looking for outliers and want to see asymmetric outcomes
- Learning from failure and taking the lessons learned to improve on them can increase the chances of success in future ventures
- Product-market fit is crucial, and it’s essential to make sure you have it before hiring senior executives
- Feedback cycles can be long, but patience is necessary for product market fit.
- Reproducing product-market fit requires understanding customer needs and iterating on the product
- Keep the team small and raise as little venture capital as possible until you have a product-market fit
- Avoid hiring senior executives who are risk-averse
All this and more, on this week’s episode of Beyond 7 Figures.
Resources:
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