Advertising adds value to a product by changing our perception of it. An example I love that is not mentioned in the book: for years, few people bought “death insurance.” Then some genius changed the name to life insurance and grew the industry by many billions of dollars. After all, life insurance sounds so much better than death insurance.
Startup time management in three simple steps:
1. Write down your todo list
2. Trash it
3. Do the absolute most essential thing for the survival of the company
In an interview with Walter Isaacson, Steve Jobs claimed that his greatest product was Apple the organization. I [Walter Isaacson] once asked Steve Jobs, you know, what product are you proudest of? And I thought he might say the iPod or the iPhone or the iPad, whatever, the Mac. He said, “You know, making a product is hard but making a team that... See more
You can be the best product for small market, build a real company, and then from a position of strength, either stay there or attempt to expand to adjacent markets.
Or be undistictive in a huge market, out-advertised and invisible, never getting off the ground.