Engagement Hierarchy: Core Actions and the Key to Growing Users

Engagement Hierarchy: Core Actions and the Key to Growing Users

Starting a company is no easy feat. It requires ambition, aggression, and toughness. The journey of a founder is like a vocation, where dedication and commitment are essential. Ron Conway, a renowned investor, emphasizes the importance of being driven and working 24/7 in his speech at Startup School SV 2014. He believes that the truly successful entrepreneurs are those who prioritize their company dream above all else.

But how does one go about building a successful company? Conway suggests that finding a co-founder is crucial. Starting a company with someone you know and trust allows for mutual excitement and support. Surrounding yourself with like-minded individuals who share your passion and inspiration can fuel the growth of your idea.

Speaking of ideas, they are the foundation of any successful company. Conway highlights the significance of a compelling idea that stems from personal experience. These "aha" moments, driven by a need and an idea, have the potential to create huge companies. The early stages of a company are about finding product-market fit and identifying the target customers. Understanding who your users are and caring about their stories is key to building a compelling product.

In the early days, the CEO's role may not be as significant as finding users and creating a compelling product. It is the co-founders who collaborate and contribute to the idea. The co-founder is someone who shares the excitement and inspiration of the person who came up with the idea. Sometimes, ideas that initially seem bad end up being incredibly successful. Persistence and conviction in your idea can lead to unexpected triumphs.

However, success is never guaranteed. Investments in startups come with risks, and approximately 40% of them fail. Conway believes that focusing on the traits of the individual is crucial. Successful founders possess a laser-like focus on their product, sometimes to the point of being seen as rude or arrogant. Their dedication to their vision is what drives them forward.

Money, fame, and fortune are byproducts of hard work and dedication. Conway emphasizes that the true reward lies in the process of helping great founders succeed. Getting to meet these founders before they become famous is a privilege, and witnessing their journey is fulfilling in itself.

So, how does one grow users and ensure the success of their product? The answer lies in the engagement hierarchy and the completion of core actions. It is not enough to have users; the focus must be on growing users who complete the core action. Every product has features that motivate the core action, and understanding the relationship between these features and the core action is critical.

To achieve growth, here are three actionable pieces of advice:

1. Foster a strong co-founder relationship: Find someone who shares your excitement and inspiration, and work together to develop and refine your idea. Having a partner who understands your vision can provide the support and motivation needed to overcome challenges.

2. Prioritize product-market fit: Understand your target customers and their needs. Create a product that resonates with them and solves a problem they face. Continuously iterate and improve your product based on user feedback to achieve product-market fit.

3. Stay focused on the product: While it's important to take advice and feedback into consideration, don't let it distract you from your vision. Be persistent and have conviction in your idea. Stay dedicated to refining and improving your product until user growth starts to explode.

In conclusion, growing users and achieving success as a founder requires dedication, ambition, and a focus on the core action. Surround yourself with like-minded individuals, prioritize product-market fit, and stay focused on refining your product. Remember, starting a company is not for the faint of heart, but with the right mindset and strategies, you can pave the way for a successful entrepreneurial journey.