Building Lasting Companies: The Power of Commitment and Community

Building Lasting Companies: The Power of Commitment and Community

Introduction:
When it comes to investing and building successful companies, it's not just about the idea itself. The true essence lies in choosing the right idea and staying committed to it for the long term. This is where Morin Capital's Syndicate comes into play, aiming to serve entrepreneurs by fostering close relationships and bringing together various elements like capital, technology, creativity, and more. In this article, we will explore the importance of commitment and community in building lasting companies.

Lowering the Barrier to Entry:
One of the key aspects of building a strong community is to lower the barrier to entry for new members. By gradually ramping up the commitment curve, you can generate more commitment and reward. Meetup, for example, didn't immediately ask new members to host a meetup. Instead, they started by asking them to read a blog post and attend an event. Similarly, Airbnb didn't ask new members to immediately post a listing. They first asked them to watch a video about how Airbnb works and then try booking a stay. By starting with smaller asks, people are more likely to say yes to your larger requests.

The Power of Community-Member-Fit:
To create a thriving community, it's essential to find the point of Community-Member-Fit (CMF). This is when members consistently provide meaningful value to each other without being asked. Instead of copying how an established community works, focus on how it started. Meetup and Airbnb began by targeting actions at the top of the commitment curve and engaging with the biggest believers – themselves. When searching for CMF, start with people who need little convincing. Look for those who are already attempting, albeit unsuccessfully, to achieve what your community offers. By convincing them to join forces with you, you can gain valuable momentum.

The Power of True Believers:
Contrary to popular belief, you don't need a massive number of people to start a community. In fact, you only need 10 true believers. These individuals are passionate and committed to the cause, making them ideal starting points for building a strong community. Instead of targeting established conference organizers, focus on finding small event organizers who are still in need of support. These individuals have the drive and motivation, but require assistance to succeed. By providing them with the help they need, you can foster a sense of community and create a platform for growth.

Actionable Advice:

1. Gradually increase commitment: When building a community, start by asking for small commitments and gradually increase the level of engagement. This approach increases the likelihood of people saying yes to larger requests.

2. Focus on finding true believers: Instead of targeting a large number of people, prioritize finding a core group of true believers who are already invested in the idea. These individuals will serve as the foundation for your community's growth.

3. Provide support to those in need: Look for individuals who have the motivation but haven't achieved success yet. By offering them the support and resources they require, you can create a strong sense of community and foster growth.

Conclusion:
Investing with Morin Capital's Syndicate and building lasting companies require a deep understanding of commitment and community. By lowering the barrier to entry, finding Community-Member-Fit, and focusing on true believers, you can create a thriving and supportive community. Remember to gradually increase commitment, find passionate individuals, and offer support to those in need. Through these actions, you can pave the way for long-term success and build companies that are built to last.