Pat Walls

There's the value hypothesis that if I do this, this will be valuable to this type of person, right?

It will help this type of person with this problem.

And then he goes, you have the growth hypotheses, which is totally separate from the value one, which is, if I do X, Y, Z, that will create sustainable compounding growth.

And that growth hypothesis can be, if I run Facebook ads, I can spend this much money, acquire users for this much, and generate this much to reinvest to buy the next user.

It can be SEO.

It can be YouTube.

It can be anything, right?

Where you're going to basically have some hypothesis as to how you grow.

And he's basically like, if you get the value hypothesis wrong, there's no company.

If you get the value hypothesis right, but the growth one wrong, you've built a very, very small business.

If you get both of those right, you just have to be an idiot to not get the money part right at the end.

And I always liked that framing.

And so whenever I do a project, I sort of try to think about what's our value hypothesis?

And I call it a hypothesis because we don't know until we go test it.

And what's our growth hypothesis?

We don't know until we go test it.

Who manages this board?

All right.

I love the busy people are the biggest losers because I think busy is a badge of honor in a lot of different circles.

And what a terrible badge to be proud of.