Lenny Rachitsky: belief

Transcript context

…I wish I could tell you that there was this predestined master plan that was so scientific. The reality is smart people around the table with a culture of robust debate and real candor about the pros and cons is how we went about it, and a constant re-examination of how things are going, what's going well, what's not going well, what's taking off, what's not yet taking off, what are the principles by which we're making these decisions has been important. Some of these things are obvious. If you're running a bank, a bank account is probably a good product at some stage, but a lot of it in terms of sequencing and when we invest where, some of it's obvious, what's the TAM and where's the customer paying, but a lot of it is art and a lot of that resolution of the art and the debate. It comes from a fairly robust debate, so I'm avoiding your question. I have no good answer. Just a lot of complicated decision making, but I think what's interesting is, coming back to your very early lesson, is using the gate of is this hitting this 50% of people be very disappointed before launching feels like a key. Yeah. That's the one thing is we try not to scale big problems, and so we try to solve our problems when things are small. Our ultra violetta are higher income, rewards-based credit card. We launched, it happened to be, I think it was July 4th, 2021 was the launch date, so it's easy for me to remember. We started scaling it two to two and a half years later. In the meantime, we were in the lab figuring out where's the product market fit? Why is it not resonating? Oh, it's resonating with these guys. What do they particularly love it? Let's iterate there. And now we're at a point in the last six to nine months where we can start scaling aggressively, learning some of the credit dynamics that are different and reinventing some of those methodologies, and there's a second phase of scaling that will come. But yeah, one form of distraction we don't get into is fixing massive problems that we've overscaled before they were ready. That's a bit of an overstatement, but nothing's quite that clean, but generally true.…

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