{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Bootstrapper's Paradise","title":"Fake It Until You Make It Is BS","html":"","width":"100%","height":180,"duration":252,"description":"Companies like Theranos have shown that 'fake it till you make it' is all BS.  Still, there are too many people that feel this strategy has merit.  I want to tear it apart by breaking down why it doesn't work.  We'll also talk about what you should do instead.\nFree product-market fit course - https://nxtstep.io/fit\nEpisode Transcript\n Hey folks, Sean here and today what I wanna talk to you about is the ill faded strategy that is typically making the rounds, at least somewhere in the business world of the so-called fake it till you make it approach. Now, I pretty much hate everything about this yet in business and especially in tech or software and sas, it's always making the rounds because there's always a group of people out there trying to vy for unicorn.\nThey want to be the billion dollar company. They want to be the next big thing, and they're willing to skip as many steps as possible in order to try to pull that off. I don't know why. I mean, I understand the appeal of course, but I don't know why this isn't looked at more objectively because of the ridiculously low success rate.\nI studied the numbers on this, and the numbers are just ridiculous. I think it wound up being a 1.3% success rate for those that actually attempt this strategy and then have an acquisi. That goes beyond that valuation. But anyway, I know it's not necessarily a logical approach, so to speak, so that may or may not deter the people who are trying to leverage this strategy.\nBut what I wanted to draw your attention to is that this is, this tactic has been falling further out of favor. And I think that's a good thing. And that's probably a combination of things like Theranos, where. You know, founder Elizabeth Holmes was sentenced to prison for 10 or 11 years for defrauding investors, combined with, you know, these economic factors as well too, in that money's no longer cheap.\nSo with rising interest rates comes basically like tighter wallets for the most part, and people being,...","thumbnail_url":"https://img.transistorcdn.com/B0rBF_s0upJdRqXoy4_4rHlfSlZONOaHnrUmmpOi708/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9kYmIx/MTMxNTExY2VjZjIz/NjEzNWFhNmI4OGZl/ZDliMy5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}