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Building a product
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* Evaluate your market independently, from the first principles (don't trust the market research reports)

* Stay actively curious about your broader market
  
  - read industry news, blogs, communities
  - talk to primary source
  - process the news critically

* Value risk

  - (Proof of Demand) Do people want the value I promise? (Test: Landing page and Waitlist)
  - (Proof of Value) Can I deliver the value I promise? (Test: MVP)


A typical startup goes through several fairly well-defined stages:

* Preseed: address value and demand risks / prototype and waitlist
  
* Seed: address unit economics and retention / working product, ready to scale
  
* Round A: address distribution risks / repeatable and sustainable acquisition models