Fall In Love With the Problem, Not the Solution

I've given up on writing full-blown summaries. I read this book like a year ago and these notes have just been sitting here.

• If you're not willing to give up a sport or a hobby, you're not dedicated enough to run a startup. Your investors will not be dedicated enough either
• Starting with the problem will give you a clear message to tell people and they'll understand it better, rather than "our system does..."
• If the problem is something daily, you're onto something (we like the "toothbrush model" – twice a day
• Fail fast. If you aren't willing to fail, you already did
• The main thing is the main thing; focus all of your energy on your current phase (fundraising, R&D, etc)
• Find investors that will stick with you through tough times and will support you. Prepare to dance the "hundred noes"
• Fire fast. "Knowing what you know today, would you hire this person? If not, fire them the next day"
• Elite teammates will know when someone is out of place. They will leave if you don't fire the bad ones
• It is okay to fire a cofounder, and sometimes necessary. Don't expect to still be friends though
• Users don't like change. The early majority need to be convinced to join, and will churn unless they get immediate value
• You are a one-man sample; don't expect your assumptions to hold true with everyone
• People who find value will share it with others. Don't expect a user to read anything you provide them
• If you cannot figure out PMF, you will die
• Figure out your business model: B2C (prefer don't make them pay upfront, either sell advertising data or go with subscription), B2B, or B2B SaaS (the best, which allows you to get steady annual income)
• Set the price on the value you create, not on what it costs you to make. If that isn't profitable, change your business model
• Word of mouth works best for high-frequency apps because people have more opportunities to tell someone else