Siddharth Patel

Building on Mrunal Jhaveri's insightful reflections, I am compelled to share some thoughts on the dynamic landscape of venture investment through family offices—a domain not many venture into but one that holds immense potential for long-term impact. The road to establishing Ice.vc, as Mrunal describes, is paved with practical lessons that resonate across investment strategies and personal experiences alike. The clarity in focusing on core competencies rather than getting sidetracked by trying to offer everything to portfolio companies is something that resonates deeply. In an ever-evolving market landscape, flexibility and adaptability remain crucial. Furthermore, maintaining structured policies and decision-making frameworks isn't just a best practice; it's imperative for avoiding unnecessary disruptions. Clearly defining roles within the family office setup, just as Mrunal does with his brother, ensures seamless operations and clarity in execution. The essence of this journey, however, transcends financial metrics. It is about aligning investments with personal values and the overarching vision one cherishes—creating a legacy that's more meaningful than mere numbers. These insights continue to shape the future of investments and offer a beacon for those brave enough to innovate and invest in line with their own values.

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The Indian Gen AI prosumer, consumer landscape still remains early – Companies have hit power users but are subscale OR have low % of paying users  • Companies do not have enough cohort level data to indicate product love  • Most cos who have managed to cross few hundred thousand users (MAU) are building their US GTM machine  • They have a rudimentary hallucination check AND a rudimentary RLHF in place We at Chiratae ventures are keen to look at – 1) Vernacular AI assistants - Sarvam, Krutrim are foundational model (Sarvam – OpenHathi) based general intelligence assistants very similar to Anthromorphic or Poe, but contextualized to India. They have raised significant capital, but the space remains open still. 2) Vernacular AI search – We do not have a Perplexity, Liner for the Indian vernacular. This is a potential whitespace. We will look for a solid team, with a solid product roadmap. Product risk mitigation playbooks are being built out by investors as we speak  Some companies like Two.ai are building both assistants as well as AI enabled search platforms. 3) Co-pilots for Professional services with pre-existing spend pools which can be delivered digitally – AI generated influencers, AI based gaming, digital professionals/copilots - legal professionals, counsellors/therapists, accountants Please write in to [email protected] if you feel there is something you would like to discuss. If there are products or companies we should look at, please tag them in the chat below Chiratae Ventures Sudhir Sethi TCM Sundaram Ranjith Menon Venkatesh Peddi Anoop N Mandeep Julka, CFA Kailashnath M S, CFA Tanvi Dubey #GenerativeAI #Consumer #SaaS #Technology

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🚀 5 Learnings for D2C from Delta 4 Rule by Kunal Shah 🚀 💡 What’s Delta 4? It’s a business phenomenon rooted in consumer psychology, explaining how magnificent improvements in a product can create huge momentum shifts and irreversibility. Example: If you compare cab booking in the 90s (rate: 3/10) vs. booking through an app (rate: 8/10), the difference is 5 (greater than 4). Delta 4 suggests: 1️⃣ We’ll never go back to the old way of hailing cabs. 2️⃣ It’s irreversible until another Delta 4 moment arises (e.g., Blu-Smart: electric, eco-friendly, cost-effective). 3️⃣ Even if the experience isn’t perfect, the product will continue to thrive (think Zomato’s late deliveries!). Other Delta 4 Examples: 🚚 Q-com: You’ll never tolerate delivery taking more than 10-15 minutes again. 🎥 Reels: Long blogs? Not unless they’re exceptionally interesting. 🤖 AI: Future outsourcing may become obsolete—AI is the next big irreversible wave! 💼 How to Use Delta 4 as a D2C Founder? 1️⃣ Delivery Timelines 📦 Experiment with quicker delivery, even if it’s just weekends. Start small—deliver products yourself and meet customers. Learn from Zepto, Blinkit, Instamart! 2️⃣ Short-Form Content 🎬 Be quick to capture and share your brand story: Customer testimonials Packing & unboxing moments Educational content Keep videos 20-30 seconds! Tools like Teaser can help you out. 3️⃣ Leverage AI 🤖 Automate processes using tools like: @fuelgrowth and Cooee launching cohort soon with The Teaser Company Veed.io for subtitles ChatGPT for blogs Arcads for UGCs AI tools for landing pages, hooks, and more! Check this prediction:https://lnkd.in/g58N6-Tq 👉 No marketing teams in the future? 4️⃣ CRM Chatbots for Customer Feedback 🤝 Your landing page visitors are a goldmine. Use chatbots to gather: Feedback Ideas for product launches Insights on customer pain points 5️⃣ Re-Launch with Improvements 🔄 Iteration is key—keep improving: 🍪 Crunchier nuts or masala everyone loves 📚 Kids’ books with trending stories 🧴 Skincare with better formulations 🎧 Audio with 10X quality ✨ Remember: No product is perfect on the first go. Iterations matter. Build, improve, and thrive! 💪 What’s your biggest Delta 4 moment? Share below! ⬇️

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HSR Founders Club is doing an AI for GTM Fireside this Friday. Where? Most probably HSR :) If you're in a 5km radius and looking to do something before you step out, drop by. Look forward to meeting Rapti Gupta Piyush Agarwal and Akshay Hangloo. #GTM #AI

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Indian venture market has exploded. Someone reported that there are 800+ funds/networks/syndicates/ accelerators active in Indian venture market now. Not sure, if that number is correct but if you are an early stage tech founder on your fundraise journey, chances are, you would meet hundreds of people. While majority of the fund houses are doing incredible work and shaping the ecosystem. There are certain kinds of investors you need to identify & avoid to save time and stay focused: Sharing from my personal experience, top 5 such cohorts to avoid and the takeaways for the founders: 1. Data collectors: At early stage, you don't have historical data to present. Your projections are just that, Projections. I wasted one whole week discussing with a prospective angel investor on why the CLTV to CAC ratio is x, and not y. Takeaway: Discuss high level strategic numbers only without going into the details. None of the projections would be accurate anyway when rubber hits the road. 2. Document collectors: Met few folks, who would watch from the fences and ask for n number of documents, data rooms, statements without sharing the purpose of the ask or even revealing their investment intent. Takeaway: It is supposed to be a bi-directional conversation. Say 'no' often, till the time, an official relationship is established. 3. Valuer (! investor): At early stage, valuation is a function of multiple parameters, the opportunity itself, the team, or anything else except steady cash flows, because you don't have much. I wasted another week with a prospective investor trying to justify valuation, had to shut down that conversation, after both of us started quoting Aswath Damodaran and his valuation principles. Takeaway: Too much content on the internet for both parties anyway. Shouldn't be a bone of contention at early stages. 4. Facilitators posing as investors: Met numerous people, who would go to any lengths to pose themselves as serious investors, even buying paid media articles. Only to reveal at the last: The success fee. Takeaway: Avoid facilitators until Series A 5. Brokers posing as market makers: People posing as market makers sharing tons of gyaan on LinkedIn but are actually deal brokers looking to make quick %. Personal experience: Two rounds of conversation happened and then out of blue, they added a third party in the mail trail, someone who facilitates mergers & acquisitions. There wasn't even a single instance in the past conversations where we indicated any such intent. Takeaway: Avoid name & shame in public but at least share within founder communities. #venture #fundraise #startups #investing

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Zepto announces its $ 665M Series F financing at a $3.6bn valuation yesterday. They started as KiranaKart (part of YC's W21 program) & re-branded to Zepto; the firm has defied all funding winters with crazy momentum ⤵️ June '20: $50K Contrary Capital fellowship Nov '20: $125K YC W21 program  Jan '21: $700K Seed round Oct '21: $60M Series A/B round Dec'21: $100M Series C round May '22: $200M Series D round Aug '23: $200M Series E round Zepto's investors include Y Combinator, Nexus Venture Partners, StepStone Group and even Glade Brook Capital (former investor in Zomato). 📈 And, their metrics in the last few months have been astounding: (1) ~4.5M (i.e. 45 Lakh) Zepto Pass subscribers in 3 months - Initially this was free, then they began charging > ₹99 per month (2) 75% of ~350 dark stores are EBITDA positive - Time to EBITDA breakeven per store is down from 23 months to 6 months (3) ~28% market share in Quick Comm - Impressive given they are an independent company (versus Instamart or Blinkit) ✅ And, Zepto is just getting started:  (a) Entry in non-metro cities next (b) Entry into private label (Zepto Cafe & Meats) (c) Going to x2 the number of dark stores ➡ What I've seen lately in the key metro cities: There is a shift from e-comm to QC. I think it is only going to accelerate as QC co's bring in more categories & tap into long tail SKUs via larger warehouses.. Product searches first moved from Google to Amazon, now they may move from Amazon to Zepto et al. incredible to see how the Power Law plays out - these folks are going to change Commerce in India. Congratulations Aadit, Kaivalya + team Zepto! #startups #india #venturecapital

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There are two types of #startupfounders- 1. Extremely Foolish 2. Extremely Genius Ngl, this is what i used to think…however, lately i’ve realised that there’s actually only one type, the former. You have got to be extremely foolish (and borderline insane) to willingly let go of a much more comfortable and easier life in exchange for a decade of 24-hour work days and stress. If you do the math, it’s never a “smart” decision, considering how big a factor “luck” is, for any successful startup. So when an extremely foolish founder starts a company, which is statistically 90% likely to fail, there’s a small possibility that they could survive long enough to see it become successful and then be labelled as a “Genius”. Remember, “Genius” is only in hindsight, never in foresight. I guess this is why Steve Jobs said-

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V3 Ventures Deal Announcement: Creme Castle - A tech first driven assembly line bakery for Bharat! 🔥 While I was evaluating this file, a lot of people said - bakery? There are 100s of home bakers. How is this scalable? I would have agreed, until I met Pranjay Mittal, who brought innovation from IIT-D, FMS and CarDekho Group to his mom’s humble bakery in Noida. You might remember their Shark Tank episode where his mom famously said, “Main neend mein baking kar sakti hu” 😊 That passion is exactly what we want in founders! From a small bakery in Noida to now clocking monthly sales of over 1 Cr, Creme Castle is disrupting the $12.6 billion Indian bakery industry. 🎂 Here is why we invested… ✅Changing consumer behavior from mithai → cakes & desserts India is a land of festivals and no festival is complete without mithai. However, cakes & desserts are now taking center stage in these celebrations. as the Gen Z takes over. We all know India is trading up. So, there's a growing demand for Tiramisu in Tier 2 and 3. But, we’re lacking a player. ✅The Assembly Line Model: And, we need a player that’s standardized. The biggest problem with F&B is that when you order from the 2nd and 3rd outlet - the product isn’t as good. This is the most unique part of Creme Castle. Cakes are made in 3 components in a central kitchen - base (sponge), icing and customization. At spoke kitchen it’s only about putting these parts together - thus ensuring quality! ✅This industry is regionalized and heavily fragmented: Think about it, growing up, we all had cakes from our favorite local bakery. Every city has one, but when we moved for college or work - it wasn’t there. Cakes have a nostalgia factor associated with it and so making this change is hard. With all of this Creme Castle is can offer something India hasn’t seen before: - 100% customized cakes in just 2 hours - World's highest # of flavor profiles to choose from They have >10 Lakh loyal customers with a 60% repeat rate and we’re all geared up to expand from NCR to Jaipur and Chandigarh! We’re excited to back the mother-son duo of Veena and Pranjay to disrupt India’s cake market 🎂 What’s do you order cake? PS: Delhi-NCR folks, give us a try. Even available on Blinkit! #india #investment #startup #investor #entrepreneur

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From IIT to Goldman Sachs to founding a Y Combinator-backed AI company—Sudipta’s entrepreneurial journey is filled with valuable lessons. In this unscripted conversation, I sit down with Sudipta Biswas, co-founder of Floworks, to dive into his story: 👉🏻 IIT Days: How his time at IIT Kharagpur shaped his entrepreneurial mindset and prepared him to take on bigger challenges. 👉🏻 From Goldman Sachs to Entrepreneurship: What drove him to leave a stable role at Goldman Sachs to launch Umpire’s View, and how the failure of that startup taught him resilience and the importance of pivoting. 👉🏻 Founding Floworks: Sudipta shares how he identified a real customer pain point, secured funding, and built Floworks, an AI-driven sales automation platform that’s solving key problems for businesses. 👉🏻 The Y Combinator Experience: How YC helped sharpen his vision and refine his product-market fit, turning Floworks into a success story. 👉🏻 The Future of AI: Sudipta’s take on how AI will evolve to tackle even more complex challenges, transforming industries and boosting productivity. Packed with actionable insights, from market research to securing funding, this episode is a must-watch for anyone interested in entrepreneurship, AI, and innovation. YouTube 👉🏻 https://lnkd.in/g5drCQaw Thank you, Srishti M. Manthan Sehgal, for all the support. #AIStartups #GoldmanSachs #IIT #YCombinator

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Bolt raised $1.4 Bn and Fast raised $120 Mn in 2021-22 5 companies in that year’s YC cohort were building Checkouts for LatAM, South East Asia, etc As we were still narrowing down on a problem, this was impossible to ignore. Having seen Flipkart build Amazon of India, Ola build Uber of India, it made sense that “someone will build Bolt/Fast of India” It became a good starting point For our VC experience, we also knew such pattern matching is useful in fundraising We launched the product and had some customers. That’s when stories of bolt and fast failing started to do the rounds on Twitter. There was a lot of drama. It was hard to look away. After some introspection on what this means for us, we realized that 1) Customers were excited about the problem and were willing to pay. To the extent, people were signing up for demos inbound via word of mouth 2) It was merely a starting point. As we started spending more time with customers, we started to see plethora of problems in “effectively engaging customers” they were facing 3) India (our first market) is uniquely different from US (their first market) : Phone number as an identifier, un-standard addresses, low trust, Cash on Delivery, So many more payment options 4) US had likes of PayPal, ApplePay and GooglePay solving this problem making the competitive landscape even more intense I personally think it is a great wedge into the market. It got us the customers who shared several insights turning the wedge into a product, which we hope to turn into a platform. It was also clear that everyone is writing their own story. Pattern matching only goes so far. Is there another company who you think has successfully executed the “X for Y” strategy like Flipkart and Ola? #floBTS This post is a part of our effort to share the behind the scenes of building our company. You can see the other posts by clicking on the hashtag or link in the comments.

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I have seen this play out a lot - Investors evaluating D2C brands take feedback from friends and family which might not be the right thing to do because of 2 reasons -- 1. Negative bias kicks in. When you ask someone close how this product is, they aren’t thinking, “What’s good?” Instead their immediate thought is, “What’s bad?” This is a natural tendency—people tend to focus on what could be wrong instead of highlighting the positives. 2. The Target audience isn’t the same. Your friends and family probably aren’t the target customers of the startup. Real feedback comes from people who actually use the product and experience the problem it solves. Here is what you should do instead: ask the founder who their target customers are and talk to them for real feedback. Feedback from friends and family can create bias, as they’re not the real customers.

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“GTM” You will hear in most 3rd wave’s in Bangalore and elsewhere. on Reddit! At a lot of meetups. Almost at all pitches I hear & during founder interactions. Go-To-Market is one of the toughest things in the 1-10 journey. I don’t find it super important in the pre-seed or even at the seed stage. Founder is doing most of the selling and evangelising in the early stages. Cold Calls, Referrals, Friends of Friends etc. Once the startups starts getting momentum & you are nearly at PMF! Then the GTM gods need to kick in. I transitioned from “code-monkey” to doing pre-sales & then sales in 2003. Thats 21 years ago! I ❤️ GTM! I think of it as both art and science. And I can shamelessly say - I am not a complete expert. GTM depends on a lot of things ▶️ Market / Region ▶️ Product ▶️ B2B, B2C, D2C, P2P, etc ▶️ Amount of Capital available ▶️ Consuner research & Insights ▶️ Auto ( SalesTech, Marketech, Tools) ▶️ Partnerships, Channels, etc ▶️ Add “AI” into that mix ▶️ Human Element ▶️ Media Mix in the market (Did I cover everything?! 😎) If you are post seed Stage and want to discuss concrete things on GTM then drop me a DM! “Objects in the rear view mirror may appear closer than they are “ - MeatLoaf ( R.I.P) #GTM #Startups #MarketEntry

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This hard reset is required for all AI founders from India building global B2B products: Product Innovation > GTM muscle Product innovation is happening at a rapid pace in each of your categories, valley competitors are building thought through features that can help them win customers mid-long term, GTM muscle alone without product differentiation wont help you win in the first half of this AI decade. We are doing this hard reset within BoldCap on what we are looking for in AI founders. Ping us if you are tinkering in global AI B2B products. Shiv Tayal Pratham Chadha Aditi Gera

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BYJU'S serve as a sobering reminder for the startup ecosystem. Once valued at $22B, the edtech giant has now seen its valuation plummet to effectively zero, according to its founder. This underscores the inherent risks of rapid expansion without a solid foundation of operational sustainability. In the pursuit of high valuations and aggressive scaling, it's crucial that companies prioritize long-term value creation, sound governance, and transparency. The Byju’s story is a powerful lesson for founders and investors alike. #Startups #Leadership #EdTech #Sustainability #BusinessStrategy #Governance

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Indian AI Startups’ Funding Decline: Implications for the Import-Export Sector The decline in funding for Indian AI startups, which dropped from $251 million between July and September 2023 to $125 million in the same period in 2024, is indicative of broader trends affecting the tech landscape. While this slowdown is significant, it also offers valuable insights for the import-export industry, particularly as it grapples with technological adoption and digital transformation. Impact on Tech-Driven Exports: AI startups have been central to driving innovations in logistics, supply chain management, and predictive analytics—critical areas for the import-export sector. A slowdown in AI funding could temporarily stall some of these advancements. However, AI-powered solutions in customs automation, real-time shipment tracking, and demand forecasting are still likely to attract attention from businesses looking to streamline global trade operations. Changing Investment Focus: With a cautious funding environment, Indian AI startups in the import-export space may need to rethink their approach to attracting investments. Investors are now more focused on startups with sustainable business models and clear paths to profitability. For export-focused AI startups, emphasizing the practical applications of AI in cross-border trade could help in securing funding. Long-Term Opportunities for Import-Export: Despite the short-term decline in funding, AI’s potential to revolutionize global trade remains intact. As the world adjusts to post-pandemic supply chains, Indian AI startups that focus on solving real-world challenges in international trade will likely emerge stronger. From improving inventory management to automating documentation, AI tools are set to play a crucial role in the future of global trade. In conclusion, while funding fluctuations may temporarily affect the pace of innovation, the import-export industry stands to benefit from the steady rise of AI technologies. Startups in this space must adapt, innovate, and demonstrate the tangible value of their solutions to stay ahead in the global marketplace. #AI #IndianStartups #ImportExport #GlobalTrade #SupplyChainInnovation #VentureCapital #TechTrends #StartupInsights

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How many Olympic medals will India eventually win in Paris 2024? Like to make a prediction? Prediro’s a platform I am working on where you can predict stock prices, currency exchange rates, and even Olympic outcomes. Here's how it works: Predict: Make predictions on various market trends and events. Compete: Climb the leaderboard by making accurate predictions. Win: Earn points and win exciting prizes based on your ranking Prizes for the Top Predictors in each category (Stocks, Crypto, Currency and Olympics) in August: 🥇 Rank 1: ₹6,000 🥈 Rank 2: ₹3,000 🥉 Rank 3: ₹2,000 🏅 Rank 4-5: ₹1,500 🏅 Rank 6-10: ₹1,000 🏅 Rank 11-20: ₹500 If you like making predictions or are just looking for a fun and educational way to challenge yourself, I highly recommend giving Prediro a try. Let’s make predictions, compete, and win together! #Prediro #LearningAndWinning #MarketTrends #Community #EducationalFun #Prizes

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Feel like you're running on a GMAT treadmill? Putting in countless hours but your score barely budges? You're not alone. Score plateaus are the silent dream killers of GMAT prep. But what if there was a way to break through? Meet Shubham, who shattered his plateau and soared from 625 to an impressive 695 (Q90, V84, DI83). His 70-point improvement isn't just a score—it's a blueprint for busting through barriers. Let's decode Shubham's plateau-breaking strategy: 🧠 𝐐𝐮𝐚𝐧𝐭 𝐐𝐮𝐚𝐧𝐭𝐮𝐦 𝐋𝐞𝐚𝐩: Perfect Q90 Shubham didn't just study more—he studied smarter. Using the PACE engine, he identified and targeted his weak spots, saving over 50 hours of aimless practice. Result? A perfect Quant score that many dream of but few achieve. 📚 𝐕𝐞𝐫𝐛𝐚𝐥 𝐕𝐢𝐜𝐭𝐨𝐫𝐲: Climbing to V84: Shubham's approach was revolutionary. Instead of chasing the 'right' answer, he mastered the art of elimination. This mindset shift turned Verbal from a guessing game into a strategic conquest.   📊 𝐃𝐚𝐭𝐚 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐌𝐚𝐬𝐭𝐞𝐫𝐲: Nailing DI83, Subham tackled Data Insights by blending Quant precision with Verbal comprehension. His time management mantra? "Don't get stuck. Move on after 2-3 minutes." 🧭 𝐓𝐡𝐞 𝐌𝐞𝐧𝐭𝐨𝐫 𝐄𝐝𝐠𝐞: Personalized Guidance Even self-starters need direction. Dhruv Subham's mentor provided Shubham with tailored strategies, proving that sometimes, a fresh perspective is all you need to see the path forward. 🚀 𝐓𝐡𝐞 𝐁𝐫𝐞𝐚𝐤𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐅𝐨𝐫𝐦𝐮𝐥𝐚- Shubham's journey isn't just inspiring—it's instructive. It shows that breaking through score plateaus isn't about gruelling hours; it's about strategic preparation, the right tools, and a willingness to change your approach. Are you stuck in a GMAT rut? What's your biggest hurdle? Share in the comments, and let's break through together! For a detailed roadmap of how Shubham demolished his GMAT plateau, check out his full interview here: https://lnkd.in/g9pw5iH5 Follow Payal Tandon and e-GMAT for more such breakthrough stories.   #GMATBreakthrough #ScorePlateauSolved #MBADreams #TestPrepRevolution #eGMAT 

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Daily rant on Dollar daftness. Why oh why do seed stage companies in India insist on referring to things in Dollars? If someone reaches out to me with a message "I'm looking to raise $1 million at $10 million", and over 50% of their revenues AREN'T earned in USD, you're going to the reject mailbox. It's easy to try and 'siliconvalley-ize' building companies, refocus on reality. #funding #fundraising #startups #india #venturecapital

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Experienced PMs struggle in top tier company interviews while some new college grads crush it. Here is why: Product Thinking: PMs are unprepared for Prospective Interviews across a wide spectrum of common consumer products and stumble. They are surprised by the range of products they are asked about and find it difficult to come up with good responses. Analytical Decision Making: PMs make a lot of Instinctive (Gut) Decisions instead of Principled Decisions with clear explainable rationale. This gets exposed in interviews as they work through prospective questions about products to build, prioritization, metrics debugging, interpreting data and making detailed product decisions. Demonstrating Leadership Skills: PMs tell Long Winded Stories about their project details and people drama instead of Demonstrating the specific leadership skills that the companies are looking for. Communication Skills: PMs misunderstand “Share your underlying thought process” for “Think Out Loud” and as a result don't give “precise responses”. They don’t know how to separate thinking time from speaking time in an interview and how to blend those together to communicate well in an interview.  Mindset: PMs carry a lot of baggage from past failures and current hardships that lead to Unattractive Behaviors. They don’t do the inner work to be positive and resilient before going into interviews. I'm doing a Free 10 hr Weekend PM Interview Program in December to help people land their dream jobs in 2025. This live only workshop will cover the core principles to prepare well and helps people develop a plan. It is my way of paying it forward. This is easily a $800 program that I am making available to everyone for free. If you are interested please register using this link to get updates: https://lnkd.in/gGNeGi95 If you think this will be valuable to others please share directly as well as in PM groups you are part of. ♻️ Please share, comment, repost to help reach more people!

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