Takeaways

• The three phases of product development are market fit, refinement, and optimization.
• Outsourcing can be beneficial initially, but as businesses grow, in-house capabilities become crucial.
• Understanding the cost of outsourcing versus in-house operations is essential for profitability.
• Internal expertise provides a competitive advantage over outsourced services.
• Critical business functions should never be outsourced to maintain control and quality.
• Outsourcing can lead to a loss of connection with clients and service quality.
• Businesses should focus on their core competencies and build around them.
• The importance of evaluating what to bring in-house as a business scales.
• Maintaining a heartbeat around critical functions is vital for business success.
• Learning from experience helps in making better outsourcing decisions.

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