Project-based companies operate on a cash flow mindset, accepting any custom work that brings in immediate revenue. A true product company uses an investment mindset, strategically saying 'no' to short-term revenue to invest in building a scalable asset that can win a market long-term.

The ideal founder archetype starts with deep technical expertise and product sense. They then develop exceptional business and commercial acumen over time, a rarer and more powerful combination than a non-technical founder learning the product.

Square's product development is guided by the principle that "a seller should never outgrow Square." This forces them to build a platform that serves businesses from their first sale at a farmer's market all the way to operating in a large stadium, continuously adding capabilities to manage growing complexity.

Technically-minded founders often believe superior technology is the ultimate measure of success. The critical metamorphosis is realizing the market only rewards a great business model, measured by revenue and margins, not technical elegance. Appreciating go-to-market is essential.

Early in a technology cycle like the web or AI, successful founders must be technical geniuses to build necessary infrastructure. As the ecosystem matures with tools like AWS or open-source models, the advantage shifts to product geniuses who can build great user experiences without deep technical expertise.

Business model innovation is a third, often-overlooked pillar of success alongside product and go-to-market. A novel business model can unlock better unit economics, align incentives with customers, and dictate the entire product and operational strategy.

Before Province of Canada was their full-time focus, the founders ran a Shopify agency. This service business provided cash flow, deep platform expertise, and a testing ground for their ideas. It served as a real-world MBA, giving them the confidence and proof points to launch their own successful product brand.

From its inception, Pray.com prioritized building a massive customer data platform. This data foundation informs every aspect of the business, from developing new software features to creating targeted content, such as podcasts for specific demographics like moms and grandmas.

A critical inflection point for an entrepreneurial founder is deciding whether to be a 'projects guy' focused on individual deals or a 'business builder' focused on process, structure, and vision. These two paths are often in direct conflict, and choosing one is essential for scaling.