The key to a successful product team is understanding the differences between working in launch mode versus iterate mode. After launching a new product, teams must shift from focusing on perfection and scope to embracing iteration and continuous improvement. This requires being open-minded, trying many small changes, and making decisions based on customer feedback. In contrast, launch mode involves being ruthless about scope, prioritizing the defined list of features, and taking a risk-averse approach. As the product is now out in the world, the team must release small improvements independently, often with minimal planning or deliberation, to keep up with customer needs and stay ahead of competitors. Ultimately, this mindset shift will define the success of the product over the coming months.