Startup = Idea x Product x Team x Execution x Luck (random # between 0 – 10 000)
Idea
- should come first
- Company should feel like a important mission
- “I know it looks like a bad idea, but hear why it’s actually great.”
- It only need to take specific market and expand from there !
- Need a market that will be big in 10 years
- Small market advantage
- Customers are usually pretty desperate for a solution
- They will put up imperfect product
- Build something I need !!
- If you are Student right now:
- Think of new ideas
- Meet Potential Founders
- Most People think first of what they want to express or make, then find the audience for their idea.
- You must work the opposite angle, thinking first of public. Keep focus on changing needs, trends
Great Idea –> Great Product –> Great Company
Product
- Main task for founder is build Great Product.
- You will either work on product or talk to Customers !!
- YC ( Y Combinator) tells to founders
- Work on Product
- Eat
- Sleep
- Exercise
- Talk to Users
- Build something users love
- Find a small group of people and make them love what you doing
- If people love someting they will tell their friends -> organic growth
- If you don’t have organic growth, then your product probably isn’t good enough yet
- Recruit first users by hand and get feedback
- Get a small group to love a product
- Maintain tight Feedback Loop !
- Use metrics: Focus on Growth
Dustin Moskovitz Book Recommendation:
- The Hard Thing about Hard Things
- Facebook Effect
- The Tao of Leadership
- Nonviolence Communication
- The 15 Commitments of Conscious Leadership
- Zero to One
