Startup: 1. How to Start a Starup

 

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

 

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