Hello people,
I was thinking of a crash-course/checklist for someone who has a start up idea, i.e. the fastest way to get the person to understand what the start up world is like. Please give me all the comments that come to mind.
I was thinking of a crash-course/checklist for someone who has a start up idea, i.e. the fastest way to get the person to understand what the start up world is like. Please give me all the comments that come to mind.
- Apply to Y combinator, and contact 150 VC/Angel investors in the first month - write down your pipeline. This process will force you to understand the requirements of the "start-up crowd" and also help you focus the idea (you get to learn new concepts e.g. market thickness, pitch deck, your business model). Lastly, if you can't get this done you have no business starting a start-up. People who start start-ups "Get Shit Done" M.S.
- Set some weekly goals that will push you towards a MVP (For example talking to potential customers, specs, be ambitious and try to get lots of things done). Use the bottom up, or top down method.
- Find a Cofounder, think of the guy who always did things (I instantly thought of my friend who make the program we were thinking about the day after we talked about it). It's best if you both know how to program, and be ruthless with procrastinators (use a three strike rule).
- Make sure you understand these concepts: Network effect, defensible moat, fragmented market. Try to understand how your product can be the monopolist (watch a peter Thiel video). It also really helps to read the lean start up (alternatively watch a video by the author).
- Try to build something that makes the customer want to share it with everyone (in my case, when I learnt of calendly I shared it with my whole team and friends instantly - I always have to zoom people and it saved me so much time). Understand what product market fit means.
- Don't worry about anything other than: 1. Talking to customers, 2. Writing code, 3. possibly trying to sell - all the fancy other stuff comes later (I wasted so sooo much time on cap tables, etc...).
- Check if you have done you'r weekly goals, set a monthly one and ALWAYS SET GOALS!!!
Any comments?
It's for my friends daughter (practically a niece who wants to start a pizza selling business "start up"). I also have an early stage start up, but these points came from chatting with other friends who have more successful start ups.
I know 1 month is ambitious, but high standards means effort and creative solutions (hopefully).