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.
It's for my friends daughter (practially a niece who wants to start a pizza selling business "start up").
I know 1 month is ambitious, but high standards means effort and creative solutions (hopefully).
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.
- 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);
- 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);
- 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);
- Make sure you understand: 1. Market size, i.e. that it is big enough (500million in revenue to 1 billion); 2. why cofounder equity should be even; 3. How your product is defendable; 4. PMF;
- You should have: 1. A pitch deck (with a loom), 2. a 1pg memo on your start up, 3. an idea of what your MVP should look like (an you should be building a part);
- Understand what type of business model you will have. Contacting investors and filling out forms you'll have understood the most popular "SaaS, Marketplace, et.c....";
- 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);
- Try to understand how your product can be the monopolist (watch a peter thiel video);
- 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 much time on cap tables, etc...);
- Check if you have done you'r weekly goals, set a monthly one and ALWAYS SET GOALS!!!
It's for my friends daughter (practially a niece who wants to start a pizza selling business "start up").
I know 1 month is ambitious, but high standards means effort and creative solutions (hopefully).