How and Why to Start a Startup — Week 1 / Part 1
1. What is the intent of being an entrepreneur?
- Financial outcome: Think about if joining an established company would be a better outcome then starting a company.
- Massive Impact : Join an existing team can also ensure that you have an impact ensure to weigh in on the options.
- Lifestyle: Understand the stressful lifestyle startups demand.
- Control: As an entrepreneur one has less control as you are dependent on others working with you.
2. Why are you building your startup?
Passion (more of a pathological obsession not just interest) is useful to build a startup. Along with passion, Aptitude is an essential component. Ask yourself if your idea is an extension of an existing company and if it will be a good idea to partner with them or does it need to be a stand alone idea.
3. Why Silicon Valley is the hub?
In Silicon Valley there is relentless belief in future. It offers a paved culture for startups. No “Tall Poppy” syndrome.
4. What is path of a successful Startup?
- Ideas come first.
- Identify the big tectonic shift that will be taking place.
- Co-Founder is important to help build the company. Useful to have a rapport so that the relationship is smooth.Co-Founders needed to be a trusted relationship.
- Dogged persistence & Relentless execution is more important than having exact skill set to be successful.
- Start with finding small set of users that love you (Hint: measure usage, retention of early users). Use iterative growth approach to improve the product ( See Figure 1).
5. How to get your first 100 users?
- Email people you know to onboard them and make them an early user.
- Research people who would really like to use your product and send targeted emails.
- Social media outreach have a long term strategy to stay relevant.
- Ads on Facebook or Google. (Good idea but not a driver to long term success).