Top 100 Startup Questions Asked on Quora, Answered! [PART II]

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THIS IS PART II OF “TOP 100 STARTUP QUESTIONS ASKED ON QUORA, ANSWERED!”

Read Part I here.


Question 26
Queble: There’s a picture of Elon Musk in the post. He runs SpaceX, Tesla, The Boring Company and many other projects as well. But some people can’t even make one company work. So the answer is within yourself. If running multiple startups is your dream, then go for it. But just like operating one startup, it will always be hard and harder. Be persistent.
Question 27
Queble: First of all, money shouldn’t be the reason you quit school. When Steve Jobs dropped out of school, he was so broke that he had to walk across the town for Sunday special dinner. When Mark Zuckberg dropped out of college, he was clueless just about anything in the business world. Second of all, school isn’t for everyone. Just like anything in the world, it has its pros and cons. Pros: free resources/support and you get to play the college student card whenever. Cons: Too expensive for a piece of paper and doesn’t really help you in the business world when you are starting a company.
Question 28
Queble: Leverage social media to grow locally. Recommended books:
Purple Cow by Seth Godin
Jab, Jab, Jab, Right Hook by Gary Vaynerchuk
The Art of Social Media by Guy Kawasaki
Question 29
Queble: You should focus on your own product. Do as many tests as you can on real customers and create the best value that you can offer to solve their tier one problems. The mistake many startups make is they tend to copy other people. Being unique in this industry is not an advantage, it’s a minimal requirement. Forget about your competitors, focus on your customers, listen to them and create for them.
Question 30
Queble:
How to Start A Startup — Lecture 6, Growth (YC)
Growth Hacking Made Simple: A Step-by-Step Guide (Neil Patel)
Question 31
Queble: Dump her, shut up, work, work, and work, build traction, get funded, have a successful exit. Then tell her breaking up with her was the right decision.
Question 32
Queble: Name one strategy that has not been copied? Everything that you are doing and trying to do have been done before in someway, so technically, you are copying other people’s strategies. There has never been an industry where only one company exists. So as long as you are in business and growing, there will be people who try to copy your business model, marketing strategies, sales strategies, etc. As the matter of a fact, there are companies who do this for a living.
So best advice here, focus on your own product, community and customers. Too many startups get distracted by things that don’t matter. If your competitor copies you and yet you don’t see any drop in # of customers, why do you care? However, if you do see a big drop, that probably means your business model or strategy isn’t so solid after all.
Question 33
Queble: Let’s take you back to second grade when you didn’t understand multiplication in math class. Do you think anything was wrong with you at the time?
Keep learning.
Question 34
Queble: A mobile app called Dot, for college kids to buy and sell second-hand stuff. Oh man… talking about the old memories…
Question 35
Queble:
Product Market Fit
Team
Timing
Persistence
Question 36
Queble: Asian startups actually ask the same question about Western startups. So no…
ALL MEN (AND WOMEN) ARE CREATED EQUAL!
Question 37
Queble: 95% of startups fail, mostly because of product market (un)fit. Many of these 95% startups are also founded first time entrepreneurs. We believe the best way and only way to grow is through constant customer discovery. We have come across companies that do over 700+ tests on a weekly basis to ensure they have the most up-to-date feedback from customers.
Question 38
Queble: It depends on one’s personality. Entrepreneurs share a few traits in their personality that makes it impossible for them to work for someone else. Both lifestyles create tremendous value both personally and socially. It’s up to you to figure out which one you want. Neither are easy tho, so you’ve got to be passionate about whatever you do.
Question 39
Queble:
Build a community around people who have the problem (tier one) that your product will solve. This is pre-startup because without customers you don’t have a company, and the best way to find out if you will have them is by customer discovery, which the community you build will help out.
Collect as much feedback as possible before you form a company. Use the feedback to define your product market fit, aka, are there people who will pay you money for your product?
So far you have engaged with the community, built rapport with your potential customers. Launch a Kickstarter campaign. This is essential for two reasons. 1 — You can find out how many people from your community will ACTUALLY give you money. 2 — Test whether people outside of your community will give you money. These two combined will give you a really good idea of whether your product has a chance in the market.
Now, you got everything you need, it’s time to form an entity and launch your product. The list goes on, but we will stop here for now.
The above steps will save you at least $100K that might have been wasted. This is a very interesting topic, we will probably write another article on this. Stay tuned.
Question 40
Queble: Upload your deck to Google Drive and share the link with the investor. That’s the easiest way to do it in terms of “how”. But don’t do that. Instead, connect with them on LinkedIn first. Schedule a call for 10 mins to pitch your idea. You will build trust through that process and more likely to get funded (that is, if you do have a killer product).
Question 41
Queble: Start up again.
Question 41
Queble: Read this book — $100 Startup
Question 42
Queble: That’s a misperception. Whether who takes the public credit, it’s the company that benefits from it. Your focus should be on scaling the business and find out what value you can add to it. Someone from the founding/executive team has to be the front face, this person usually happens to be the CEO. So you should accept the fact that it is the CEO’s job to be the front face. That’s the way it is.
Question 43
Queble: In the early days, they don’t or shouldn’t. Every dollar should go into marketing or sales to grow the business. But later, they can decide to give each founder a salary, bonuses and other benefits, just like every other employee in the company.
Question 44
Queble: AI, Smart Home, Wearable, VR
Question 45
Queble: For both sales and marketing purposes. However, some people simply love to help out fellow entrepreneurs in the community. It is also a good way to build connections.
Question 46
Queble: WORK, WORK, WORK & NEVER GIVE UP ON YOUR DREAMS. Just like what you can learn from Bill Gates, Mark Cuban, Steve Jobs, etc. They all share very similar characteristics.
Question 47
Queble: YES. Many people do it but eventually you will have to be fully or even over committed to it because as the business starts to grow, it demands all the time you have, and also the time you don’t have.
Question 48
Queble: Find a tier one problem -> Find a solution -> Customer Discovery -> MVP
Question 49
Queble: You don’t manage smart people, you hire people who are smarter than you so that they can do the things that you can’t. Listen to them, ask questions and do your job as the CEO using their advice. They are there to help you grow the company, but you are the shotcaller.
Question 50
Queble: Find a tier one problem -> Find a solution -> Customer Discovery -> MVP

That’s it for Part II! Hope you enjoy the effort and learned a thing or two. Make sure you FOLLOW US NOW for resources, free stuff and more. Or visit Queble’s website to learn more about us.