Important Aspects of a Startup
This past week in ENTP 311 we discussed the concept of the hipster, the hustler, and the hacker. I found myself to be the hipster or the hacker because I find myself as someone who can talk to people, but also someone who thinks outside the box and plays devil’s advocate. I could be brutally honest about an idea, and I try to come up with ideas to change things about a business or a way to attract a different target market.
Over the summer I worked for a start-up and discovered many things about my work ethic and where how I play a role in a company. I organized the finances in the company, but I tended to see need in other departments and tried to help in those areas. This past summer I was the hipster because I would try to come up with ideas of how to attract a different target market and I would come up with promotions or fundraisers that would benefit the company. I would also suggest small ideas that could potentially attract different people. I feel like in different settings I could talk to people and try to sell a business if necessary , but I feel most comfortable and useful as the hipster of a company.
We pitched ourselves n front of class and afterwards made business groups. In my opinions the people and the idea are the two most important things in any start-up. The type of people that make up the company is very important and being the face of any growing business can make or break a company. Many companies also fail because the idea isn’t necessary in today’s society. The demand is an important factor of a company’s success and the many companies do well to understand and fix any need in our society, but many ideas could not be well perceived by the public. It is important to be passionate and know that a successful company can create a product society needs.
One of the most valuable things I learned from Stephen’s talk was that people are more reliable to other people. He explained how we, as people, could let ourselves down much easier that we can let down a different individual. He gave the example of promising himself that he would wake up in the morning and go for a run and how he has blown that off multiple times. Then he gave the example of promising a friend to go for a run and how he would be there bright in the morning. He basically explains the idea of accountability and knowing your responsibilities are effecting multiple aspects of a company. He explains what motivates start-ups and how attitude is important.
The business model canvas discussed in class allows for the business to focus on specific sectors of the business. We also talked about how the business model canvas can have multiple connecting parts. This model helps isolate and dissect different aspects of the company.
In conclusion, this past week we learned a lot about how important it is to have a startup team that is comprised of types of people who are motivated, driven, and preferably have different backgrounds and strengths.