How Paul Graham’s essay STARTUP = GROWTH inspired us to build GrowthHacks.co
How it all started?
Couple of months back, I happened to read one of Paul Graham’s old essay “STARTUP = GROWTH”:
This article was about how startups should focus on growth. In the very first para, PG mentions
“A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of “exit.” The only essential thing is growth. Everything else we associate with startups follows from growth.”
It was like an eye opener for me. Whether you are a startup or a small company or a big company you should focus only on one thing — that’s Growth. Growth is essential for all, whether its for freelancers, entrepreneurs, SMBs or companies.
How we finalized the product?
Was reading through the essay I came across another striking, but simple comment
For a company to grow really big, it must (a) make something lots of people want, and (b) reach and serve all those people.
I realized that many people struggle with second part, which is to reach to the right audience. And many entrepreneurs spend lots of time on building the right product and completely ignore on reaching the people.
One of my friend, who has built a niche product spending more than an year but unfortunately he was not able to sell the product. Many of people, who saw the demo, told him that it’s a great product. Even I was pretty impressed with the product in terms of usage. Its has been selected one of the best idea out of thousands of startups. But unfortunately none was ready to pay the product and later he has been pushed to abandon the product after an year of working.
I thought this is a tricky to reach the right audience who will pay for your product. Most of the startups fail in figuring out the right customers, not building the product. Then I spent many hours on researching and reading many articles related to growth — growth hacking, growth marketing, social Media Marketing (Linkedin, Twitter, facebook etc), how to get initial traction, how to get initial users etc — and started compiling the findings. I thought it will be a good idea to help the founders to get traction and grow their business.
Once I zeroed down the product, I was little confused on the frequency, whether it’s a daily distribution, or a monthly one or accelerators like 3 months or 6 months.
Again the article helped me, freeze the frequency Weekly.
During Y Combinator we measure growth rate per week, partly because there is so little time before Demo Day, and partly because startups early on need frequent feedback from their users to tweak what they’re doing.
A good growth rate during YC is 5–7% a week. If you can hit 10% a week you’re doing exceptionally well. If you can only manage 1%, it’s a sign you haven’t yet figured out what you’re doing.
Our mission is simple; to empower the startup founders and marketers to improve their weekly growth rate by giving them instantly actionable step by step growth techniques every Monday.
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*Disclaimer : We have seen Paul only through the videos available on internet. We have got inspiration to start and run, by reading and hearing him and we are not affiliated with Paul or ycombinator.