Simple products that became big companies
Takeaways from this video :
Startup success is very rare and requires a different kind of thinking than most successful professionals are used to. The best founders figure out how to avoid just going with the crowd in order to differentiate themselves. In Michael’s own words, “Most smart people put themselves in a group of smart people, and they perform average. And that does great.Start-up’s frequently seek validation from investors, family members, or friends, but this validation. does not guarantee success. The founder, the idea, and the market situation are entirely liable for. the company’s performance. People frequently mistake validation for success, but this is not the. case. Putting too much money into an idea just to get validation from others is not a good idea
This is referred to as “boiling in the ocean” and is a relatively common blunder. When a firm attempts to achieve something difficult or intractable, it might be described as a boiling ocean. It’s usually due to the thrill of attempting to create a whole high-end product at once rather than focusing on a single primary use caseCrowdfunding is a better way to start a business than other options, but many questions will be raised about product development. Which is also risky because a simple blunder could land us in big trouble and bring the entire company down.
Understanding the Business model and Product market fit are the other major things in developing the product. The mistake which is also committed by fund raisers for startup’s is assuming the product is consumer friendly. If a company is perform in some country there is no possibility of the same company to performant in another country.
Hard workers are better than lazy geniuses. Clear thinking and first principles are very vital. Discipline is inversely proportional to intelligence but still, Discipline, Attitude is very important. You can’t technically increase your IQ, but you can always work on your discipline and attitude.
Crowd funding is always the best but there are lot of questions.Most of the times making or taking orders in bulk is much easier that making a single unit of the same product. Individuals are very happy when they are able to raise funds in bulk but little do they understand that are they actually solving the problem. They have little to no knowledge about the product and its manufacturing including its feedback even before the setting the price for it which often engages people into thinking that the product is actually not worth it. Try to start with a simple product rather than putting forth all the exclusive and big ideas that you are thinking. Aiming big is good thing but starting with a simple step is the best thing to help us to attain success. Start with simple and see how your targeted customers are behaving and reacting to it, and then do the changes that they require. Crowdfunding is another step you must keep in my mind if you want to manufacture a product in a huge number, this way it will be cheaper and best way to get great quantity at cheaper level.
After listening the video of Y-combinator. I got to know that there are some mandatory steps to be followed by a start up to develop their idea as a Big company.