How FOMO impacts startups founders
- Pick the first idea that comes to you. Yes, your friends think it sounds pretty cool.
- Work on multiple or at least two ideas that you really like and you will just create two startups later on if necessary and take equity in both. Yes, Elon Musk is doing that pretty successfully.
- Keep adding features around your core idea because they are all important and your app cannot be launched without including all of them. Yes, Facebook is pretty feature rich too.
- Pick the first freelancer your friend recommended to get your app built. Yes, you expect the freelancer to detail out the functionality (just needs to look at those two popular apps you helpfully identified), do the wireframing, design and code up the MVP for you in four weeks.
- Pick the first business cofounder you come across. Yes, he or she did get rich doing sales at a large company and will be a good at getting brand advertisers for your consumer app once it scales.
- Pick the first tech cofounder you come across. Yes, has already built a wordpress site and is also starting to learn Android.
- Pick the first programming language you learnt, to build your app with. Yes, Zuck got PHP to scale.
- Pick the first angel investor you meet. Yes likes you, and because of that for the first time, investing some money in a startup and hopes to get a big exit.
- Pick the first customer who takes interest. Yes, wants a lot of customizations, but is paying some money too, to keep your startup alive.
- Pick the first accelerator which accepts you. Yes, they will have a nice demo day and will not invest in your startup but are only taking 3% equity in exchange for the exposure you will get. They can also get you lot of AWS credits which is, if you think about it, just like an investment.