Startup Playbook by Sam Altman

Sota Watanabe
Aug 22, 2017 · 16 min read

Sam AltmanのStartup Playbookを読んだ。Amazon.com、またはWeb上で無料で提供されている。

0. Preamble

1.スタートアップのゴール

Your goal as a startup is to make something users love. If you do that, then you have to figure out how to get a lot more users. But this first part is critical — think about the really successful companies of today. They all started with a product that their early users loved so much they told other people about it.

Altman, Sam. Startup Playbook (Kindle Locations 13–15). Kindle Edition.

スタートアップのゴールは「make something users love」。ユーザーが他の潜在ユーザーに紹介したくなるようなプロダクトを創る。

2. 初期は少数のユーザーに愛されるプロダクトを

It’s much better to first make a product a small number of users love than a product that a large number of users like. Even though the total amount of positive feeling is the same, it’s much easier to get more users than to go from like to love.

Altman, Sam. Startup Playbook (Kindle Locations 18–20). Kindle Edition.

3. スタートアップの成功に必要なもの

I personally think the riskier option is having an idea or project you’re really passionate about and working at a safe, easy, unfulfilling job instead. To have a successful startup, you need: a great idea (including a great market), a great team, a great product, and great execution.

Altman, Sam. Startup Playbook (Kindle Locations 25–28). Kindle Edition.

「素晴らしいアイデア×素晴らしいチーム×素晴らしいプロダクト×素晴らしい実行力」

1. The Idea

1.YCで初期に聞かれる質問

One of the first things we ask YC companies is what they’re building and why. We look for clear, concise answers here. This is both to evaluate you as a founder and the idea itself. It’s important to be able to think and communicate clearly as a founder — you’ll need it for recruiting, raising money,selling, etc. Ideas in general need to be clear to spread, and complex ideas are almost always a sign of muddled thinking or a made up problem. If the idea does not really excite at least some people the first time they hear it, that’s bad. Another thing we ask is who desperately needs the product. In the best case, you yourself are the target user. In the second best case, you understand the target user extremely well. If a company already has users, we ask how many and how fast that number is growing. We try to figure out why it’s not growing faster, and we especially try to figure out if users really love the product. Usually this means they’re telling their friends to use the product without prompting from the company. We also ask if the company is generating revenue, and if not, why not. If the company doesn’t yet have users, we try to figure out the minimum thing to build first to test the hypothesis — i.e., if we work backwards from the perfect experience, we try to figure out what kernel to start with.

Altman, Sam. Startup Playbook (Kindle Locations 36–43). Kindle Edition.

①「何を創っていて、なぜそれをしているのか?」がまず聞かれる質問。
ここでは、明快で簡潔な回答を求められ、創業者とアイデアが評価されている。アイデアは一般的に明快である必要があり、創業者はコミュニケーション能力が必要。

②2つ目の質問は、ユーザーに関して、
「誰が、そのプロダクトをとても欲しがっているのか?」一番いいのは自分自身がターゲットユーザーであること。2番目にいいのはターゲットユーザーを知り尽くしていること。
ユーザーを獲得している場合は何人いて、それくらいのペースで伸びているのかを聞く。それは、ユーザー数がなぜ伸びていないのか?プロダクトは愛されているかを見る為。

It’s important to let your idea evolve as you get feedback from users. And it’s critical you understand your users really well — you need this to evaluate an idea, build a great product, and build a great company. As mentioned earlier, startups are really hard. They take a very long time, and consistent intense effort. The founders and employees need to have a shared sense of mission to sustain them. So we ask why founders want to start this particular company.

Altman, Sam. Startup Playbook (Kindle Locations 55–56). Kindle Edition.

③収益に関して。「収益をあげているか?あげていないのであれば、なぜか?」

④マーケットに関して。

「マーケットの成長率」「なぜ10年後にマーケットが大きくなているといえるのか?」

Finally, we ask about the market. We ask how big it is today, how fast it’s growing, and why it’s going to be big in ten years. We try to understand why the market is going to grow quickly, and why it’s a good market for a startup to go after. We like it when major technological shifts are just starting that most people haven’t realized yet — big companies are bad at addressing those. And somewhat counterintuitively, the best answer is going after a large part of a small market.

Altman, Sam. Startup Playbook (Kindle Locations 61–63). Kindle Edition.

2. 良いアイデアは、一見悪く見える

The best ideas sound bad but are in fact good. So you don’t need to be too secretive with your idea — if it’s actually a good idea, it likely won’t sound like it’s worth stealing. Even if it does sound like it’s worth stealing, there are at least a thousand times more people that have good ideas than people who are willing to do the kind of work it takes to turn a great idea into a great company. And if you tell people what you’re doing, they might help.

Altman, Sam. Startup Playbook (Kindle Locations 69–73). Kindle Edition.

3. 批判に対して強くあれ

Speaking of telling people your idea — while it’s important the idea really excites some people the first time they hear it, almost everyone is going to tell you that your idea sucks. Maybe they are right. Maybe they are not good at evaluating startups, or maybe they are just jealous. Whatever the reason is, it will happen a lot, it will hurt, and even if you think you’re not going to be affected by it, you still will be. The faster you can develop self-belief and not get dragged down too much by haters, the better off you’ll be. No matter how successful you are, the haters will never go away.

Altman, Sam. Startup Playbook (Kindle Locations 75–77). Kindle Edition.

いくら成功しても、批判はされる。であれば、的はずれな批判に対して過度に気を使うのではなく、もっと重要なことにフォーカスする。

「神様でも批判されるご時世なんだ、FWが批判されないわけが無いだろう。」-エルナン・クレスポ

4. スタートアップのアイデアは考えるな

So it’s better not to try too actively to force yourself to come up with startup ideas. Instead, learn about a lot of different things. Practice noticing problems, things that seem inefficient, and major technological shifts. Work on projects you find interesting. Go out of your way to hang around smart, interesting people. At some point, ideas will emerge.

Altman, Sam. Startup Playbook (Kindle Locations 85–88). Kindle Edition.

スタートアップのアイデアは考えるな。というより、様々なものを学べ。

2. A Great Team

1.投資家がまず見るのはFounderの強さ

One of the things we look at the most is the strength of the founders.

Altman, Sam. Startup Playbook (Kindle Locations 94–95). Kindle Edition.

2. よいFounderとは何か?

What makes a great founder? The most important characteristics are ones like unstoppability, determination, formidability, and resourcefulness. Intelligence and passion also rank very highly. These are all much more important than experience and certainly “expertise with language X and framework Y”. We have noticed the most successful founders are the sort of people who are low-stress to work with because you feel “he or she will get it done, no matter what it is.” Sometimes you can succeed through sheer force of will. Good founders have a number of seemingly contradictory traits. One important example is rigidity and flexibility. You want to have strong beliefs about the core of the company and its mission, but still be very flexible and willing to learn new things when it comes to almost everything else.

Altman, Sam. Startup Playbook (Kindle Locations 97–103). Kindle Edition.

①創業者に最も必要な要素は、

unstoppability, determination, formidability, and resourcefulness.」

また、よい創業者は排反する要素を持ち合わせる。例えば、頑固さと柔軟さなど。

Communication is a very important skill for founders — in fact, I think this is the most important rarely-discussed founder skill. Tech startups need at least one founder who can build the company’s product or service, and at least one founder who is (or can become) good at sales and talking to users. This can be the same person.

Altman, Sam. Startup Playbook (Kindle Locations 105–108). Kindle Edition.

②スタートアップには、2種類のタイプが必要。1人は開発する人。もう1人は、営業・顧客と話す人が1人。

The best case, by far, is to have a good cofounder. The next best is to be a solo founder. The worse case, by far, is to have a bad cofounder.

Altman, Sam. Startup Playbook (Kindle Locations 115–116). Kindle Edition.

また、一番良いのは共同創業者を持つこと。次に良いのは、1人。1番悪いのは悪い共同創業者を持つこと。

3. A Great Product

1.素晴らしいプロダクトを持つこと

Here is the secret to success: have a great product. This is the only thing all great companies have in common.

Altman, Sam. Startup Playbook (Kindle Locations 124–125). Kindle Edition.

素晴らしいプロダクトを創るのが成功の秘訣。

You want to build a “product improvement engine” in your company. You should talk to your users and watch them use your product, figure out what parts are sub-par, and then make your product better. Then do it again. This cycle should be the number one focus of the company, and it should drive everything else. If you improve your product 5% every week, it will really compound. During YC, we tell founders they should be building product and talking to users, and not much else besides eating, sleeping, exercising, and spending time with their loved ones.

Altman, Sam. Startup Playbook (Kindle Locations 134–136). Kindle Edition.

ユーザーと話し、ユーザーが使っている体験を観察する。観察から得られたフィードバックをプロダクトの改善に活かす。このサイクルを回すことを優先順位高くする。YC期間中には、ユーザーと話すこと、プロダクトを創ること、食事、睡眠、運動以外には、時間を費やすべきではないと行っている。

2. スケールしないことをしよう

“Do things that don’t scale” has rightfully become a mantra for startups. You usually need to recruit initial users one at a time (Ben Silbermann used to approach strangers in coffee shops in Palo Alto and ask them to try Pinterest) and then build things they ask for. Many founders hate this part, and just want to announce their product in the press. But that almost never works. Recruit users manually, and make the product so good the users you recruit tell their friends.

Altman, Sam. Startup Playbook (Kindle Locations 143–144). Kindle Edition.

ユーザーと話しスケールしない地道な活動を行うこと。

You also need to break things into very small pieces, and iterate and adapt as you go.

Altman, Sam. Startup Playbook (Kindle Locations 144–145). Kindle Edition.

それと同時に、タスクを分解し、処理と適応を繰り返す。

3. できるだけシンプルに。できるだけ早くリリースする

You want to start with something very simple — as little surface area as possible — and launch it sooner than you’d think. In fact, simplicity is always good, and you should always keep your product and company as simple as possible.

Altman, Sam. Startup Playbook (Kindle Locations 146–147). Kindle Edition.

4. プロダウトの良し悪しを判断する質問

Some common questions we ask startups having problems: Are users using your product more than once? Are your users fanatical about your product? Would your users be truly bummed if your company went away? Are your users recommending you to other people without you asking them to do it? If you’re a B2B company, do you have at least 10 paying customers? If not, then that’s often the underlying problem, and we tell companies to make their product better.

Altman, Sam. Startup Playbook (Kindle Locations 150–152). Kindle Edition.

「ユーザーは一度以上そのプロダクトを使っているか?」「ユーザーはプロダクトに熱狂しているか?」「ユーザーはそのサービスがなくなったらがっかりするか?」「ユーザーは頼んでもないのにプロダクトを宣伝してくれるか?」「B2Bであれば10以上の顧客がいるか?」
これらの問題に答えられなければ問題であり、プロダクトをもっと改良する必要がある。

5. プロダクトは顧客との接点全てである

The best founders seem to care a little bit too much about product quality, even for seemingly unimportant details. But it seems to work. By the way, “product” includes all interactions a user has with the company. You need to offer great support, great sales interactions, etc. Remember, if you haven’t made a great product, nothing else will save you.

Altman, Sam. Startup Playbook (Kindle Locations 158–161). Kindle Edition.

創業者はよくプロダクトにこだわるべき。そしてプロダクトとは会社と顧客のインタラクションも含んでいる。

4. Great Execution

1.結局自分でやるしか無い

Although it’s necessary to build a great product, you’re not done after that. You still have to turn it into a great company, and you have to do it yourself — the fantasy of hiring an “experienced manager” to do all this work is both extremely prevalent and a graveyard for failed companies. You cannot outsource the work to someone else for a long time. This sounds obvious, but you have to make money. This would be a good time to start thinking about how that’s going to work.

Altman, Sam. Startup Playbook (Kindle Locations 169–170). Kindle Edition.

5. Execution Growth

1.成長と、勢いは"実行”の鍵

Growth and momentum are the keys to great execution.
Altman, Sam. Startup Playbook (Kindle Location 180). Kindle Edition.

2. 正しいメトリクスを作成する

The most important way is to make it your top priority. The company does what the CEO measures. It’s valuable to have a single metric that the company optimizes, and it’s worth time to figure out the right growth metric. If you care about growth, and you set the execution bar, the rest of the company will focus on it.

The founders of Airbnb drew a forward-looking graph of the growth they wanted to hit. They posted this everywhere — on their fridge, above their desks, on their bathroom mirror. If they hit the number that week, great. If not, it was all they talked about.

Altman, Sam. Startup Playbook (Kindle Locations 191–193). Kindle Edition.

会社はCEOが測定したメトリクスに従う。成長を正しく測れる1つのメトリクスを設定する。

Speaking of metrics, don’t fool yourself with vanity metrics. The common mistake here is to focus on signups and ignore retention.

Altman, Sam. Startup Playbook (Kindle Locations 203–204). Kindle Edition.

多数のメトリクスを追ってはならない。
ここでよく見られるミスは、サインナップを注力して、リテンションを無視すること。

3. 成長を拒んでいる要素を羅列する

Keep a list of what’s blocking growth. Talk as a company about how you could grow faster. If you know what the limiters are, you’ll naturally think about how to address them.

Altman, Sam. Startup Playbook (Kindle Locations 196–197). Kindle Edition.

4. ゴールセッティングとレビュー

You should set aggressive but borderline achievable goals and review progress every month. Celebrate wins! Talk internally about strategy all the time, tell everyone what you’re hearing from customers, etc.

Altman, Sam. Startup Playbook (Kindle Locations 207–208). Kindle Edition.

積極的でありつつ、達成可能なゴールを設定する。そして、毎月、戦略を見直し、ユーザーから聞いたことを話しあう。

5. 成長が早くても、楽観的になるな

Counterintuitively, it turns out that it’s good if you’re growing fast but nothing is optimized — all you need to do is fix it to get more growth! My favorite investments are in companies that are growing really fast but incredibly un-optimized — they are deeply undervalued.

Altman, Sam. Startup Playbook (Kindle Locations 212–213). Kindle Edition.

成長が早いことは良いことだけれど、楽観的になってはならない。やらなければいけないことは、プロダクトを修正してさらに成長する。それだけ。

6.将来を考えすぎない、今に集中する

A related trap is thinking about problems too far in the future — i.e. “How are we going to do this at massive scale?” The answer is to figure it out when you get there. Far more startups die while debating this question than die because they didn’t think about it enough. A good rule of thumb is to only think about how things will work at 10x your current scale.

Altman, Sam. Startup Playbook (Kindle Locations 215–217). Kindle Edition.

7.スケールしないことをしよう(again)

Most early-stage startups should put “Do things that don’t scale” up on their wall and live by it. As an example, great startups always have great customer service in the early days, and bad startups worry about the impact on the unit economics and that it won’t scale. But great customer service makes for passionate early users, and as the product gets better you need less support, because you’ll know what customers commonly struggle with and improve the product/experience in those areas.

Altman, Sam. Startup Playbook (Kindle Locations 217–221). Kindle Edition.

スケールしないことをする。素晴らしいスタートアップは素晴らしいカスタマーサポートをしている。

8.カスタマーが欲しがっているプロダクトを創ろう

all great companies have — by building a product users love, recruiting users manually first, and then testing lots of growth strategies (ads, referral programs, sales and marketing, etc.) and doing more of what works. Ask your customers where you can find more people like them.

Altman, Sam. Startup Playbook (Kindle Locations 229–231). Kindle Edition.

ユーザーが愛する商品を作り、ユーザーと話し、沢山の成長戦略をテストしよう。そして、ユーザーがプロダクトのどこを愛しているのかを把握する。

6. Execution Focus & Intensity

1.優れた創業者のオペレーション

If I had to distill my advice about how to operate down to only two words, I’d pick focus and intensity. These words seem to really apply to the best founders I know.

Altman, Sam. Startup Playbook (Kindle Locations 245–246). Kindle Edition.

優れた創業者は集中とその集中力が凄い。

2.一度に多くの事をやるな

As a general rule, don’t let your company start doing the next thing until you’ve dominated the first thing. No great company I know of started doing multiple things at once — they start with a lot of conviction about one thing, and see it all the way through. You can do far fewer things than you think. A very, very common cause of startup death is doing too many of the wrong things.

Altman, Sam. Startup Playbook (Kindle Locations 249–251). Kindle Edition.

1度に多くのことをやってはならない。1つの事にフォーカスする。スタートアップに非常によく見られる間違いは、間違ったことに多くの時間を費やしてしまうこと。

3.優先順位を付ける

Prioritization is critical and hard. (Equally important to setting the company’s priorities is setting your own tactical priorities. What I’ve found works best for me personally is a pen-and-paper list for each day with ~3 major tasks and ~30 minor ones, and an annual to-do list of overall goals.)

Altman, Sam. Startup Playbook (Kindle Locations 251–254). Kindle Edition.

〜3個の大きいタスクと〜30個小さいタスクを紙に書き出す。

4.ポイントを見極める

find ways to get 90% of the value with 10% of the effort. The market doesn’t care how hard you work — it only cares if you do the right things.

Altman, Sam. Startup Playbook (Kindle Locations 259–260). Kindle Edition.

90%のValueを10%の努力で発揮する為のポイントを探す。マーケットが探しているのは「正しいこと」をしているかどうか?だけ。

5.Stay Focus and Move Fast

You still have to stay focused and move fast. Companies building rockets and nuclear reactors still manage to do this. All failing companies have a pet explanation for why they are different and don’t have to move fast.

Altman, Sam. Startup Playbook (Kindle Locations 263–265). Kindle Edition.

6.プロダクトに集中する。

Startup founders who start to have initial success have a choice of two paths: either they keep doing what they’re doing, or they start spending a lot of time thinking about their “personal brand” and enjoying the status of being a founder.

Altman, Sam. Startup Playbook (Kindle Locations 268–270). Kindle Edition.

7. Execution Jobs of the CEO

1.CEOの仕事全体像

A CEO has to 1) set the vision and strategy for the company, 2) evangelize the company to everyone, 3) hire and manage the team, especially in areas where you yourself have gaps 4) raise money and make sure the company does not run out of money, and 5) set the execution quality bar. In addition to these, find whatever parts of the business you love the most, and stay engaged there.

Altman, Sam. Startup Playbook (Kindle Locations 284–285). Kindle Edition.

①VISIONを決め、戦略を作成すること。
②それを会社の全体に広めること。
③人を雇い、チームをマネジメントすること。
④資金調達を行い、資金が底をつかないようにすること。
⑤メトリクスを作成し、観測すること。
ビジネスにおいて好きな領域を定め、従事すること。

You should aim to be super responsive to your team and the outside world, always be clear on the strategy and priorities, show up to everything important, and execute quickly (especially when it comes to making decisions others are blocked on.) You should also adopt a “do whatever it takes” attitude — there will be plenty of unpleasant schleps. If the team sees you doing these things, they will do them too.

Altman, Sam. Startup Playbook (Kindle Locations 293–295). Kindle Edition.

チームと外の世界に対して責任を持つこと。素早く実行し、模範となる姿を見せること。

2.言い訳をするな

The CEO doesn’t get to make excuses. Lots of bad and unfair things are going to happen. But don’t let yourself say, and certainly not to the team, “if only we had more money” or “if only we had another engineer”. Either figure out a way to make that happen, or figure out what to do without it. People who let themselves make a lot of excuses usually fail in general, and startup CEOs who do it almost always fail. Let yourself feel upset at the injustice for 1 minute, and then realize that it’s up to you to figure out a solution. Strive for people to say “X just somehow always gets things done” when talking about you.

Altman, Sam. Startup Playbook (Kindle Locations 305–308). Kindle Edition.

スタートアップをしていたら、不合理なこと、納得の行かないことなどは色々あるが、言い訳をしてはいけない。

3.メンターを見つけること

No first-time founder knows what he or she is doing. To the degree you understand that, and ask for help, you’ll be better off. It’s worth the time investment to learn to become a good leader and manager. The best way to do this is to find a mentor — reading books doesn’t seem to work as well.

Altman, Sam. Startup Playbook (Kindle Locations 311–313). Kindle Edition.

4.ピボットを焦りすぎるな

Most founders give up too quickly or move on to the next product too quickly. If things generally aren’t going well, figure out what the root cause of the problem is and make sure you address that. A huge part of being a successful startup CEO is not giving up (although you don’t want to be obstinate beyond all reason either — this is another apparent contradiction, and a hard judgment call to make.)

Altman, Sam. Startup Playbook (Kindle Locations 319–322). Kindle Edition.

諦めが早すぎるのは、よく見られる失敗の1つ。しかし、固執しすぎるのもまたよく見られる失敗。

https://image.slidesharecdn.com/part1-170716070143/95/part1part23-8-638.jpg?cb=1502769010

5.VISION、MISSIONの定義

Don’t lose sight of the long-term vision, and trust that the day-to-day challenges will someday be forgotten and replaced by memories of the year-to-year progress. Among your most important jobs are defining the mission and defining the values. This can feel a little hokey, but it’s worth doing early on.

Altman, Sam. Startup Playbook (Kindle Locations 325–328). Kindle Edition.

CEOの重要な仕事は、長い視点でVISIONを定義すること。そして、MISSIONとVALUEを定義すること。できるだけ早くそれをやるべき。

write your cultural values and mission down early. Another cliché that I think is worth repeating: Building a company is somewhat like building a religion. If people don’t connect what they’re doing day-to-day with a higher purpose they care about, they will not do a great job. I think Airbnb has done the best job at this in the YC network, and I highly recommend taking a look at their cultural values.

Altman, Sam. Startup Playbook (Kindle Locations 330–332). Kindle Edition.

会社を創ることは、会社の宗教(文化)を創ることと似ている。

6. 何でもかんでもイノベーションが必要なわけではない

One mistake that CEOs often make is to innovate in well-trodden areas of business instead of innovating in new products and solutions. For example, many founders think that they should spend their time discovering new ways to do HR, marketing, sales, financing, PR, etc. This is nearly always bad. Do what works in the well-established areas, and focus your creative energies on the product or service you’re building.

Altman, Sam. Startup Playbook (Kindle Locations 333–336). Kindle Edition.

HR,Marketing,Salesなどの領域では正攻法が1番強い。サービスとプロダクト以外にはイノベーションはいらない。

8. Execution Hiring&Managing

1.採用活動はするな

My first piece of advice about hiring is don’t do it. The most successful companies we’ve worked with at YC have waited a relatively long time to start hiring employees.

Altman, Sam. Startup Playbook (Kindle Locations 343–344). Kindle Edition.

採用は出来る限り先延ばしにするべき。

2.採用モードに入ったら妥協するな

When you are in recruiting mode (i.e., from when you get product-market fit to T-infinity), you should spend about 25% of your time on it. At least one founder, usually the CEO, needs to get great at recruiting. It’s most CEOs’ number one activity by time. Everyone says that CEOs should spend a lot of their time recruiting, but in practice, none but the best do. There’s probably something to that. Don’t compromise on the quality of people you hire.

Altman, Sam. Startup Playbook (Kindle Locations 352–356). Kindle Edition.

採用モードに入ったら大体25%を採用に使う。また人材に関して妥協をしてはいけない。

3.会社の文化は、雇う人、解雇する人、昇進する人によって決まる

Culture is defined by who you hire, fire, and promote.

Altman, Sam. Startup Playbook (Kindle Location 375). Kindle Edition.

9. Execution Competitor

1.99%競合を無視しろ

99% of the time, you should ignore competitors. Especially ignore them when they raise a lot of money or make a lot of noise in the press. Do not worry about a competitor until they are beating you with a real, shipped product. Press releases are easier to write than code, which is easier still than making a great product. In the words of Henry Ford: “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”

Altman, Sam. Startup Playbook (Kindle Locations 385–388). Kindle Edition.

競合を無視しろ。特に競合が大量の資金調達をした時やプレスに特集された時は無視をした方がいい。実際にプロダクトがリリースするまでは無視をしていて良い。最も、恐れるべき競合は、気づかぬ内に、いつも自分のプロダクトを良いものにしようと改善を繰り返している企業である。

10. Making Money

You need to make something people share with their friends. If you have a paid product with less than a $1,000 customer lifetime value (LTV), you generally cannot afford sales. Experiment with different user acquisition methods like SEO/SEM, ads, mailings, etc., but try to repay your customer acquisition cost (CAC) in 3 months. If you have a paid product with more than a $1,000 LTV (net to you) you maybe can afford direct sales if your product is easy to sell. But unless your LTV is more like $5,000 or higher, it may not work. Try selling the product yourself first to learn what works. Hacking Sales is a useful book to read.

Altman, Sam. Startup Playbook (Kindle Locations 400–405). Kindle Edition.

11. Execution Fundraising

1.お金そのものよりも、お金の使いかたが大事

You should raise money when you need it or when it’s available on good terms. Be careful not to lose your sense of frugality or to start solving problems by throwing money at them. Not having enough money can be bad, but having too much money is almost always bad.

Altman, Sam. Startup Playbook (Kindle Locations 417–418). Kindle Edition.

必要な時に資金調達をするべきである。問題をお金で解決しようとしてはならない。十分な資金がないのは問題だが、資金の持ちすぎは、いつもよくない。

2. 準備ができるまで資金調達をするべきではない

It is a bad idea to try to raise money when your company isn’t in good enough shape to attract capital. You will burn reputation and waste time.

Altman, Sam. Startup Playbook (Kindle Locations 426–427). Kindle Edition.

3.投資家が一番恐れるのは、他の投資家が機会を奪うこと

don’t go down a list of your favorite investors sequentially. The way to get investors to act is fear of other investors taking away their opportunity.

Altman, Sam. Startup Playbook (Kindle Locations 432–433). Kindle Edition.

4.ピッチはクリアにわかりやすく。

An important key to being good at pitching is to make your story as clear and easy to understand as possible. There are lots of thoughts about what to include in a pitch, but at a minimum you need to have: mission, problem, product/service, business model, team, market and market growth rate, and financials.

Altman, Sam. Startup Playbook (Kindle Locations 446–447). Kindle Edition.

最低でも含めるものは、mission、解決したい問題、商品、ビジネスモデル、チーム、市場、市場成長率、お金の使いみち。

12.Closing Thought

all you need is a great idea, a great team, a great product, and great execution. So easy! ;)

Altman, Sam. Startup Playbook (Kindle Location 466). Kindle Edition.

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Sota Watanabe

Written by

CEO of Stake Technologies // Twitter @WatanabeSota

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