10 Lessons from Startups that bootstrapped their way to growth
It’s easy to burn through a lot of cash trying to figure your business out
- Relentlessly focus on your users — you could live and die in no time. Select a target set of users and spend time with them. Get a deep understanding of their problems (they’re the experts)
- Focus on what you can deliver soon to move learning earlier in the process. Getting it wrong is = Learning as long as you get good feedback
- Be willing to change in the face of evidence. Develop an experiment/test mindset
- For every ‘No’ seek to understand WHY
- Ideas are overrated, Execution is the hard part. “The hustle is sold separately”
- Have skin in the game or scratch your own itch
- *Keep expenses down (know how to be resourceful)
- Customers going out of their way (self-service is possible) to get their debit card to pay is great validation
- Don’t be everything to everyone. Focus on what fits your business model. Starting small is the next pre-Huge.
- Build a team that can make your goals a reality
*If you are considering a web/mobile startup, it is far less costly than any time in history to start a company. You have access to robust open-source software and cloud-based elastic data centers that would have been expensive or unavailable a decade ago.
KEY POINT: It sounds obvious but you need to have access to data and a good culture of metrics. This may mean that you are not be able to release the next feature as fast as you otherwise might have. But when you do, you will at least know how it performs
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