5 Things I learned from StartUp
It usually takes me around 30 minutes to drive from Longmont to Boulder for school and work. Everyday, I used to waste about an hour doing nothing while I was driving. Sometimes, I listen to the music, sometime sI just … drive. As we are getting closer to start working on our startup at BDW, even though, I had some experience on starting a company bef0re, I wanted to learn more, especially about funding and finding the right cofounder. Then I found out about Startup, a podcast by Gimlet Media. I haven't listened to podcast before in my life but I instantly fell in love with the show. It doesn't only help me to improve my productivity in the morning, but also make my commute time more fun. So how much do I know about Startup?
What is StartUp?
From Gimlet, I am Alex Blumberg and you are listening to Startup. The podcast about what really like to start a company. — Alex Blumberg on Startup.
StartUp is a podcast show about what it is really like to start a company. Alex Blumberg, a former radio journalist and producer for the show, This American Life and Planet Money is doing the show about his own startup company, Gimlet Media. Through out the show, Alex talks about pitching to the investor, seeking for co-founders, funding, equity splitting, making mistake, feeling burnout and his startup life with employees and his family. You may be wondering, why do I have to listen to the podcast to learn when you can search for others resources online about how to startup a company. I believe the show is unique. Alex has done a great job on telling the story, sharing his unedited conversation with others through the early “stages” of the company, the transparency of the process and a special way to promote their sponsors. For example, for the first time, while I am listening to the show, I actually think: “Who are their sponsors in this episode”. Apart from promote their sponsors, Alex has total control of the content and he always includes his conversation with their sponsors during the commercial. The conversation can be anything from how did they come up with the name for the business, the culture or even something really silly and fun. It is an innovative way to do the commercial that makes their audience want to listen. Love it!
How much do I know about StartUp?
I had started working on a business couple times before but I totally failed. I admitted that the lack of knowledge on how to start a company was the main reason why I failed. I have learned many things when I listened to StartUp. There was couple things in every single episode that I already knew and it makes sense. However, given the fact that the person like Alex who knew everything about the podcast industry and has produced the most popular show, This American Life, was very much struggling on starting a company, makes me thinking: “Holy shit, I need to learn a lot more”.
One of my startup that I was working on before called, Avava. Avava is the first way for kids to design their own toys. We put the power of toy design in the hands of children and so they can build characters that match their personality. Kids start with their design on the mobile app, then they can order a physical toy based on their design through our 3D printing partners. On top of it, we use SnowShoeStamp technology to help kids create digital contents by using their physical toys. There were three main reasons why I failed. First, I had a very big team of 6 people who I have never worked with before. The lack of understanding of each other, poor team chemistry and individual commitments had stopped us from moving forward. Second, we had a very minimal to zero knowledge about 3D printing technology. We didn't know where to start,how to reach out to potential partners and make it work. Third, It was about me. I failed. I didn't know how to motivate the team, organize it and there was not enough motivation inside me that drive me forward. I saw the opposite from Alex at Gimlet Media. He knew the industry so well, he started small with just two founders and he took care of the business just like his second family. He was able to move forward, grow the company so fast in few months that I knew I coudn’t with Avava.
But at least, by listening to his show, I have learned many things that will sure help me to increase the odd of success for my next startup.
What I have learned?
Know what I am doing and know how to pitch it quickly without a slideshow
Nowaday, the meeting is no longer only happen in the office. Make sure that I know exactly what I am doing and have the pitch ready all the time. You may never know when you will run into somebody inside the elevator that can fund your startup. At BDW, we pitch our idea to each others almost everyday. And Startup also told us to be ready to “pitch at any given second.”
Know what you want, and don't let others, including investors change your dream.
You know what you want best. Most often, others dreams aredifferent to your. Don't let them convince you to help build their dream. Stay true with yourself. I saw the conflict from Alex. He wanted to build a company that provide contents that the audience love. But Chris Sacca, his investor wanted him to build a tech company, a much bigger company that can generate over billion dollars in revenue so he can get a significant return. In the end, Alex stays true to his vision, and he is right. He is doing what he can do best.
Find the right people to work with
Most of the time, a startup fails because of founders. Conflict of interests, visions, and missions will only cause troubles. It was an emotional moment where Alex met his cofounders, Matthew Lieber. They felt that they were right for each other. In fact, the conversation on equity splitting was not easy for them but they knew what to do to avoid conflicts.
Whatever I do, make sure that it is meaningful
Don’t do anything that does not add any value to the society. The company must ADD value to the society. EMPOWERING. Revenue is important but do not let it be the main reason that drives your business. I saw the value from StartUp. It is such an incredible show for everyone who wants to start a business. And, it can improve your productivity too and make your commute more fun.
Project your vision on your customer’s mind
In order to succeed, make sure that you can provide that your customers need. And then, sell your vision to them. The customer don't only buy your product, they also buy “why” you are doing it. Alex clearly shows his why throughout the show. You can discover it yourself by listening to it.
Conclusion
Starting a company is not easy. That’s why we need help. Alex did a great job with StartUp and the show is a fantastic example on what we can do. Everything that he mentioned in the show is very fascinating. I enjoy everything from the beginning until the end of every single episode.
Share your stories and learn. We help each others to succeed. Then you can shape the better future. We can do something that matters!
If you are interested, check out StartUp podcast from Gimlet Media at http://gimletmedia.com/show/startup/
My name is Danny Tran, I will see you soon on my next blog post on Medium.
