startup- my own learnings from guru-app
Post on 26-Aug-2014
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I ran a bootstrapped startup for 1 year and have some advice for newbies
I hope you find them
useful
So, you wanna start a startup?
A feel good project
LifestyleSocial
prestige
Do something different
Fuck yeah, make
money!
Find the right PURPOSE
Ideas are a dime a
dozen
Choose One
Can I get 100 users by
myself?
Get feedback
No Yes
Talk to people and share the ideas
What is the size of the market?
Which mega trend am I betting on?
Am I ok with the
risks?
Hell yeah, lets go
Quantify your thoughts
What are you hunting?
Are you hunting in the right place?
Pond
Ocean
Believable Idea
Confirm existence of market
Development roadmap
Budgeting
Revenue plan
Feedback loop
Have a loaded gun before starting your adventure
Remember your silver bullet to kill or solve a market problem
Lead bullets won’t work
You have 3 types of fuel, which require a delicate mix to succeed
If you are a challenger with a clone me idea, be nimble, fast and strike at weak points
If you are an incumbent, watch your competitors closely to avoid surprises
Positioning with a sense of fear
If you think you have a revolutionary idea, discount it 75%. Someone has likely tried it and failed
PARANOIA
MARKET with PAYING USERS
Going against and going with market are different startup games
It’s not indifferent from trading the financial markets- a balancing act
Bet Size
Timing
Volatility
Direction
Can I beat the market?
You are the
motivator
Lead a complementary team with you being the beating heart
If you have a ‘hole’ in team, learn 15% of requirements and try outsourcing
You can pick up 15% within 1
week
CodingDesign
BusinessMarketing
Sort out founder problems as early as possible. Fire or walkaway if you have to.
Learn to tell 4 different types of stories so that you can do content marketing
Don’t drink your own Kool-Aid
You are not JESUS, nor are you going to invent sliced bread
But you have to know the lingo to preach the religion
MobileLocal
Social
For Illustrative purposes only
Sort out MONETISATION ASAP
GRANTS, FAVOURS, SUBSIDIES
Know your LTV to gauge how much you can invest in marketing
LTV
Stick together with fellow underdogs to take on incumbent
FIGHT!
A mosquito with competitors; A bee when dealing with customers
Asymmetric warfare
Work hard & cross-polinate
You can fake it till you make it; I prefer being 100% truthful, especially in sales
Partner with the right framework
Personality Product Humility
Reputation Visibility
Shared aspirations
Be generous with acquaintances and friends
Make time to share advice
Help out with publicity
Provide introductions
Stay away from these people
Those who can’t keep simple
promises
Those who think they are too important
Those who have no constructive
input to add
Avoid wannabes
Don’t just take from the cookie jar- Give back, even if you don’t have much
Give back
Poor forward visibility is NORMAL
A corrective loop is critical
Throw everything including the kitchen sink at it
Know when to FAIL
Focus on negative feedback
Screw the motivational marketing shit; Work smart and have grit
STARTUPS will teach you to see things differently
Technical skills
Sales and marketing Product
development
Getting shit done
Recruitment
Try it once at least
“Behold the burning entrepreneur. Everything you’ve heard about leaders of successful startups is true. They are a different kind of people.
They aren’t born to greatness. Their qualities are learned and practiced. That means you can be a burning entrepreneur too.”- Brad Feld-
Lets inspire ourselves to greater heights TOGETHER
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