4 necessary things:
Only start a startup when you see a specific problem and feel compelled that starting a company is the best way to solve it
Idea comes first. Startup second.
Pick the idea you think about the most when you’re not at work
The company should feel like a mission. You have to love what you’re building
The bad thing about idea is that they often look terrible at the beginning. If they sounded really good, there’d have been too many people working on them “Today, only a small subset of users is going to use my products, and I’m gonna grab all of them. But in the future, everyones gonna use my product.”
The first idea needs to take over a small specific market and expand from there Think about how the market’s gonna evolve in 10 years
Growth rate is important
Prefer: Company going after small and growing market instead of big and glowing one => Why: B/c customers are usually desperate for a solution
You cannot create a market that doesn’t wanna exist.
Derivative companies (companies that copy ideas with very few insights don’t excite people)
Another Q: Why now? Why couldn’t it been done 2 years ago? And why 2 years in the future be 2late?
In general, you’ll understand something better if you build it out of your own need than talking to customers
Early startup idea:
_ very easy to explain & understand
While I am a student:
_ Think about my startup idea
_ Meet potential cofounders: Getting involved with Weiss Tech house
_ First find an audience, then keep my focus, changing needs, the trends that are washing thru them, then create appropriate supply
_ Great idea > Great product > great company
_ Much earlier startup founders spend their time in front of computer working on products or talking to customers. Other problems come easier after I have a great product (including hiring,...
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