1- Best startups solve a real problem. Find a problem and solve it.
Ask yourself: What problems do these solve?
Facebook, Google Search, Whatsapp, Bey2ollak, Easy Taxi, iPhone
Best way to find a problem: Ask people!
Most people are good at describing their problems, but are bad at imagining a solution.
2- Don’t waste your time on tools, they are just means to an end.
For example: Which programming language? Which cloud platform? Which IDE?
Quickly study alternatives, then decide, then stick with it.
Never rewrite your code just because the new language looks more cool.
3- Get feedback early and often. But don’t listen to everyone.
Don’t stay behind locked doors for months. You might be going in the wrong direction.
Build a quick and dirty demo to get feedback. Don’t wait for final product.
If you cannot decide on something: make a test to measure which direction is better.
4- This is the easiest time ever to start a startup!
Manpower: you and your friends
Hardware: your laptop, or free/cheap hosting
Knowledge: online, you can learn anything
Marketing: app stores, social media marketing etc.
There are lots and lots of programs out there to give free stuff to startups.
5- Don’t give up! Number 1 reason of startup failures is people giving up.
If you really believe your idea will work in the end, don't give up.
Lots of startups succeeded after many failed attempts.
But...
6- Fail quickly. Don’t hang on to things that you know will not work.
People become emotionally attached to their ideas, especially if they spent so much time working on them.
Admitting that you failed is hard, but staying on a sinking boat is worse.
7- Pick the founders carefully, and don’t start alone.
Pick talented + passionate people.
Look for people that will help you with your startup (e.g. if you will start an educational startup, get a teacher onboard).
8- Be clear about shares distribution from the beginning.
Even if you trust each other, making it very clear will stop people worrying.
9- Ideas are worth nothing. What matters is speed and execution.
Nobody remembers the first company to do X, just the one who won the market in the end.
10- Make a product 10% really really like.
Figure out your optimal users, and start making them super happy. They will bring the rest.
11- Try to bootstrap (fund yourself), but you can always get investors.
If you don’t really really need money, don’t take money.
Pick investors that will give more than just money, pick partners.
12- Startup accelerators teach you a lot and save you time.
We learned a lot from Flat6Labs.
Accelerators also become partners in your startup, so pick well.
13- Go to startup events if you can. Socialize and communicate.
Meeting other founders is motivating
You can meet someone that could be very helpful to your startup.
14- You need to have a network. Build one and keep it.
Figure out a way to remember people and make them remember you.
One common technique:
Swap business cards with whoever you meet, then send a short email later that day as a follow-up.
15- Don’t wait until your product is perfect.
It will never be, or you will be already too late.
Startups can launch and iterate.
16- Business is not as hard as you think, you can learn it.
But you must give it your time when it’s needed.
17- Learn how to make your team Happy.
Spend time on team happiness. Meet with team members one-to-one weekly.
Organize fun team activities.
Remember that people have constant pressure from families/job offers to leave the startup.
If they are unhappy, they will not stay long.
18- Founders must be dedicated.
Few people can handle startups + other jobs.
Define clearly the expectations from each member in the startup:
Ask for productivity, not hours.
Give feedback about performance often.
If someone is clearly not dedicated/productive, the team is better off without him.
19- Founders can have a work-life balance.
Yes it is possible, but needs discipline.
Dedicate time off from work, do not check emails or anything work related at night.
Reward yourself if you work too hard by taking a day off.
20- Prepare yourself for the emotional rollercoaster
Some days you will feel on the top of the world.
Some days you will feel there is zero hope.
If you survive enough, you will have a chance for success
Ask yourself: What problems do these solve?
Facebook, Google Search, Whatsapp, Bey2ollak, Easy Taxi, iPhone
Best way to find a problem: Ask people!
Most people are good at describing their problems, but are bad at imagining a solution.
2- Don’t waste your time on tools, they are just means to an end.
For example: Which programming language? Which cloud platform? Which IDE?
Quickly study alternatives, then decide, then stick with it.
Never rewrite your code just because the new language looks more cool.
3- Get feedback early and often. But don’t listen to everyone.
Don’t stay behind locked doors for months. You might be going in the wrong direction.
Build a quick and dirty demo to get feedback. Don’t wait for final product.
If you cannot decide on something: make a test to measure which direction is better.
4- This is the easiest time ever to start a startup!
Manpower: you and your friends
Hardware: your laptop, or free/cheap hosting
Knowledge: online, you can learn anything
Marketing: app stores, social media marketing etc.
There are lots and lots of programs out there to give free stuff to startups.
5- Don’t give up! Number 1 reason of startup failures is people giving up.
If you really believe your idea will work in the end, don't give up.
Lots of startups succeeded after many failed attempts.
But...
6- Fail quickly. Don’t hang on to things that you know will not work.
People become emotionally attached to their ideas, especially if they spent so much time working on them.
Admitting that you failed is hard, but staying on a sinking boat is worse.
7- Pick the founders carefully, and don’t start alone.
Pick talented + passionate people.
Look for people that will help you with your startup (e.g. if you will start an educational startup, get a teacher onboard).
8- Be clear about shares distribution from the beginning.
Even if you trust each other, making it very clear will stop people worrying.
9- Ideas are worth nothing. What matters is speed and execution.
Nobody remembers the first company to do X, just the one who won the market in the end.
10- Make a product 10% really really like.
Figure out your optimal users, and start making them super happy. They will bring the rest.
11- Try to bootstrap (fund yourself), but you can always get investors.
If you don’t really really need money, don’t take money.
Pick investors that will give more than just money, pick partners.
12- Startup accelerators teach you a lot and save you time.
We learned a lot from Flat6Labs.
Accelerators also become partners in your startup, so pick well.
13- Go to startup events if you can. Socialize and communicate.
Meeting other founders is motivating
You can meet someone that could be very helpful to your startup.
14- You need to have a network. Build one and keep it.
Figure out a way to remember people and make them remember you.
One common technique:
Swap business cards with whoever you meet, then send a short email later that day as a follow-up.
15- Don’t wait until your product is perfect.
It will never be, or you will be already too late.
Startups can launch and iterate.
16- Business is not as hard as you think, you can learn it.
But you must give it your time when it’s needed.
17- Learn how to make your team Happy.
Spend time on team happiness. Meet with team members one-to-one weekly.
Organize fun team activities.
Remember that people have constant pressure from families/job offers to leave the startup.
If they are unhappy, they will not stay long.
18- Founders must be dedicated.
Few people can handle startups + other jobs.
Define clearly the expectations from each member in the startup:
Ask for productivity, not hours.
Give feedback about performance often.
If someone is clearly not dedicated/productive, the team is better off without him.
19- Founders can have a work-life balance.
Yes it is possible, but needs discipline.
Dedicate time off from work, do not check emails or anything work related at night.
Reward yourself if you work too hard by taking a day off.
20- Prepare yourself for the emotional rollercoaster
Some days you will feel on the top of the world.
Some days you will feel there is zero hope.
If you survive enough, you will have a chance for success
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