How to Start a Startup
21 hours ago
- A successful startup requires three things: good people, a product customers actually want, and minimal spending.
- A brilliant initial idea is not necessary; the key is to make something better than what exists, as Google did with search.
- Most startups fail because customers don't want the product, not due to lack of funding—funding issues are a symptom.
- Get a prototype out quickly and refine it based on user feedback; rapid prototyping is essential.
- Founders should include technical people who understand users; business skills can be learned on the job.
- Target niche markets first, as they offer better odds and allow you to grow slowly and learn.
- Raise seed money from angels, avoid IP problems by checking founders' history, and negotiate with VCs carefully.
- Spend money slowly, hire minimally, and cultivate a culture of cheapness to extend runway and focus on product.
- Ideal startup founders are good hackers aged 23–38, willing to compress their working life into a few intense years.