"Video Lectures_ Lecture 1 How to Start A Startup"
https://www.youtube.com/watch?v=CBYhVcO4WgI&feature=youtu.be
Hi everyone, this is
my first blog post and we going to discover main tools and tips why, how to
start a startup. As Sam Altman said “It is not easy to start a startup;
however, if you going to do so remember that you should never start a startup
just for the sake of doing so”.
The lecturer Sam Altman is the President of Y Combinator. In
YC, they've been teaching people how to start startups for nine years. The main
idea of the lecture is to give an introduction on how to develop a startup and
to get the business where the goal can give a hyper-growth and eventually
become a very large company. There are four areas which will maximize success
as a startup: great idea, a great product, a great team, and great execution.
In this post I’m going to discuss the first two.
1. The first area is all about getting a great idea. There are various ways to find an idea; however, startup idea should be no ordinary one. In this lecture, there were several ways showing why and how to get the idea. You can have hundreds of thousand ideas but you should choose one and concentrate on it. It is hard to get a great idea; however, it is harder to continue without the great idea. Observing successful pivots, it is noticeable that they almost always are a pivot into something the founders themselves wanted, not a random made up idea. When you're assessing an idea, you need to think through all things, not just the product. Moreover, the idea should be first and the startup should come second. There first tip is to think in long term in order to expand and become more ambitious about it. One of the several ways to know if the idea is good or not is to build a business that is difficult to replicate. Another way is to see if people and other companies are willing to help or not. For example, the mission-oriented idea may be a great one as you yourself will be dedicated to them. Next, you can try to answer all 5 ‘why’s’ and after finding an answer, you will find a working idea. Either take the idea that is almost always very straightforward to explain and very easy to understand. Sometimes the best ideas might sound terrible. Thus, keep in mind that if you do come up with a great idea, most people are going to think it's bad. Nonetheless, you should be glad about as it means they won't compete with you. The main part is to find appropriate time place for creating an idea. The specialists think that the best period starting a startup is when you are a student as the environment is motivating to build something extremely innovative and find right and potential cofounders. Consequently, the first step is having a unique and exceptional idea which will be the confident start of a startup.
2. The second area is building a great product. The product should hold user assistance. To create a really great company, you primarily have to transform a great idea into a great product. Planning a product one should consider that something that users/customers love. The founders should clearly understand what need their market. A group of good-on-paper startups lose because they hardly make something that people like. Therefore, you can make something that a lot of users like a little bit, or something that a small number of users love a lot. However, the better one can be to build something that a small number of users love as it will be much easier to expand from something that is small. For example, if you get something people love, people will tell their friends about it and it would be growth by word of mouth. Most startups end not from competitions but from failing to make something users love. At first, products should be easy and simple for users such as the first version of ‘Google’ and ‘Facebook’. Having simple and handy product make customers love it. Moreover, it impacts the development of the product as [fanatical] users may give valuable feedback. So, founders should do anything to make people love and use their product as Ben Silbermann did for 'Pinterest'. Hence, building a great product is influential on what going to happen next to the company.
“Startups live on growth. It’s the only indicator of a great product”. Therefore you should consider using metrics: focus on growth
1. The first area is all about getting a great idea. There are various ways to find an idea; however, startup idea should be no ordinary one. In this lecture, there were several ways showing why and how to get the idea. You can have hundreds of thousand ideas but you should choose one and concentrate on it. It is hard to get a great idea; however, it is harder to continue without the great idea. Observing successful pivots, it is noticeable that they almost always are a pivot into something the founders themselves wanted, not a random made up idea. When you're assessing an idea, you need to think through all things, not just the product. Moreover, the idea should be first and the startup should come second. There first tip is to think in long term in order to expand and become more ambitious about it. One of the several ways to know if the idea is good or not is to build a business that is difficult to replicate. Another way is to see if people and other companies are willing to help or not. For example, the mission-oriented idea may be a great one as you yourself will be dedicated to them. Next, you can try to answer all 5 ‘why’s’ and after finding an answer, you will find a working idea. Either take the idea that is almost always very straightforward to explain and very easy to understand. Sometimes the best ideas might sound terrible. Thus, keep in mind that if you do come up with a great idea, most people are going to think it's bad. Nonetheless, you should be glad about as it means they won't compete with you. The main part is to find appropriate time place for creating an idea. The specialists think that the best period starting a startup is when you are a student as the environment is motivating to build something extremely innovative and find right and potential cofounders. Consequently, the first step is having a unique and exceptional idea which will be the confident start of a startup.
2. The second area is building a great product. The product should hold user assistance. To create a really great company, you primarily have to transform a great idea into a great product. Planning a product one should consider that something that users/customers love. The founders should clearly understand what need their market. A group of good-on-paper startups lose because they hardly make something that people like. Therefore, you can make something that a lot of users like a little bit, or something that a small number of users love a lot. However, the better one can be to build something that a small number of users love as it will be much easier to expand from something that is small. For example, if you get something people love, people will tell their friends about it and it would be growth by word of mouth. Most startups end not from competitions but from failing to make something users love. At first, products should be easy and simple for users such as the first version of ‘Google’ and ‘Facebook’. Having simple and handy product make customers love it. Moreover, it impacts the development of the product as [fanatical] users may give valuable feedback. So, founders should do anything to make people love and use their product as Ben Silbermann did for 'Pinterest'. Hence, building a great product is influential on what going to happen next to the company.
“Startups live on growth. It’s the only indicator of a great product”. Therefore you should consider using metrics: focus on growth
·
Total Registrations
·
Active users
·
Activity levels
·
Cohort retention
·
Revenue
·
Net Promoter Score.
Starting a startup
one should have the best reason and vision “You
Can’t Not Do It” in order to maximize an impact. Passion, attitude, and
aptitude will effectively recruit and endure the struggle.
In conclusion “You’ll Make More You’ll Have More Impact”.
In conclusion “You’ll Make More You’ll Have More Impact”.
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