startup- my own learnings from guru-app
DESCRIPTION
I launched 40+ apps within a year, and thought it would be worthwhile sharing some insights on my personal journey. Hopefully, this is useful to the newbies out there.TRANSCRIPT
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I ran a bootstrapped startup for 1 year and have some advice for newbies
I hope you find them
useful
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So, you wanna start a startup?
A feel good project
LifestyleSocial
prestige
Do something different
Fuck yeah, make
money!
Find the right PURPOSE
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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
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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
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What are you hunting?
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Are you hunting in the right place?
Pond
Ocean
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Believable Idea
Confirm existence of market
Development roadmap
Budgeting
Revenue plan
Feedback loop
Have a loaded gun before starting your adventure
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Remember your silver bullet to kill or solve a market problem
Lead bullets won’t work
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You have 3 types of fuel, which require a delicate mix to succeed
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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
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MARKET with PAYING USERS
Going against and going with market are different startup games
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It’s not indifferent from trading the financial markets- a balancing act
Bet Size
Timing
Volatility
Direction
Can I beat the market?
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You are the
motivator
Lead a complementary team with you being the beating heart
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If you have a ‘hole’ in team, learn 15% of requirements and try outsourcing
You can pick up 15% within 1
week
CodingDesign
BusinessMarketing
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Sort out founder problems as early as possible. Fire or walkaway if you have to.
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Learn to tell 4 different types of stories so that you can do content marketing
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Don’t drink your own Kool-Aid
You are not JESUS, nor are you going to invent sliced bread
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But you have to know the lingo to preach the religion
MobileLocal
Social
For Illustrative purposes only
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Sort out MONETISATION ASAP
GRANTS, FAVOURS, SUBSIDIES
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Know your LTV to gauge how much you can invest in marketing
LTV
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Stick together with fellow underdogs to take on incumbent
FIGHT!
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A mosquito with competitors; A bee when dealing with customers
Asymmetric warfare
Work hard & cross-polinate
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You can fake it till you make it; I prefer being 100% truthful, especially in sales
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Partner with the right framework
Personality Product Humility
Reputation Visibility
Shared aspirations
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Be generous with acquaintances and friends
Make time to share advice
Help out with publicity
Provide introductions
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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
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Don’t just take from the cookie jar- Give back, even if you don’t have much
Give back
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Poor forward visibility is NORMAL
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A corrective loop is critical
Throw everything including the kitchen sink at it
Know when to FAIL
Focus on negative feedback
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Screw the motivational marketing shit; Work smart and have grit
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STARTUPS will teach you to see things differently
Technical skills
Sales and marketing Product
development
Getting shit done
Recruitment
Try it once at least
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“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