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| Cofounders should have a shared history, where you know you can work together. You keep going because you don't want to let your friend down. Don't pick cofounders off the street. | Cofounders should have a shared history, where you know you can work together. You keep going because you don't want to let your friend down. Don't pick cofounders off the street. Best attributes for a cofounder: (1) values, (2) aptitude & potential, (3) specific skills in order of most desirable skills for a cofounder. More important to have a few users that love you than a lot of users that like you. User questions and talking to your users: have you paid me? Why, why not? Why did you stop using our product and use another product? Have you told your friends? How to get first 100 users: (1) e-mail everyone you already know, ask them. If paid product, actually charge. (2) Research people that may use your product and e-mail them. Conversion rate is low, 2–3%. (3) Social media/forums/etc. Must be an ongoing marketing strategy. Laziest thing you can do: buy Google and Facebook Ads. Is typically not effective, and is expensive. Law of compound growth: get 2% better very iteration cycle. Attempt to build fastest iterating company possible. Flexibility of a company decreases as the inverse of the square of the number of employees. Resist the urge to hire medicore or inappropriate people. |
Startup School 2017
Notes from watching Startup School 2017 class videos.
How & Why to Start a Startup (5 Apr 2017)
https://www.youtube.com/watch?v=ZoqgAy3h4OM
Joining a startup that is already established may make more sense — Facebook Like button, Google Maps, etc were created by later-stage employees and still did fine w.r.t. compensation.
Q: How do you decide whether to work at another company to implement a feature, or create your own company? A: What's your competition against distribution and network effects of existing players?
Cofounders should have a shared history, where you know you can work together. You keep going because you don't want to let your friend down. Don't pick cofounders off the street. Best attributes for a cofounder: (1) values, (2) aptitude & potential, (3) specific skills in order of most desirable skills for a cofounder.
More important to have a few users that love you than a lot of users that like you.
User questions and talking to your users: have you paid me? Why, why not? Why did you stop using our product and use another product? Have you told your friends?
How to get first 100 users: (1) e-mail everyone you already know, ask them. If paid product, actually charge. (2) Research people that may use your product and e-mail them. Conversion rate is low, 2–3%. (3) Social media/forums/etc. Must be an ongoing marketing strategy.
Laziest thing you can do: buy Google and Facebook Ads. Is typically not effective, and is expensive.
Law of compound growth: get 2% better very iteration cycle. Attempt to build fastest iterating company possible.
Flexibility of a company decreases as the inverse of the square of the number of employees.
Resist the urge to hire medicore or inappropriate people.
