Lessons learned from startups
* * *
Just a dozen of lessons I learned from several startups. Cannot name them “valuable”, they are just lessons, nothing more. I’ve read some books of other founders, listened to some interviews, and hopefully you can read something new here. The lessons are short, there are no detailed explanations, so you can think by yourself.
1
Business starts from community. It’s that simple. Want to start a great business? Start community. Cannot start a great community? Find it. Join it. Then observe and think.
Notable examples: Nike started from the community of runners in Oregon. They bought the first shoes from Knight’s car. Apple started from the community of young engineers working in the Valley. They bought the first personal computers from the garage.
2
The growth of a business is directly connected to the growth of a founder. If your business is not growing, then you are not growing. All founders and CEOs have mental barriers. Overcome those barriers. Grow. Or die.
3
Great things take time. To build a great city-wide company, you need at least 4 years. To build a great country-wide company, you need at least 10 years (4 x 2.5). To build a great international company, you need at least 25 years (10 x 2.5). Can you make it faster, shorter? I don’t think so.
4
That’s why you need to love what you do. If you don’t love what you do, you will only create problems.
5
Confidence is confidential. Why these two words are so similar? It’s simple. Keep your business confidential. And you will be confident in what you do.
6
There’s an internal belief. And there’s an external belief. Internal belief is your own confidence in what you do, in the success of your business. You might have strong confidence. But it’s not enough.
External belief is what other people think about your business. That’s why PR is so important. Communications should be clear and precise. Limited. Professional. Many founders make a mistake being public and not careful with their communications. Successful founders care.
7
Branding and marketing should be similar to religion. There should be values. There should be a mission. And there should be clear, precise communication of the values and the mission. But how to make it right? First of all, do you have a community? Do you understand their needs? Clear, precise communication starts from emotional connection.
8
Similarly, the design should be simple. Less but better. Zen.
9
Life tends to seek balance. If you want to get something big, be ready to sacrifice something big in return. Be ready to compensate.
10
Signs are important.
When you do business, it’s highly possible to go into delusion. That’s why it’s so important to stop working sometimes. To observe everything from the side. Observe signs. If customers are not buying your product from the start, that’s a bad sign. If people are not loving what you do, that’s a bad sign. Accept failures as early as you can. Make corrections. And move on.
11
Never judge people based on what they are today. They can transform into someones faster than you think. Especially students. If you treat students with disdain, it’s a bad sign. Overcome it.
Similarly, never judge teams and projects based on what they are today.
If you think it’s bullshit, then imagine yourself going back in time. Imagine yourself meeting with Steve Jobs and company, working in the garage. Will this picture change your mind?
12
The best way to manage is to not manage at all. If you feel you need to manage someone, then it’s not the right person. Hire the right people and don’t manage them.
And sometimes the wrong person is you.
