1/ The first 18 months of starting a company is often life or death. I must've made 5 different companies that each failed within 9 mo. 😭 Each time the company failed I figured out what I could do better. Eventually startup #6 got to $40K/mo by month 18. Here’s what I learned...
1/ I became "CEO" at 20. I dropped out of college. I had only interned somewhere prev. Looking back, I couldn't imagine the journey that would occur from writing code all day to scaling to 300 people. I got lucky, I screwed up a lot, & had a lot of help. Here's what I learned...— Suhail (@Suhail) May 21, 2018
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2/ “Being a VC” can mean a lot of different things, so it’s worth asking:
What actual activities do you want to do?
- Deep market analysis?
- Be in the flow of information and people?
- Make deals?
- Work closely w/ founders over time (e.g take board seats?)
- Manage capital?
3/ It’s worth specifying what type of VC you might like to become — as there are different archetypes. E.g.
- Benchmark (Lead series A/B - couple investments a year)
- First Round (Lead seed rounds, partner w/ a few companies a year)
- SV Angel (Make lots of seed investments)
Expa - Incubate companies
YC / Village Global - Build a platform to help entrepreneurs at scale
Do you want to join a firm or start one? There’s a lot to consider.
Different paths will require different skillsets & sets of experiences.
5/ Since the person who wrote the email is a young person trying to break into VC by joining a firm (and who doesn’t want to start a company), I’ll tailor this tweet storm to that goal. There’s some overlap.
Today, I’m at the local fair.
There are hundreds of vendors.
But there are also huge crowds who are hot and thirsty; lots of demand for cold drinks!
Go where the crowds are!
Again, this is just a metaphor!
But it’s a good reminder:
🍋 If you have a lemonade stand, it’s better to go somewhere hot, where there are a lot of thirsty people.
💻 If you want to make software, it’s better to go where there are a bunch of potential customers.
BTW - targeting a good market doesn’t mean you’ll automatically win!
There are a TON of factors that influence a business’ success (or failure).
But choosing a market that has a lot of demand (and good channels) is essential for future success.
In business, nothing is guaranteed.
You might be in a good market today, but tomorrow it could fall apart.
Markets are fickle.
Some days they want 🍦, other days they want 🥤.
The economy can go up, or it can crash.
A good competitor can come in and grab market share.
But this reinforces the point:
“Business is already hard, why make it harder?” – @asmartbear
Why try to enter a niche where there’s no demonstrable demand?
Why try to serve a total addressable market of 500, when you could go after 500,000 potential customers?
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Of course we’re collectively looking at career opportunities, however this is certainly not our philosophy and strategy. I hope to announce my future plans soon, be patient 😉 2/2
THE WINNERS OF THE 24 HOUR STARTUP CHALLENGE
Remember, this money is just fun. If you launched a product (or even attempted a launch) - you did something worth MUCH more than $1,000.
The winners 👇
Lattes For Change - Skip a latte and save a life.
@frantzfries built a platform where you can see how skipping your morning latte could do for the world.
A great product for a great cause.
Congrats Chris on winning $250!
Instaland - Create amazing landing pages for your followers.
A team project! @bpmct and @BaileyPumfleet built a tool for social media influencers to create simple "swipe up" landing pages for followers.
Really impressive for 24 hours. Congrats!
SayHenlo - Chat without distractions
Built by @DaltonEdwards, it's a platform for combatting conversation overload. This product was also coded exclusively from an iPad 😲
Dalton is a beast. I'm so excited he placed in the top 10.
CoderStory - Learn to code from developers across the globe!
Built by @jesswallaceuk, the project is focused on highlighting the experience of developers and people learning to code.
I wish this existed when I learned to code! Congrats on $250!!
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
📈 ~12000 vistis
☑️ 109 transactions
💰 353€ profit (285 after tax)
I have spent 1.5 months on this app. You can make more $ in 2 days.
I'm still happy that I launched a paid app bcs it involved extra work:
- backend for processing payments (+ permissions, webhooks, etc)
- integration with payment processor
- UI for license activation in Electron
- machine activation limit
- mailgun emails
These things seemed super scary at first. I always thought it was way too much work and something would break. But I'm glad I persisted. So far the only problem I have is that mailgun is not delivering the license keys to certain domains like https://t.co/6Bqn0FUYXo etc. 👌
omg I just realized that me . com is an Apple domain, of course something wouldn't work with these dicks