1) Core attributes of a promising founder worth following:
- Progress/trajectory over time
- How well they lead a team &
- Make the vision happen
- Most impressed when someone is way ahead of where you thought they would be when you check up/see them a few months later.
We can easily pivot and vastly change a project of ours. We can change as we learn more about our users.
Big companies can take months/years for even the smallest of pivots.
Then you only have one thing to do: scale, scale, scale.
- listen to every single person who uses your product
- reply to every single person who emails you about your product
- ask them what they like and do not like
- iterate your product, make changes, pivot if necessary
In the early stages of a company just;
- write code
- talk/sell to customers to stress test your idea
You gain great leverage in making products that make many many people better at their jobs.
This is a vastly under appreciated market that needs to be addressed.
Release as soon as possible. Get feedback. See if it works.
Take your small very enthusiastic user base and keep making the product better for them.
More users will come naturally via word of mouth.
How do you scale? Marketing & Sales.
Don't try to do it all yourself. Get help. Outsource. Hire.
Smart people know when to delegate.
Look for big products with a lot of negative feedback.
Make something better. Even if just a small amount of those agitated users will love it.
- work experience
- trying again
I think that advice is useful for a lot of us!
- spending your time wisely
- working with co-founders who you get on with very well
- sharing your ideas and getting feedback
- slowly but surely learning more about what works and what does not work
He loves hearing that people use his products and that they are really helpful.
Hearing that peoples lives are easier because of Stripe.
More from Startups
Here are the early growth tactics used to reach 20M+ revenue in 2021
1) In 2015, Founders Alex Lieberman and Austin Rief started the Morning Brew, an email newsletter with the purpose of making business news more interesting for young people. Students wanted something to keep them informed in a more engaging and fun way
2) They noticed students felt the need to follow business news but found current media dry and difficult to read.
Current outlets like the Wall Street Journal lacked the high level roundup that most young people needed to quickly stay informed and not put them to sleep
3) Strategy 1: Pure hustle
At 20 years old, Alex created a PDF newsletter (originally called the Market Corner) and sent it to 45 friends and family. They then got their first 300 subscribers by putting out flyers and speaking at lectures to fellow students at Michigan University
4) They spoke at 50 business classes/clubs explaining what they’re doing, the problem they solve, and that it’s free to join. Students gladly joined and word of mouth spread fast. After 4 months the list grew to 1000 people, eventually reaching 1M in 2019. 15% from word of mouth
3 yrs ago, @neerajberry and I shut down @Sprig, which raised $60M from @GreylockVC + @socialcapital & grew to $20m revenue.
Then, it all fell apart.
For an honest story about failure,
In 2013, I was @lyft, envious of how fast it was growing!
What about @lyft for food?
We looked @Postmates + thought:
- the food arrived sloppy / restaurants don't care about delivery
- it took forever (1hr)
- too expensive
We struggled through product iterations until we found "magic":
3 taps and $15 for a healthy meal delivered in 15 min
To make it possible, we had to run the restaurant ourselves; it would be expensive but worth it
We recruited @n8keller, Morgan Springer + @mattkent as founders
We launched and had immediate success. The buzz was unbelievable. Within months we were on track to do $1M revenue/year.
Our Series A was a hot round. I did 4 partner meetings on the same day. Raised $10M.
Great investors, great team, off to the races - @omal and @simonrothman
2 challenges arose:
1) Govt. SF health + planning made our lives hell. They didn't like our innovations. We had to bribe officials ("lobbying").
2) Gross Margins (GM). As we grew, our burn rate grew too. We were losing money on every meal. If only we could get to critical mass.
"I need to get better at marketing."
But, it's more likely that you have a product problem:
"Do customers really want this? Do they care enough about this to switch to a new solution?"
☝️ this is why most of my book, @marketingdevs, is about:
1. Choosing the right market
2. Building something they want
"If your product is remarkable, getting noticed is a lot easier." – @peldi
I was reminded of this concept again this morning while reading @pjrvs' book (Company of One):
"Sales increase when you honestly evaluate what someone needs and then teach them the value of what you're selling."
To succeed, your product has to offer an outcome that is highly desirable to a large group of customers.
The number of sales your product receives is a multiple of these two variables:
1. How big is the target market?
2. How desirable is the outcome you're offering them?
On a serious note, it's interesting to observe that you can build a decent business charging $20 - $50 per month for something that any good developer can set up. This is one of those micro-saas sweet spots between "easy for me to build" and "tedious for others to build"— Jon Yongfook (@yongfook) September 5, 2019
Every year at MicroConf I get surprised-not-surprised by the number of people I meet who are running "Does one thing reasonably well, ranks well for it, pulls down a full-time dev salary" out of a fun side project which obviates a frequent 1~5 engineer-day sprint horizontally.
"Who is the prototypical client here?"
A consulting shop delivering a $X00k engagement for an internal system, a SaaS company doing something custom for a large client or internally facing or deeply non-core to their business, etc.
(I feel like many of these businesses are good answers to the "how would you monetize OSS to make it sustainable?" fashion, since they often wrap a core OSS offering in the assorted infrastructure which makes it easily consumable.)
"But don't the customers get subscription fatigue?"
I think subscription fatigue is far more reported by people who are embarrassed to charge money for software than it is experienced by for-profit businesses, who don't seem to have gotten pay-biweekly-for-services fatigue.
He started a business worth $40 billion today and served on Amazon's board for 15 yrs.
Here are lessons from Bing Gordon that'll save you years of mistakes:
When you have a business idea, take action now before it dies.
• Write 1 paragraph about the idea
• Write a 4 slide business plan
• Write your 1st line of code
When you start a job, ask your boss 2 questions:
1) Who is the best boss you've ever had and what does that mean for me?
2) What does top 10% performance look like?
Hold yourself accountable for high achievement.
If you're a cab driver, drive the most miles
if you're a fisherman, get on the best boat.
How to succeed
• Be a learning machine.
• Find a way to maintain high energy
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Twitter should be like that airport shuttle service, the moment you walk out (start following someone) - there should be a chauffeur (new stock idea) ready to drive you to your destination!
[Free CDMO Masterclass #18] https://t.co/208eQbYKEF
[Free Art of Investing] https://t.co/bHvUqnpiTE
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[Q&A on APIs]
One of those strategies which I like is Iron Fly✈️
Few important points on Iron fly stategy
This is fixed loss🔴 defined stategy ,so you are aware of your losses . You know your risk ⚠️and breakeven points to exit the positions.
Risk is defined , so at psychological🧠 level you are at peace🙋♀️
How to implement
1. Should be done on Tuesday or Wednesday for next week expiry after 1-2 pm
2. Take view of the market ,looking at daily chart
3. Then do weekly iron fly.
4. No need to hold this till expiry day .
5.Exit it one day before expiry or when you see more than 2% within the week.
5. High vix is preferred for iron fly
6. Can be executed with less capital of 3-5 lakhs .
https://t.co/MYDgWkjYo8 have R:2R so over all it should be good.
8. If you are able to get 6% return monthly ,it means close to 100% return on your capital per annum.
People in a free society are entitled to any point of view no matter how obviously wrong or outlandish or destructive provided they do not impose their views on others.
But suggesting that something ignorant or divorced from reality warrants the same kind of treatment in public debate as something based in fact or at least credible is absurd and when done on behalf of a society in public media or academic settings it is self-destructive.
We would not grant media coverage or much bandwidth at all to a group that argued that unicorns exist or that there was a pot of gold at the end of the rainbow. Yet views like denying climate change or basing policy decisions on sweeping, obvious lies, are just as unsound.
Somewhere, somehow, judgments must be made. Some behaviors are wrong and must be condemned. Someone must challenge lies and demand facts. Coddling people who embrace idiocies does not help them no matter how loudly they demand to be coddled.
His parents, my Omi and Opi, always considered themselves more German than Jewish, so they didn’t think they’d get swept up in the madness.
Opi was taken to city hall with other Jews and lined up against a wall. He thought he was going to be shot.
He always remembered when they got to Dachau there were pajamas with Jewish stars waiting on their cots. Obviously not a spontaneous thing.
He was very lucky. His family got him a fake Uruguayan visa and he was out of Dachau six weeks later. “Before Christmas,” my dad recalls.