3 Things All Startups Need To Know
What are the 3 best tips all startups need when building a startup
When building a startup, you must keep these three important things in mind!
Number 1, people. Who's on your team? How are they invested and vested in your company, your mission, your philosophy? People matter above everything else. Okay. In our book, we wrote a book that's a best seller on venture capital investing and how to build billion dollar companies. It's called Kings Over Aces. That book, we talk about people. Why people matter.
How are the people in your team invested in your company, your mission and your philosophy?
In the gamut of emotions that go into a building a product, we need to have a balanced team of people who have experience managing and responding to adversity. Having that founding team matters above everything else and making sure that everybody's invested equally, not necessarily in the sense of the number of shares and stock and all that, but just having an "all in" attitude.
Number 2 is product. Ask yourself, is what you're building addictive and habit-forming? I'm not talking about nicotine and cigarettes and all that stuff. I mean, if you're building software, for example, do you have a viral loop built in? Is there a way in which people would want to come back and continue to use your product 1 year from now? Let's start with tomorrow, the next day, the next week, fortnight away, and a year, 2 years from now.
Is it addictive, is it habit-forming, and have you created a level of dependence in which people cannot live without out? If you can create an addictive habit-forming product, people will pay you bucket loads, and you can become a billion dollar startup. No, it's not easy, but you got to from day 1 think about, have I created something that people are dependent on, they want to coming back to? It is so critical.
Is your product addictive and habit-forming that your customers would want to come back and continue to use it?
The last thing is execution. Ideas are great but how can you dominate a crowded field? It's not about whether you've got a great idea. It's about how you execute. As Chris Sacca said before, "Ideas are cheap. Execution is everything.". If you're going into something, just assume somebody's already done it before and ask yourself, "Am I creating something so great and so pervasive and something so thought-provoking for the consumer, that they would never turn anywhere else because there's going to be competition?" Maybe the competition's called something else. Maybe you don't think it's in the same space, but if a customer is paying them and not you, they're competition. It's all about execution.
I'll tell you what. I want to give you inside access to invest in the next billion dollar startups and IPOs. Visit our website, and we look forward to helping you too create great companies.