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 is people. Who's on your team? How are they invested and vested in your company, your mission, your philosophy? People matter above everything else. In our book, called "Kings Over Aces," we talk about the importance of people and why they matter to successful startups.
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. Making sure that everybody's invested equally, not necessarily in the sense of the number of shares and stock, but having an "all in" attitude is needed in a successful startups founding team.
Number 2 is product. Ask yourself, is what you're building addictive and habit-forming? For example, if you're building software, 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 one year from now? Let's start with tomorrow, then next day, them next week, next year and so on.
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 be willing to pay you, and you can become a billion dollar startup. It's not easy but you have to from day one about whether or not you created something that people are dependent on and want to come back to.
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. Ask yourself, "Am I creating something so great, so pervasive and something so thought-provoking for the consumer, that they would never turn anywhere else?" There's going to be competition. Maybe you don't your competitor is 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.