Did yc’s startup school in full today:
- How to ideate.
- http://www.paulgraham.com/startupideas.html
- Build something that’s missing. Build something that chafes you.
- “Because a good idea should seem obvious, when you have one you’ll tend to feel that you’re late. Don’t let that deter you. Worrying that you’re late is one of the signs of a good idea.”
- How to evaluate ideas.
- https://www.ycombinator.com/library/6e-how-to-evaluate-startup-ideas
- What’s the problem? What’s the solution? That’s it.
- The best problems are obvious, recurring, frequent, and growing.
- Don’t be SISP: solution in search of a problem.
- Sometimes helps to think about 5-10 years from now. What will exist that doesn’t today? That huge basket of ideas is a good way to start.
- Have to have an edge in one of these: People (1%), Market (20% annual growth), Product (10x better), User Acquisition (free, word of mouth), Monopoly (network effects, harder for competition later).
- How to talk to users.
- https://www.ycombinator.com/library/6g-how-to-talk-to-users
- Stay in DIRECT contact with users. Even as a founder. Don’t try to sell them, try to extract from them to make your product better.
- “Tell me about the last time you struggled with X…” “Why was X hard?” “What don’t you like about existing solution(s) X?” “What led up to X?” “Would X make it easier?” etc etc
- Customers buy the why not the what.
- How to pitch.
- https://www.ycombinator.com/library/6q-how-to-pitch-your-startup
- Good investors aren’t poking holes about why an idea won’t work. They’re imagining the (even impossible) steps to make it work, then pitching that path back to you and collaborating to make it happen.
- Start by making them understand. Must be simple/obvious. You are going to pitch better if you make your idea familiar than if you wow them with how smart and complex you are.
- Then make it memorable.
- “X for Y” is very useful. Eg “We are building amazon for pharmacies” gives a lot of info in 6 words.
- How to plan an MVP.
- How to prioritize your time.
- How to find the right cofounder.
- How to work together.
- https://www.ycombinator.com/library/6n-how-to-work-together
- Marriage is a great example. Everyone fights. It’s about how you fight.
- Defensiveness is bad. Owning responsibility is huge.
- Make clear boundaries ahead of time. Separate ownership/responsibilty so you have a clear decisionmaker/champion for success/failure in each area.
- Resolving conflicts: bring it back to a universal need that you can agree on. “We need to have transparency with each other” is irrefutable, and a good starting point. “You need to cc me on every email moving forward” is not a good opener. Come back to it later as the action, if it is the logical path from the universal need.
- How to split equity among cofounders.
- Building culture.
- https://www.ycombinator.com/library/6r-building-culture
- Culture is the framework that guides behavior when there are no explicit instructions for something. It seeds everything else, all microdecisions.
- Don’t wait. It’s important to establish early. It sets the tone for all future hiring.
- Be proud. Be excited about the idea/product.
- An inspirational tagline/motto/companyPurpose is helpful. It’s a north star that employees can remind themselves and each other of.
- Company values should align with the customers as well. You’re after the same thing.
- YOU must model that behavior above all.
- How to lead.
- https://www.ycombinator.com/library/6s-how-to-lead
- Be authentic. Be yourself. But practice these 3: communication, gauging people, integrity/commitment. Pretend like someone can see you at all times.
- Clarity of communication requires clarity of thought first. Prepare.
- Trust is the KPI for leaders. If their teams/colleagues/customers have built trust in them, that’s it.
- Essential startup advice.
- https://www.ycombinator.com/library/4D-yc-s-essential-startup-advice
- Built fast. A bad product in a week is better than a perfect product in 6 months. Iterate.
- Don’t scale immediately. Get a perfect first customer then soak in it.
- Avoid over-indulgence in dinners, conferences, etc. Write code and talk to users.
- Do less, well. It’s better than doing more, subpar.
- Startups die of suicide, not murder. Don’t worry about competitiion early.
- How to apply and succeed at yc.
- https://www.ycombinator.com/library/6t-how-to-apply-and-succeed-at-y-combinator
- It’s never too early. You idea does not have to mature or even correct.
- Clarity is big. Basically all the advice from the above sections.
- Tell a story. Make it compelling. Passion is also obvious from an application; make it evident. Application screeners want to be on your side.
- Interviews are usually only 10 minutes. Pitch, receive questions, make your business an obvious longterm inevitability. They shouldn’t be adversarial.
- Be personable. You may work with these people for TEN years. It’s a fit check as much as a tech interview.
- Risks are ok, and expected. Be aware of them and have mitigation plans that demonstrate you’ve already thought about it.
- Parting advice.