Ideas, Products, Teams and Execution 1
- Four main areas to improve as startup entrepreneurs:
- Being poor and unknown are big assets when you are starting a startup.
- Building a startup is painful.
- An idea that you really love?
- Best companies are mission-oriented*
- The company should feel like a very important mission.
- Could take a decade to build a great startup.
- Best startups usually take 10 years.
- Big error of beginner founders: Think the first idea needs to sounds very big,
- Markets evolve…
- Ask: Why is this the perfect time for this company?
- Great Idea > Great Product > Great Company
- Build product users love.
- Talk to your users about your product.
- First: find the people who really could love your products.
- If your customers love your product, so they will speak to their friends about it (word of mouth), and it creates organic growth,
- Great product > Organic Growth Hacking.
- Great products win.
- Don’t have customers, have fanatics.
- User feedback: What do they like? What would they pay for? What would make them recommend it? —> Product decisions.
Metrics: Focus on growth:
- Total Registrations.
- Active users.
- Activity levels.
- Cohort retention.
- Net Promoter Score.
- The main role of a CEO is to manage their own psychology.
- People have this vision of being the CEO of a company they started and being on top of the pyramid…
What it’s really like: everyone else is your boss - all of your employees, customers, partners, users, media are your boss. I have never had more bosses and needed to account for more people today.
The life of most CEOs is reporting to everyone else… if you want to exercise power and authority over people, join the military or go into politics. Don’t be an entrepreneur."
-Phil Libin, CEO of Evernote.