Over the last decade I've worked with dozens of startups and even participated at the inception of 7 of them from initial concept to funding. So, I've been meaning to capture some of my thoughts on 'patterns of startup success' as I've seen similar tactics that work across companies. Here are a list of items that I plan to write or tap entrepreneurs I've worked with to write about:
- Have a perspective...vision makes a difference
- Get to market quickly...that’s your market research...the product might initially be crappy...fail fast
- The business model is critical...don’t overlook this exercise...but keep it simple
- Know where you will get distribution, distribution, distribution
- Marketing on the cheap...market to passionate users...build loyalty through community management
- Hire carefully...keep it lean
- Iterate quickly...customer development and data driven development
- Focus initial product on instant gratification and frictionless first-time usage
- There are always trolls...listen to your heavy users
- Forget the 60 page business plan...develop a pitch...tell a story...10 slides...20 min long
- Achieve key milestones that reduce risk before seeking funding
Calling the series 'Patterns of Startup Success' is a bit of a misnomer because a lot of the posts will be about missteps that led to an understanding of what works. Also, even knowing these patterns doesn't mean you won't make the same mistakes in the future. Building a startup is inherently difficult and you're bound to make mistakes but having experience hopefully reduces the chance of missteps.
I'd be interested in hearing from you if you'd like me to touch on any particular topic. I'll try my best to accommodate requests if I feel like I can do the subject justice.
