9 lessons from my first failed startup- with melanie haselmayr
TRANSCRIPT
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9 LESSONS I LEARNT FROM MY FIRST FAILED STARTUP- WITH MELANIE HASELMAYR
ADEYEMI ADETILEWA
www.ideasplusbusiness.com
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In August 2011, Mel founded Mevvy
Mevvy is an App ecosystem with unified API for all the
major app stores on the market.
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Unfortunately,
Mevvy is “dead”.
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THESE ARE THE 9 LESSONS
WE LEARNT FROM MEVVY
The full posts can be found on:
www.ideasplusbusiness.com/9-lessons-i-learnt-from-my-first-failed-startup-with-Melanie-Haselmayr/
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LESSON ONE
NEVER ENTER TECH WITHOUT A TECH-SAVVY CO-FOUNDER
If you are going to be in tech, you need a tech-savvy co-founder on your side
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LESSON TWO
SPECIALIZE IN A SPECIFIC TARGET GROUP,
NOT JUST “EVERYBODY"
The more specific you are about your users, the more likely you will meet people who will
actually become your users!
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LESSON THREE
IT’S BETTER TO RULE 50% OF A SMALL MARKET
THAN 0.5% OF A HUGE MARKET
It is not about how big your market is
today, but how big it can grow.
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LESSON FOUR
NEVER JUST ASSUME ANYTHING
When you come up with a hypothesis, you need to validate it, and prove that it’s right.
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LESSON FIVE
DON’T USE PAID ADVERTISING TO VALIDATE AN IDEA,
BUT USER OPINIONS
Paid advertising is a really bad way to
validate an idea.
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LESSON SIX
NEVER BUILD A PRODUCT BEHIND CLOSED DOORS, BUT WITH
USERS
Ideas are great but execution is what matters most. Build something your users will actually
love.
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LESSON SEVEN
REFRAIN FROM HAVING A STATIC PRODUCT
Have a team that is technically capable, dynamic, and remove features as you need
them fairly quickly.
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LESSON EIGHT
HAVE A SOLID BUSINESS MODEL FROM DAY 1
You’re not doing this for fun, or for
prestige, you’re looking to make a return.
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LESSON NINE
BOOTSTRAP AS LONG AS YOU CAN
Going by the lean startup model helps
tremendously in bootstrapping,
because it guides you to validate your ideas
before you go into development.
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SUMMARY
• Solve a real problem (or fill a real need).
• Have a team that has the core competencies
• Target a specific niche and target audience
• Know your monetization plan from day 1
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