what to think about before starting a startup
TRANSCRIPT
WHAT TO THINK ABOUT BEFORE STARTING A STARTUP
ELIYA ELOND I R E C TO R O F E D U C AT I O N &
AC C E L E R AT I O N @ S TA RTAU
FOCUS ON IMPLEMENTATION. NOT IDEAS.• The success of a startup is
purely dependant on execution
• Ensure that a profitable market
exists and focus on your USP
“It’s not about ideas.
It’s about making ideas happen.” – Scott Belsky
IDENTIFY A PROBLEM AND SOLVE IT.• In order for you to be incentivised
to work on your startup, pick an issue close to heart
• Once you have gained a personal experience of the issue, you understand what needs to be done
“The best startups generally come from entrepreneurs
needing to scratch an itch.”—Michael Arrington,
Founder—TechCrunch
PERFECTION IS OVERRATED. JUST GET IT DONE.
• If the focus is purely on perfection, too much effort will be placed in the production process on adding new feature, instead of creating a product
• In simple terms – it is impossible to earn money if you aren’t selling anything!
“If you are not embarrassed by the first version of
your product, you’ve launched too late.”—Reid
Hoffman
DESIGN IS SECONDARY. FOCUS ON THE SOLUTION.
• Your product should be centred around the USP, not on good-looks
• Remember – people don’t buy from Amazon because the website looks pretty
“Customers don’t want a design. They want a solution” -
Unknown
CUSTOMERS ARE KEY• Products were created for the
customer – not yourself
• Be open to constructive
criticism!
“Don’t fall In love with your product. That’s the
customers job.” - Unknown
VALIDATE YOUR PRODUCT• Gut instinct is important – but
more critical is discovering
whether or not the customer is
satisfied with your solution
“Until you ask, you cannot know” - Unknown