“Every start-up need not eventually become a great company, but every great company must have started as a start-up”
On that note, there are a few fundamentals while starting a start-up, for that people should also understand that there is a difference between being a start-up entrepreneur and a business owner. Ever felt compelled about a particular problem and you feel that you can make a difference? That passion is what going to make you a successful entrepreneur.
Now, that we all have identified the problem and come up with a theoretical solution, can we just jump into the business without knowing the answer for Whats and Hows of a start-up? Many tyros face this problem and sometimes loose their hope as they tire, and this is a serious complication when it comes to the growth of start-up community.
We in Techstory considered to take up this issue seriously and present to you the the Stanford University’s lecture series on “How to Start a Start-up” delivered by some of the world’s most successful entrepreneurs, investors and mentors who know how to practically solve a problem.
When you’re an entrepreneur you can’t enter a random business with just a great idea, a great product, a great team or a great execution strategy; in fact, you need to have a healthy combination of all the above to attain success in your venture.
[box type=”shadow” align=”” class=”” width=””] Success of a startup = Idea x Product x Team x Execution x Luck
Luck is random number between 0 and 10,000[/box]
In this first lecture Sam Altman, President of Y Combinator talks about the criticality of the Idea and the Products, how to perceive them and how to drive your vision and mission of the start-up around your idea. He also talks about when one should start-up and how the growth of a start-up is dependent on the market size and most of all how student life is ideal for starting-up.
“To build a great company, one has to build a great idea and build it into a great product”
He explains how building the product according to the customer’s requirements should be the prime focus of founders rather than trying to market a sloppy product to the customers. A great product is the secret to long term growth hacking, and if you build great products that people love, then your users will help you market your product through word-of-mouth. It doesn’t matter how small your user group is, but it matters on how well you’re communicating with your users and it is their feedback that matters the most. Startups live on growth and it is the indicator of a great product.
Next we have, Dustin Moskovitz, the co-founder of Facebook, Asana and Good Ventures giving his insights on Why you should start a Start-Up? He breaks the stereotypes of an entrepreneur’s life portrayed in the media as being rich and glamorous and explains the reality of being an entrepreneur. He also gives us a sneak-peak exclusives of what actually happened in the social network while building facebook, that’s something you can’t afford to miss while checking the video.
If you don’t think you can’t afford to be an entrepreneur, but still want to make a difference, Dustin shows specific examples of people who have made an impact even in existing companies, which is supported by a massive user base, infrastructure and established team.
Go ahead and check out the video for yourself and be inspired!
In the end, it’s all about the passion to solve a problem that the world faces ! Stay tuned to this space for more from the series How to Start a Start-Up ?