- Why start your own business? Why start early?
Success takes practice. The sooner you start, the more likely you will be to end up successful in the end. I started my first .com while I was still in college. Start it because it's a learning experience. It's a way to test yourself against a larger pool of competitors. It'll make you stronger and better able to empathize with future bosses if you don't succeed right away. It'll help you be a better person, more persuasive and help you understand the world better.
- How to be a domain expert?
Do it for 10,000 hours according to Gladwell.
- How do you know if you have the right Idea?
The market pays you money for it.
- Why it will be the hardest thing you will ever do?
It's not the hardest thing you'll ever do. Not by a long shot. Well, it may be. It's not the hardest thing I've ever done. But maybe I'm not working hard enough. Really it's about finding balance in your life and being happy. Setting your own path. Finding your own success and reaping more of what you sow.
- How do you bootstrap?
Get a good job for a couple years. It'll give you valuable experience and maybe help you find your right idea. Save EVERY penny you can. Get a cheap car or better yet take public transit. Live close to work and walk. Get a cheap apartment. Cook at home. Take your lunch to work. Save up 2 years of living experiences. Then quit and move back home. Code in your basement.
Do consulting on the side. Pick up projects from the internet. Work with friends. Tell everyone you know that you are trying to do something great and they'll give you work or help you find it or refer you. People will admire you for trying your hardest and trying to achieve something on your own. They'll live vicariously through your success and feel good for helping you create it.
- How do you find investors?
Network. Build a good product and they'll find you. You'll start getting calls from VCs. When that happens contact the ones you want. Try thefunded.com for an introduction. Look for angel lists. There's one floating around here.
Don't start looking for VC until you are 18 months into your 2 year runway. That'll give you 6 months. If it doesn't work, you still have something that may be generating some side money for you if you are not making enough money to live -- that's where you want to strive to get. Don't expect to make millions, you'll be discouraged. If you do, great! But don't set your pass/fail lines at the same level of the startups you read about on TC or here.
General advice:
It will take way longer than you imagine. A large part of success is proving your commitment to a great idea to the world by dedicating your life to it. Don't spend money on PR firms, corporations, big contracts, or to demo your product. Get incorporated when you get a customer. Don't spend a lot, go to legalzoom or fill out the paperwork on your own.
Don't be burdened by all the legal stuff. You can get your ducks in a row if a big deal comes along or investors want a piece. Worrying about the hurdles will only slow you down.
Use cloud computing providers. Don't buy servers and infrastructure. Host for as cheap as you can, then move if you or your users feel sluggish responses from your app.