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Lecture 1 – How to Start a Startup [video]

startupclass.samaltman.com

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Re: Lecture 1 – How to Start a Startup [video]

#161

Post by thoughtpalette »

philipDS wrote: post #27

I made some notes while watching/listening. Might include minor errors or misinterpretation on my side 4 critical parts: Idea, Team, Product, Execution 1. Idea -> Good startups take about 10 years -> Startup should feel like an important mission -> Hardest part coming up with great ideas: best look terriblea t the beginning (e.g. search engine, social networks limited to college students without money, a way to stay…

I added these notes to a repo as a lot of these comments are awesome. Let me know if you'd like me to change/take it down.

https://github.com/thoughtpalette/Startup-Video-notes

Re: Lecture 1 – How to Start a Startup [video]

#162

Post by dkural »

steve_taylor wrote: post #130
dkural wrote: post #51

I disagree that a startup should commonly start with an "idea". Start with an unmet need people are willing to pay for. Or take an existing category with a lot of bad products and make a truly better one that improves every aspect of the experience. Often, you'll see many startups working on the same "idea". Something like Google is truly rare (a genuinely innovative approach to search).

Building a product for which people are willing to pay to meet an unmet need is an idea. As is building a good product in an existing category that contains only bad products. Just plug in the unmet need or existing category and you have the kind of ideas that sama talked about in the lecture.

True, it is an idea. I guess I was responding to the order in the slide deck. I'd rather have (1) more specific, "market need". I think going idea -> product might be misunderstood by younger folk. The whole point of doing idea -> product super fast is to validate the market.

Re: Lecture 1 – How to Start a Startup [video]

#163

Post by agentultra »

Great presentation and very clear that the rest of the course will be focusing on advice for SV-style hyper-growth startups.

There's still some good advice for those of us not interested in that life style. I was particularly taken with the idea of building something that just a handful of people will really love. Having a rapt-audience for your product would be a huge win if you decide to build more, scale up, or sell out.

I think it's really good that they're at least trying to convey how difficult building the style of companies they're talking about can be. I can appreciate how challenging that must be. The cultural yard-stick for success these days are valuations and IPOs. There's a ton of pressure to go that route especially from YC. I'm glad they're being conscientious about it even if they don't 100% succeed at removing some of the glimmer from the stars in peoples' eyes.

There's nothing wrong with wanting to start a smaller enterprise and aspire to keep just a handful of customers you know by name.

Re: Lecture 1 – How to Start a Startup [video]

#164

Post by loumf »

martinwnet wrote: post #140
jasonkester wrote: post #125

Earlier quoted context omitted.

Yes. Within the first four years, a million dollars will have flowed through your bank account. By 10 years, somebody with a rudimentary ability to save money and a disinclination to purchase sailboats or lease BMWs should have a million dollar net worth after taxes. It's a really good time to in history to know how to program computers.

So you're indicating a $250k salary, is that realistic?

You don't need a $250k salary to save $1mio in 10 years.

My rudimentary calculation shows you need to save ~50k in the first year, get 4% raises, keep expenses constant, and get a 5% return. Bonuses, options, etc are on top of that. Also, you could get step-raises in the middle for bigger promotions. And, you could marry someone doing the same thing and get there faster.

Re: Lecture 1 – How to Start a Startup [video]

#165

Post by loumf »

martinwnet wrote: post #122
patio11 wrote: post #113

Earlier quoted context omitted.

Get a job at AmaGooBookSoft. Execute competently, getting the standard bonus and equity packages. Continue for 10 years. Congrats, you're a millionaire. [This was even easier for folks who joined Google / Facebook between the times when they were clearly unstoppable juggernauts and when they IPOed.] Start a boutique consultancy with a buddy. Hire up until you get to ~8 employees. Continue for 10 years. Congrats, you'…

Really? 10 years at one of these companies (AmaGooBookSoft) and you're a millionaire?

Ages 22-32, probably not. 32-42, I would say definitely. Somewhere in between -- it depends.

Re: Lecture 1 – How to Start a Startup [video]

#166

Post by tucaz »

jonalmeida wrote: post #160
tucaz wrote: post #19

I've been watching it for 8 minutes as of now and despite the fact that the content looks good it really bores me to death that he is reading the whole thing like a robot. It does not sound like a natural converstation or presentation. Does anyone else share this feeling?

FWIW, this was the same content he gave us at Hack The North when he was visiting less than 24 hours ago. It makes sense to copy it down and repeat it rather than try to memorize all of it.

I'm not sure this is about memorization. Teachers give the same content over and over again and do not memorize (in the sense of repeating it until it's memorized). Great presenters do not memorize their speeches. They practice it until it's natural.

I agree that content is king, but the one reason why we attend to classes, events and speeches is to see a great delivery of the content being presented. If not, better handle the written version by email and be done with it.

I'm pretty sure Steve Jobs wouldn't be remembered by his presentation skills if he read the whole thing. That's also not the reason why I remember my physics teacher from 10 years ago.

Re: Lecture 1 – How to Start a Startup [video]

#167

Post by kartikkumar »

One thing that bothered me about the lecture was reinforcement of the idea that working hard is the same as working long. I can appreciate the fact that at times as a founder you have to work all hours of the day, but surely this is not the optimum scenario for maximum productivity. If I look at my own work situation currently, it's abundantly apparent to me that the law of diminishing returns affects me strongly after working 8-10 hrs straight.

I would have expected the message to be that the most successful founders in the long-term are the ones that figure out the right work/life balance, to ensure they don't burn out. In other words, successful founders are able to be focussed and driven for the hours that they work, and in recharge-mode when offline.

This is intuitively what I would have expected and I'm curious if the message from the lecture of "work all day, everyday" is really right.

Re: Lecture 1 – How to Start a Startup [video]

#168

Post by McDoku »

ThomPete wrote: post #134
McDoku wrote: post #104

Earlier quoted context omitted.

“Principles and rules are intended to provide a thinking man with a frame of reference.” -- Karl von Clausewitz

Running a company is not about neither principles nor rules. To the extent it does it's doesn't require a thinking man.

Please elaborate.

Re: Lecture 1 – How to Start a Startup [video]

#169

Post by philipDS »

thoughtpalette wrote: post #161
philipDS wrote: post #27

I made some notes while watching/listening. Might include minor errors or misinterpretation on my side 4 critical parts: Idea, Team, Product, Execution 1. Idea -> Good startups take about 10 years -> Startup should feel like an important mission -> Hardest part coming up with great ideas: best look terriblea t the beginning (e.g. search engine, social networks limited to college students without money, a way to stay…

I added these notes to a repo as a lot of these comments are awesome. Let me know if you'd like me to change/take it down. https://github.com/thoughtpalette/Startup-Video-notes

Feel free to share this! Also feel free to mention my handle/name/website :)

Re: Lecture 1 – How to Start a Startup [video]

#170

Post by philipDS »

chambo622 wrote: post #117
philipDS wrote: post #27

I made some notes while watching/listening. Might include minor errors or misinterpretation on my side 4 critical parts: Idea, Team, Product, Execution 1. Idea -> Good startups take about 10 years -> Startup should feel like an important mission -> Hardest part coming up with great ideas: best look terriblea t the beginning (e.g. search engine, social networks limited to college students without money, a way to stay…

Small thing - the Pinterest story involved the Palo Alto Apple Store, not the public library, if I recall correctly. Good notes. A few typos.

Yup, I think you're right. Thanks.
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