The last point that should be made:
Even if you follow all of the above, there is a 90% probability you will still fail. Startup success is still largely dictated by luck.
Startup advice, briefly
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Re: Startup advice, briefly
#92Maybe Ive read too many blogs. Maybe its because I watched the class but Im starting to feel like this is the "generic" advice for startups. It doesn't make it any less true or valuable, but everytime I read it I feel somewhat empty; as if there is something critical missing that everyone but me knows but doesn't write down because it feels like common sense. I'm not sure other people feel this way or how to not feel…
You'd be surprised how often people don't follow what seems like obvious advice.
Re: Startup advice, briefly
#93The last point that should be made: Even if you follow all of the above, there is a 90% probability you will still fail. Startup success is still largely dictated by luck.
I would say "partly" rather than "largely". I think the reason luck seems to be such a significant factor is that everything else that depends on your idea, execution, networking, and so on are all tough, and exceptionally so en masse.
So, to minimise the impact of luck, you'd need to hit home runs in every other aspect which is unlikely. If your idea is great, but the rest so-so, then luck might seem like a stronger factor, and that's the sort of situation most of us would be in.
Re: Startup advice, briefly
#94Maybe Ive read too many blogs. Maybe its because I watched the class but Im starting to feel like this is the "generic" advice for startups. It doesn't make it any less true or valuable, but everytime I read it I feel somewhat empty; as if there is something critical missing that everyone but me knows but doesn't write down because it feels like common sense. I'm not sure other people feel this way or how to not feel…
With the risk of sounding ignorant I'm going to go out on a limb and say one of the biggest missing pieces for most people is financial security - or at least the availability of a safety net. Based on my experience there are four scenarios where someone could start a company: - You have financial support from someone (whether you're in college or have a spouse that makes a good income - probably the most common) - Y…
Remember that a startup isn't a small business. Your venture backers want you to be hungry -- financial stability for you lowers the probability of a 50x exit!
Re: Startup advice, briefly
#95The last point that should be made: Even if you follow all of the above, there is a 90% probability you will still fail. Startup success is still largely dictated by luck.
I would say "partly" rather than "largely". I think the reason luck seems to be such a significant factor is that everything else that depends on your idea, execution, networking, and so on are all tough, and exceptionally so en masse. So, to minimise the impact of luck, you'd need to hit home runs in every other aspect which is unlikely. If your idea is great, but the rest so-so, then luck might seem like a stronger…
I beg to differ. Take the best 10 people, which are all the most dedicated, hardest working, most compentent: If these compete on the same idea in the same field, only one of them can succeed.
After all, running a startup means taking risks, and risks are just another word for stuff that you don't have under control, and which is best described by probability.
Re: Startup advice, briefly
#96DON'T WORK WITH PEOPLE YOU HAVE A BAD FEELING ABOUT: I can not stress how dogmatically this should be adhered to enough.
And get anything, no matter how small it seems, in writing. Even if the people involved seem like the nicest people you know and you have BBQs at their house every weekend. Just assume that at some point, though matters outside of anyone's control, they turn into agents that only seek your demise. Hopefully you won't need those provisions, but even for a few hundred K, it's surprising what people will do or turn into.
Re: Startup advice, briefly
#97Earlier quoted context omitted.
With the risk of sounding ignorant I'm going to go out on a limb and say one of the biggest missing pieces for most people is financial security - or at least the availability of a safety net. Based on my experience there are four scenarios where someone could start a company: - You have financial support from someone (whether you're in college or have a spouse that makes a good income - probably the most common) - Y…
Remember that a startup isn't a small business. Your venture backers want you to be hungry -- financial stability for you lowers the probability of a 50x exit!
VCs actually select against financially stable founders?
Re: Startup advice, briefly
#98One suggestion I would give Sam is to provide for each of the "bullet points" a couple of relevant stories about YC companies. Most public advice is devoid of context where it originated and unless stated very precisely is wide open to misinterpretation, forming a cargo-cult, or being ignored as too generic. Only a few people in the world can be that precise (I know just two), but adding a relevant story is available…
In other words: show, don't tell (a well honed rule of good writing).
Re: Startup advice, briefly
#99Earlier quoted context omitted.
Honestly, startup advice articles are lead collection tools for ycombinator and other accelerators targeting "fresh" audiences. You may see similar advice articles from VCs too; blogging makes them more visible and help attract entrepreneurs.
You hit the nail on the head. As a top entrepreneur I spend a lot of my time reading VC blog posts. It's the best way to filter the investors I'm going to bless with the opportunity to invest in my next home run.
I can't tell if you are being serious or not, but I actually completely agree that "filter the investors I'm going to bless with the opportunity to invest in my next home run" is the right way to think about raising capital.
Re: Startup advice, briefly
#100One suggestion I would give Sam is to provide for each of the "bullet points" a couple of relevant stories about YC companies. Most public advice is devoid of context where it originated and unless stated very precisely is wide open to misinterpretation, forming a cargo-cult, or being ignored as too generic. Only a few people in the world can be that precise (I know just two), but adding a relevant story is available…
I think without the detail some of this type of general advice can also be viewed as harmful. Because like with any advice it totally depends on specifics and circumstances. Maybe it applies may it doesn't. How would someone starting out know?
For example:
"Don’t waste your time on stuff that doesn’t matter (i.e. things other than building your product, talking to your users, growing, etc.). "
So "stuff that doesn't matter" is everything but "building your product, talking to your users, growing, etc.?" (What is "etc" for that matter?)
By that token, if interpreted literally, it would mean "stop reading hacker news" or it could mean "don't worry about hiring anyone until you need to hire someone". Or "don't bother with backing up or security aspects". And so on. And we know that isn't what he means, right? Or is he assuming everyone can figure out exactly where the boundaries are?
The truth is everything is a matter of degree and nuance and quite frankly if you are starting out you really don't have the experience to to know how to navigate things with general guidelines.
As anyone knows who knows a great deal about a particular subject knows you often end up having people who ask you questions and start by telling you something they read online. (Happens to Physicians as well). And what they tell doesn't typically apply to their specific circumstances because you can't have a conversation with a blog post.