How to Start a Company
Feb 16, 2022 | Business
1) Go super deep.
Starting something new is achieved by being on the cusp of innovation.
You get there by going deep and learning everything there is. The more you learn, the more you can “peer over the edge”.
In your field, know more than anyone.
2) Form a unique perspective
Starting something new is not just about knowledge accumulation.
It’s also about thinking differently.
After step 1, step 2 begins:
What new thought, idea, or product can you generate?
How are you going to attack the market in a unique way?
3) Validate with customers
There are a lot of misconceptions about this one.
Sometimes a customer can say yes when they really mean no, and vice versa.
Spend as much time with customers as possible.
Go so deep that you understand them better than they understand themselves.
4) Starting moving
Anything that can push the ball forward, do it.
The most important type of activity: one that generates customer traction.
Signed LOIs, committed customers, beta users.
These are priority one.
Any progress in this direction should be pursued relentlessly.
5) Recruit a scrappy team
Strong early teammates are critical.
Compromise early, and your business will suffer.
Great initial teammates are scrappy, committed, and all-in on the mission.
Pay in equity if you don’t have cash on-hand.
Always be recruiting.
6) All-in and no distractions until you cross the chasm
Manifesting an idea to reality is one of the toughest things you can do.
It requires 100% focus.
Cut out distractions from your life.
Stay healthy. Remove all obstacles to complete focus on getting this off the ground.
7) Compound momentum
It’s as easy as A, B C
A) Close more customers
B) Recruit more
C) Fundraise more
See my books for B and C.
Hire better and better people, aim for greater and greater scale.
The cycle repeats!
And that’s it!