Hi All, I am thinking of starting up in a space that in very passionate about and feel I have a unique insight. I also have a cofounder who I know from a long time from college when we studied comp science
What are some common pitfalls to avoid at the early stage of an startup?
Any specific queries, do share.
Super cool thanks a lot!
I think getting to the MVP becomes possible because we are a highly technical team
Interesting advice on the ‘slow and steady’. For the longest time startups used to be all about jumping off a cliff and going all guns blazing
Market situation has changed and so have the rules.
Have ideas on monetisation and path to profitability (at least on unit economics) sooner than later.
Get a dip test done with a POC / MVP quickly and be open to iterating / pivoting
Talk to the consumers a lot. And not just your friends - get objective feedback on what’s working and what they would pay for
It’s less about complimentary skills with a cofounder but more about personality and whether you can work together during tough phases. Are you both equally invested and committed to fight it out? Even if the idea pivots / space changes?
Understand each others motivations to start, value systems and how you are thinking about building a company. What does success mean for each of you?
Hire missionaries as early team members and carve out good esops for them. Also know the team that builds 0-1 may not be the team that will take the company to IPO
Choose your investors carefully if you have the option of choosing. :)
Don't talk too much about the culture being good, great etc. Just make sure everyone treats each other with basic respect no matter what and work related transparency is maintained (higher or lowr level) . It is easy to be biased by the perspective of people who want to show only their good side to you. No brownie points for gossiping and letting things rot.
My learnings to build bootstrapped company from 0 to USD30mn. No external investment so far. Some of these points will change if you have plan for high growth high valuation company.
Am available at 4sushant@gmail.com Ping for a detailed chat.
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