Starting up a business
Yesterday having dinner with a long time friend, the topic of starting up an innovative new idea as a startup was discussed. Having my own business since the late 90’s, here is some advice I shared with my friend on startups:
1. Your idea isn't new. Pick an idea; at least 80 other people have thought of it. Get over your stunning brilliance and realize that execution matters more.
2. If you're successful, people will try to take advantage of you. Hope that you're in that position, and hope that you're smart enough to not fall for it.
3. People will tell you they know more than you do. If that's really the case, you shouldn't be doing your startup.
4. Perfection is the enemy of good enough. Leonardo Da Vinci could only paint the Mona Lisa once.
5. Outsource effectively, or be effectively outsourced.
6. Do you thrive on stress and ambiguity? This is a must for any entrepreneur.
7. The best way to get outside funding is to be successful already. Brainless but true.
8. People will think your idea is awful. They're probably right. The only way to prove them wrong is to succeed.
9. A startup will require your complete attention and devotion.