Summary
This module provided you with:
- A short introduction to some core startup concepts.
- A discussion of some personal considerations to help you make decisions about how to allocate your time and effort.
- An examination of some of the attributes of successful and unsuccessful companies.
We worked through a founder-alignment exercise to make sure you and your cofounders are on the same page. You also now have two checklists that hopefully will prove useful to you. One checklist helps you identify attributes of successful startups and integrate these into your company. The other checklist helps you identify indicators of failure and avoid making mistakes that could cause your company to fail.
Here's a short list of conclusions you can draw from this module:
- Consider the motivations and risk tolerance of each cofounder early in the journey. This helps you get an informed view of what's ahead. It also provides an opportunity to address any misalignment of expectations before they become problematic.
- Validate your startup idea before committing full-time. Your objective should be to de-risk the opportunity as much as possible, and to make commitments of time and money in step with this de-risking process.
- Your most important job in the beginning is to find a repeatable, scalable business model. Resist the temptation to try acquiring users or generating revenue until you have strong evidence that your idea addresses a real pain point. You must have a clear understanding of the needs of your target users and what product they need you to build.
- By understanding the shared attributes of successful startups, you can integrate those attributes into your startup from the very beginning.
- Many startups fail because the founders make predictable and avoidable mistakes. By understanding some of the most common startup pitfalls, you'll be able to avoid them and improve your startup's chances of success.