It’s a Sign - You’re a Startup Newb
source : http://tross.co/blog/12-signs-that-you-are-a-startup-newb-song/
Lyrics and explanations
1. If you didn’t quit your job, ’cause you’re waiting to get funded
Building your company is your job, not your hobby, and it’s the main thing you should focus on. Besides, it’s like saying to your potential investor, “I’m not willing to risk my financials, but you should definitely risk yours.”
2. If you say you only need like 1% of the market
In general, trying to estimate market share when you’ve yet to launch is a bit silly. You don’t know what your market is yet, and you’re going to pivot 3 times before you do. Also, 1% maybe sounds like a little, but it’s really not.
3. If you’re spending time on presentations and not an MVP
A minimum viable product helps you understand if you’re really solving a problem (product/market fit), lets you make decisions based on data and feedback, and is the best tool to raise funds with. A pitch deck is an important part of your marketing collateral, but it shouldn’t take more than a day or two to create. The effective way to work on your deck is by updating it after every meeting.
4. If you think that you can outsource R&D
Find a CTO. Freelance developers will never be as devoted as a co-founder and you’re not in this to create just a “product that works”. You need imagination, scalability, quick implementation and someone to wake up with you in the middle of the night when your server is crashing (hopefully) from overload.
5. If you contact VC’s through their email on their website
It’s not impossible to get a response this way, but the better way to approach investors is through introductions. An investor, like any other person, wants to trust the person they are doing business with. It’s harder to vet someone you have no connection to. If you have a specific investor in mind who you think can really help your company, expand your network around them months before you approach them.
6. If on LinkedIn you accept every invite
Sure, you just met that salesperson with a Shutterstock profile pic from Bangladesh and you want to keep in touch.
7. If when people tell you they’d use your product, you count on their answer
No, the fact that you’re getting great feedback on your idea doesn’t mean it’s going to be successful. What users say and what users do are two entirely different things. It’s worth talking to your potential users to understand what they want, but it doesn’t necessarily mean you have product/market fit. Base your product strategy on your vision and don’t change it every time you get feedback. The reliable feedback comes after they USED your product.
8. If a growth hacker to you is more than just a marketer
There are a lot of buzzwords out there. It’s great to know them so you can talk the talk, but don’t confuse buzzwords with actual practices. A “Growth Hacker” is a marketer that declares themselves better at growth than other marketers. Every marketer should be amazing with growth strategy, analytics, in-app growth features and social engagement. You wouldn’t hire someone just because they title themselves “a designer who is very good at designing.”
9. If skill is more important to you than personality in your co-founder
Yes, your co-founder should be amazing at what they do, but most companies that shut down due to founder-related issues do so because the team didn’t get along. Attitude, commitment, decision making, crisis management – these are the things you should have in mind when you’re founder dating.
10. If your brainstorming meetings happened every hour
Quick and dirty is a winner strategy in product development, and brainstorming is key to an agile workflow. Just don’t forget that the process is: think, develop, test – an endless list of assumptions never got anyone anywhere.
11. If you do not talk about your product without an NDA
I can’t stress enough how NDAs are killing creativity. Your idea has nearly 0% to do with your success – it’s the implementation that will make you a winner. Unless you’re planning on filing a patent, talk about your product with anyone who’s willing to listen and write down what they have to say. It’s the best way to develop an idea, improve your pitch and eventually, enhance your product.
12. If you vow that public launch is just a month away
Call it wishful thinking, call it naiveté, but time estimations with first-time entrepreneurs usually don’t even come close. You always feel like your launch is just three weeks away. Honestly, would you estimate the time you need to build a spacecraft? Understand that this is something new that you haven’t done before and don’t promise anyone that you’re launching until you’re ready to hit the red button.
You know what? Forget everything I just said. Just quit your job, the rest will follow.