25 things to know before founding a start up

25 Things I Wish I Had Known Before Founding a Startup - Daniel Kyu Lee

1. Don’t wait for perfection. Just launch something… unless you are manufacturing airplanes or developing a cure for cancer or something along those lines… then you should aim for perfection…or else you’re going to be in trouble.

2. Don’t be afraid to share your ideas. Nobody will care enough to steal it. And even if someone does, just do it better.

3. Ideas mean nothing. Execution is everything. But ideas are still very important. (wait….what?)

4. You’ve got to become a good networker. Your network is important. Network often and strategically.

5. Get LinkedIn Premium. It’s like 25 bucks or something. It’ll help you find people you need to meet.

6. Learn how to find people’s email. Hint: Download Rapportive.

7. You will get a lot of rejections. Learn to deal with it and don’t let it get to you.

8. Your cofounders will make or break your company. Choose wisely.

9. There is good advice, and there is bad advice. You’ve got to learn to distinguish between the two.

10. Never go into a meeting without a specific purpose. “Wanting to connect” is not a specific purpose (at least not a good one).

11. The ability to bootstrap is important. If you are a first-time founder, I’d argue that you should build your first product with no money.

12. Don’t try to raise money until you have a product built. If you just graduated college and this is your first startup, nobody will trust you with money until you can at least prove you can build something. If your friends and family give you money, then fine. But I’d still argue it’s best to build something with as little money as possible. Again, this doesn’t apply if you are making airplanes or a drug to cure cancer.

13. Don’t ask people to sign NDAs. Especially investors. Trust me. It makes you look amateur. Exception: If your last name is Zuckerberg. Or if your last name is Gates. Or if you are a Nobel-Prized Scientist.

14. Make sure to have a ‘no-shame’ policy.

15. Do fun stuff outside of work. But not too much.

16. Talk to your users as often and early as possible. And when I say ‘early,’ I mean before you start working on your startup.

17. Make sure you know a thing or two about data analytics. And make sure to track all your analytics.

18. Try to get into a startup accelerator. Y Combinator. Techstars. AngelPad. 500 Startups. Boost. There are tons more. If you are a new entrepreneur and you don’t have crazy successful parents, your network and expertise will be limited. Accelerators can accelerate you. Or I’m pretty sure they can…I’ve never been part of one, but am working hard to get CareerDean into one of these programs. (Edit: Although this article was published in August, I wrote it a few months back. Since writing this, CareerDean was accepted into BoostVC!! Wohoo!! The experience has been absolutely amazing. The network and advice you receive is priceless. I’ll explain more in a future blog post.)

19. But accelerators aren’t everything. Don’t depend on them. If you get rejected, you got to keep moving on. Accelerators don’t invest in companies who need them for survival anyways.

20. Don’t spend too much time on business plans. In college, I took a business class that said that a business plan was the single most important aspect of a company. With all due respect, I disagree. Work on your product. Forget the business plan. At least early on. (But do have a plan)

21. Build good relationships with journalists.

22. Figure out who you need to win over. Hint: It should not be everybody.

23. Don’t obsess too much about your competition. Just build an AWESOME product.

24. Making an awesome product that you love is cute. Making an awesome product that others use is AMAZING.

25. Be nice. more  

Really good & practical! Keep it up, Ajay! If you have any more literature on Daniel Lee, pl share it. more  
Nice Advice Mr.Shah, Thanks more  
How does one identify the appropriate Accelerator for your start-up? In case of a healthcare product star-up to be more specific. And Would it be possible to connect with you over email. Thanks. more  
This is simply a superb piece of advice. Ajay , I find your inputs very practical and helpful for us entrepreneurs who need this and more.... more  
Post a Comment

Related Posts

    • Covid 19 job Crisis in India

      Has been captured well by this graphic attached. I want to know what are entrepreneurs doing in this circle. Are you letting some staff go or are you cutting salaries? Our small 7 store retail chai...

      By Naina Mittal
    • Difference in Intent and Ground scenario for Loans for MSMEs

      Hon. FM has said that Banks will give easy and more loans to small businesses (MSMEs), so that they use the funds to tide through these difficult times and then repay the same with interest over a ...

      By Gautam Poddar
    • Minimum Balance charges

      On one hand government is providing many reliefs for common man, one of them being that Banks will not charge interest / EMIs for 3 months, on the other hand Banks are charging huge amounts in cas...

      By Gautam Poddar
    • Workplace Social Distancing guidelines/rules

      As issued by the Government, attached

      By Anil Mehta
    • By Vishal Khanna
    • No Labour Laws applicable for 3 years

      it has exempted industries in the state from ALL LABOUR LAWS for the next 3 years. Attached Notification. Big relief for industry. All states should do this Only these labour laws will a...

      By Ajay Dutta
    • Starting up of MSME units - not really

      My brother has a MSME unit in Noida Phase 2. He resides in Delhi. 80% of their staff lives in Delhi. None of them are being permitted to enter Noida because of border restrictions. This is ridiculo...

      By Vishal Khanna
    • Labour Crisis

      Most migrants workers are back to home town and most probably Will not come back till post Diwali or Chhath Puja. Industries are Being opened but how these industries wil operate? there...

      By Anil Mehta
    • By Nikhil Jain
    • Govt cuts salaries; Private sector cuts will be brutal

      Govt has frozen the dearness allowance to central government employees till July 2021 along with any kind of arrears (attached). With this even private sector will cut the salaries, no work no pay ...

      By Anil Mehta
    • Startup in the right field

      2020 will vastly accelerate adoption of the following. If you are a startup, pivot to these areas or become enabler of these 1 e-commerce 2 drone delivery 3 digital contactless...

      By Rohit Jain
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)