Lecture 1 ========= Sam Altman ---------- Ingredients of a startup: 1. idea 2. product 3. team 4. execution 5. luck A bad idea is still a bad idea. The idea doesn't matter as much as the execution, but is still a big factor. Pivot to find the right idea quicker. Long term planning is a real advantage, as many startups don't think about it. A good idea is also a business that's difficult to replicate. If you have several ideas, work on the one you think most about when not working. To get through the pain of a startup, the **company** should feel like an important **mission**. Good ideas often look bad at the beginning. If they sound too good, too many people are already working on it. You want to find a **small market** to quickly **create a monopoly**, and then expand. You've found it when **people depend on it** even when it's still a crappy incomplete product. Reply to criticism: "I know it sounds like a bad idea, but it's not. Here's why..." Sounds like a bad idea, but is a good idea. Find a market that's going to be big in 10 years. Investors are obsessed with current market. Why now? Why is now the right time for this idea? If it takes **more than a sentence** to explain, it's almost certainly a **bad idea**. Niche clone companies usually fail. More important than starting a startup, is **finding potential cofounders**. Great Idea -> Great Product -> Great Company 1. Talk to users 2. Sleep 3. Stay healthy **Make something people love**, then focus on user growth. You'll know people love it when you see **organic growth** (e.g. word of mouth). If you're waiting on something like a partnership, your product isn't loved and you're wasting time. **Users love simple**. You can always make something with a smaller subset than you thought possible. Worry about making it better later. **Recruit users by hand**, not adwords. E.g. go to coffeeshops and ask to try product, set homepage in Apple stores, etc. Ask them what they like and don't like. Ask them what they'd pay for. Ask if they'd be bummed if the company went away. Ask if they would recommend to their friends. Keep a **tight feedback loop**, super important in early days! Don't hire sales and support people right away - you need to do this yourself first. Dustin (FB) ----------- ... --- Lecture 2 ========= --- Lecture 3 =========