Entrepreneur playbook

Question 1

What do all great companies have in common?

Answer 1

They all have a great product

Question 2

Can a founder be slow-moving?

Answer 2

I’ve never seen a slow-moving founder to become successful

Question 3

What is my goal as a startup?

Answer 3

To make something users love. If you fail to do this you will fail.

Question 4

I’ve made something that users love. What should I do next?

Answer 4

Get lot more users

Question 5

Is it better to have a product lot of users like or a product that small number of users love?

Answer 5

It is much better to first make a product a small number of users love than a product that a large number of users like

Question 6

Isn’t it better to have a stable well-paid job instead of trying to make a risky startup when you’ve got an idea?

Answer 6

I personally think the riskier option is having an idea or project you’re really passionate about and working at a safe, easy, unfulfilling job instead.

Question 7

Should my idea be simple and clear or complex and fuzzy?

Answer 7

Ideas in general need to be clear to spread, complex ideas are almost always a sign of muddled thinking

Question 8

What if no one gets excited after hearing about my idea?

Answer 8

If the idea does not really excite at least some people the first time they hear it, that’s bad.

Question 9

What do venture capitalists ask you first?

Answer 9

1. What do you do and why
2. Who desperately needs your product?
3. Do you generate revenue or not?
4. How big is your market, how fast is it growing?
5. How big is it going to be in 5 years

Question 10

I want to do a biotech or hardtack company. What should I do?

Answer 10

1. Talk to potential customers

2. Figure out the smallest piece of technology you can start with

Question 11

Is it better to go after a small part of a large market than a large part of a small market?

Answer 11

the best answer is going after a large part of a small market

Question 12

Do most big companies start with something incremental or something entirely new?

Answer 12

Most really big companies start with something fundamentally new (one acceptable definition of new is 10x better.)

Question 13

Should I keep my idea in secrecy?

Answer 13

The best ideas sound bad but are in fact good

Question 14

To get a great idea, should I focus on thinking of it?

Answer 14

it’s better not to try too actively to force yourself to come up with startup ideas. Instead, learn about a lot of different things

Question 15

How do ideas emerge?

Answer 15

Practice noticing problems, things that seem inefficient, and major technological shifts. Work on projects you find interesting. Go out of your way to hang around smart, interesting people. At some point, ideas will emerge.

Question 16

What makes a great founder?

Answer 16

unstoppability, determination, formidability, and resourcefulness. Intelligence and passion also rank very highly.

Question 17

Successful founders, what kind of people they usually are?

Answer 17

people who are low-stress to work with because you feel “he or she will get it done, no matter what it is.”

Question 18

What are the two critical skills of founders for tech startups?

Answer 18

Building products and selling them to users

Question 19

What is the #1 reason for startup premature death?

Answer 19

Cofounder breakups

Question 20

Should I postpone the conversation about equity?

Answer 20

it’s better to set it early on

Question 21

What should startup founders concentrate on early on?

Answer 21

1. Build product
2. Talk to users
3. Eat, sleep, exercise, meet your loved ones

Question 22

Is it better to outsource talking to users early on?

Answer 22

No. You must talk to your users for as long as it is possible.

Question 23

What is the most wide-spread reason for companies not to grow?

Answer 23

Their products are not good enough

Question 24

How should a founder see product quality?

Answer 24

The best founders seem to care a little bit too much about the product quality

Question 25

What is the most important job of a company CEO?

Answer 25

To make sure the company wins

Question 26

Should I open the growth metrics and share them with my employees?

Answer 26

Extreme internal transparency around metrics (and financials) is a good thing to do.

Question 27

Is it important to do things that don’t scale?

Answer 27

Most early-stage startups should put “Do things that don’t scale” up on their wall and live by it.

Question 28

How should I go about personal planning?

Answer 28

pen-and-paper list for each day with ~3 major tasks and ~30 minor ones, and an annual to-do list of overall goals.)

Question 29

Should I listen to other people?

Answer 29

listen to all of the advice and then quickly make their own decisions.

Question 30

How do things get done in the world?

Answer 30

Charlie Rose once said that things get done in the world through a combination of focus and personal connections

Question 31

What should I concentrate on as a company CEO?

Answer 31

1) set the vision and strategy for the company,
2) evangelize the company to everyone,
3) hire and manage the team, especially in areas where you yourself have gaps
4) raise money and make sure the company does not run out of money, and
5) set the execution quality bar.

Question 32

Can I have something else in my life besides the startup?

Answer 32

You can have one other big thing—your family, doing lots of triathlons, whatever—but probably not much more than that.

Question 33

How should I take care about myself?

Answer 33

You have to eat well, sleep well, and exercise.

Question 34

How does it feel to be a CEO?

Answer 34

Being a CEO is lonely.

Question 35

What should I do when things get nasty?

Answer 35

Usually things aren’t as bad as they seem, but sometimes they are in fact really bad. In any case, just keep going. Keep growing.

Question 36

What if someone is making excuses?

Answer 36

People who let themselves make a lot of excuses usually fail in general, and startup CEOs who do it almost always fail.

Question 37

Should I ask for help when I feel lost?

Answer 37

No first-time founder knows what he or she is doing. To the degree you understand that, and ask for help, you’ll be better off.

Question 38

Is it important to have a general common purpose for the whole company?

Answer 38

Building a company is somewhat like building a religion. If people don’t connect what they’re doing day-to-day with a higher purpose they care about, they will not do a great job

Question 39

Should I trust my guts on people?

Answer 39

Trust your gut on people. If you have doubt, then the answer is no.

Question 40

What kind of people should I not hire?

Answer 40

Do not hire chronically negative people.

Question 41

Should I value more attitude or experience?

Answer 41

Value aptitude over experience for almost all roles. Look for raw intelligence and a track record of getting things done.

Question 42

How should I fire?

Answer 42

Finally, fire quickly. Everyone knows this in principle and no one does it.

Question 43

Should I worry about my competitors?

Answer 43

Do not worry about a competitor until they are beating you with a real, shipped product.

Question 44

What should be customer LTV to afford sales team?

Answer 44

If you have a paid product with less than a $1,000 customer lifetime value (LTV), you generally cannot afford sales.

Question 45

Is it better to get directly to an investor?

Answer 45

most investors still require introductions from people you both know to take you seriously.

Question 46

How to make a great sales pitch?

Answer 46

An important key to being good at pitching is to make your story as clear and easy to understand as possible.