Insights from ‘How I Built This’ by Guy Raz Flashcards
According to Guy Raz, what analogy does Reed Hoffman use to describe starting a company?
Starting a company is like throwing yourself off a cliff and assembling an airplane on the way down.
What is the initial approach recommended before diving fully into entrepreneurship?
Keep your job until your business is profitable and bootstrap your business.
How did Jen Rubio find the idea for her company Away?
After her suitcase broke, she realized there was a gap in the market for reliable, affordable, and stylish luggage.
True or False: Jen Rubio had experience in the luggage industry before starting Away.
False
Why did the founders of RxBar decide to create their own protein bar?
They wanted a healthy protein bar with simple ingredients, unlike the sugary ones with mystery ingredients on the market.
How did RxBar position itself to avoid competition with big protein bar brands?
They targeted niche markets (like CrossFit and paleo athletes) and sold directly to customers online and at specialized locations.
Fill in the blank: A profitable product exists at the intersection of problems people have and problems you are ______ about solving.
passionate
What strategy component helps a product gain momentum in a niche market?
Positioning the product to dominate a specific niche helps gain momentum and fend off competition.
Why did Instagram founders invite 100 designers and journalists to try Instagram before its launch?
They wanted these influencers to generate buzz and potentially endorse the app to their followers.
True or False: Creating buzz before a product launch is unnecessary if the product is good.
False
Explain how early adopters can influence a product’s success post-launch.
Early adopters can act as evangelists, promoting the product to their network and creating word-of-mouth growth.
Which three steps are compared to parts of an airplane in Guy Raz’s startup guide?
- Build the Vessel (Product), 2. Assemble the Wings (Strategy), 3. Turn on the Jets (Buzz).
What question did Jen Rubio ask 800 people to help design her perfect suitcase?
Questions like ‘How do you pack?’ and ‘What’s your biggest pain point when you’re traveling?’
How did the founders of RxBar leverage storytelling to resonate with their audience?
Their story focused on transparency and simplicity, appealing to health-conscious customers who wanted natural ingredients.
Fill in the blank: The ‘Jets’ in the analogy represent the ______ needed to generate attention before a product launch.
buzz
