Naval · April 26th, 2010
I recently answered this question on a Q&A site: “What generic first order principles should a new technology project or startup follow?” But I used the politician’s prerogative to give an answer to the question I wish he had asked:
- Move to Silicon Valley.
- Pick a great co-founder with complementary skills.
- Select people with intelligence, energy and integrity.
- Pick a big market.
- Develop the minimum viable product to test your hypothesis about what the market needs. Preferably it’s a product that you’re passionate about since you’ll need to stick with it to an irrational point (the Internet especially is efficiently arbitraged).
- Iterate like crazy until you find product/market fit. If you don’t find it, do not raise money, do not pass go. Start over.
- If you have found product/market fit, raise money from high-quality people that you trust. Keep control.
- Scale. Hang on.
Topics Starting Up