According to Paul Graham, you need three things to create a successful startup: to start with good people, to make something customer actually want and to spend as little money as possible. For your information, Paul Graham is a co-founder of Y Combinator, a startup accelerator in Mountain View, California. He is also a programmer, venture capitalist, and essayist. We will explain each one of them briefly so that you can have an insight on it.
A Great Team:
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One of the reasons why most of the startup fails is a lack of having a great team.
Forming a great team is always a difficult task because not everybody thinks like you, nobody has the same mentality at the same time not everyone is made up of same experiences.
Entrepreneurship is not something that you choose to show off nor it is very cool kind of concept to glamor around. So a great team really matters. It’s better to find people with same hunger, grit and sheer determination who believe in making things happen under any circumstances.
What customers want:
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It’s very common these days to find many startups are working on the cool concept but as soon after execution they are doomed.
The main reason behind this is the lack of knowledge of what customers want. Knowing what your customers want will give a right shape to your product.
Your product can be cool enough to fantasize but it is useless if it doesn’t meet any demand.
The customer can appreciate it but they will buy it.
It’s better to figure out what customers want by going out into real world, surveying and analyzing. Then you have the right set of information for executing your product.
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This is something Jack Ma has also mentioned in one of his famous quote “Stay Smart, Stay Frugal, Spot the unseen”.
As a startup you have very limited amount of money, moreover shit gets real when you’re not funded and you’re living on your own savings.
You have to cut down on many useless expenses which can help you buy necessary fuel for yourself and sometimes for your team.
Being an Indian we have one on things in common ( don’t know if it is inherited from somewhere) that is applying JUGAD. We are pretty much good in that.
Looking for an alternative solution will help you ahead rather than simply giving up and end up buying new things.
These are some of the key things to keep in mind whenever you are building up a company or working for a company, it doesn’t matter if your idea is a million-dollar idea or not. An investor look for a great team, your planning on the execution of your idea and how actually you meet the customer demands.
Few books on startups that will really help you in shaping your groundbreaking ideas into reality. Below are some books, we believe, every aspiring entrepreneur should read before starting up.
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