A few days ago I found a great article by Y Combinator summarizing essential start-up advice, you can find it here YC's Essential Startup Advice.
Currently working in a startup for 3 months and facing a fair amount of challenges this has been an enlightening read which I do not want to forget.
So as a reminder, these are the most sticky points that stuck with me:
- 90% solution to a real customer problem which is available right away, is much better than a 100% solution that takes ages to build.
- Small group of customers who love you is better than a large group who kind of like you.
- YC is sometimes criticised for pushing companies to grow at all costs, but in fact we push companies to talk to their users, build what they want, and iterate quickly. Yet, growth is not always the right choice.
- If you have not yet made something your customers want – in other words, have found product market fit, it makes little sense to grow. Poor retention is always the result. Also, if you have an unprofitable product, growth merely drains cash from the company. As PB likes to say, it never makes sense to take 80 cents from a customer and then hand them a dollar back.
- Startup founders’ intuition will always be to do more whereas usually, the best strategy is almost always to do less, really well.
- Ignore your competitors, you will more likely die of suicide than murder.
- The relationships with your cofounders matter more than you think and open, honest communications between founders makes future debacles much less likely. In fact, it turns out that one of the best things you can do to make your startup successful, in fact, to be successful in life, is to simply be nice.
Much more great, dense, no BS advice in the article itself.