How I Would Start a Startup (If I Could Start Over as a 7x Founder)
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- Опубликовано: 6 июл 2024
- To get an advisor like Ed to help you with pre-seed or seed funding, join the Startups.com accelerator: startups.com
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Step 1: Pick a problem in my expertise.
Step 2: Become a contrarian about the problem.
Step 3: Create an elevator pitch with my UVP.
Step 4: Solve the problem manually to test.
Step 5: Get paid to do it manually (SELL).
Step 6: EA / Advisor / Founder Community
Step 7: Scope an MVP tool to automate.
Step 8: Idea validation and customer discovery.
Step 9: Build a digital footprint to sell more.
Step 10: Build ONE feature at a time.
Step 11: Automate acquisition and onboarding.
Step 12: Scale acquisition.
Step 13: Systematize infrastructure.
Step 14: Optimize unit economics.
Step 15: Then decide whether to fundraise.
0:00 - Introduction
0:05 - What is a YOUnicorn
1:42 - What I Would NOT Do
3:58 - 15 Steps
I forgot to talk about WHEN to quit your job. I would quit my job when I make enough to sustain myself. I wouldn't quit first, though. I would quit only when my model was validated. There is a point where you need to go "all in." Thanks to
@HSCOACH1821 for bringing this up.
This channel is gold for founders.
I appreciate the encouragement.
Very good approach, not the usual stories
Many thanks!
Great video Ed. Doing exactly step by step what you would recommend. (Except not having a job)🤣
1. Founder-problem fit
2. Solo founder
3. Test idea manually(do things that don’t scale)
4.now making money with the product.
Checked out your channel. Maybe a collab?
@@edkang99 hey Ed! That’s a great idea. Any specific things in mind?
Love this. I agree with everything you say and always cringe when people go off and spend money with software labs to build MVPs first to leverage pre-seed. Coming from academia, you dont get a shot at a grant without contraian ideas and lots of prelimnary data to show that you have something.
"do it manually first" has just given me a brainwave for my latest venture. Cheers, Ed!
Ooooh now I'm curious. Keep me posted!
Thanks Ed! Great stuff here!
Thanks Greg, as always. Look forward to more collaboration.
Awesome video Ed!
Appreciate it!
This strategy echoes a lot of the podcasts I listen to, and it is laid out in a systematic fashion. The goes back into the bootstrapper mentality of trying to go with what you've got. Another bit of advice is do not get married to a problem. Referencing "How Pre-Seed & Seed Investors RANK Startup Pitch Ideas" the problem may not be painful enough or be painful to enough potential customers. As a sidenote, someone may want to consider starting a paid membership community around this. Dedicated to helping a cohort start at step 1 and be the expert adviser at each step.
Well said. Agreed. I do spend a lot of time wondering if a problem is worthy of becoming a startup.
Thanks for the content 🎉
My pleasure.
Great information.
As a fellow creator, I can tell you that your videos are going to blow up if you provide more concrete examples and stories (this is why Alex Hormozi has gotten so far). If you use stories to make a point, it will be a lot easier to remember the points.
Thanks for the vid!
Great advice and reminder. I tried that with my latest and will continue to do so. TY.
Thank you!
You're welcome!
The only thing wrong with this video is that it wasn't shot earlier. A lot of startups would still alive if it was.
Well, I am happy to say that I am in number 5.
Thank you. Keep on keepin' on!
How does this apply to hardware and deeptech startups
Unfortunately, I don't have any experience with hardware and deeptech. I do know some other founders that were consultants first though.
THE POOR REALITY THAT IT DOES NOT WORK. yes i did same way testing multiple concept - getting traction and when i started selling - it was 1/10 of people who want to pay money till these who payed. ANd reasons is product - product is not a concept - people pay you for product not ideas. You need to build at end something people realy want to pay money.
This strategy is oriented towards starting with a service that is later automated into a productized service. Many products like AirBnB and Uber started like this. Given those startups needed some minimal code to create the product facade but most of the backend fulfillment was done manually by the founders.
A modified or different strategy is needed for products such as physical goods or theoretical technologies coming out of academia. Some examples: how Shuji Nakamura invented of the blue LED, or the how Henry Ford built and scaled the Model T.
people pay for outcomes not products
products are a method to deliver outcomes at scale instead of building bespoke solutions for one customer (“consulting”)
the idea is: make the solution for one person to make sure it solves a real problem before putting in the effort to make one that can help thousands at once
I follow your videos and I am 56 and been successfully self employed for over 25 years. I am doing a start up myself looking for good help but 90% of people who claim to be wise take your money, not make you money. I like your effort and energy. I think you miss a point in this one. Yes, I fully understand the idea of keeping your day job. But there is no way you should do this if you really think you have a winner and passion to do it. Burn the boats.
You bring up an excellent point that I forgot. I'm going to make a comment on it.
💡 This 15min video is worth 4-6 months of a startup accelerator program. 😅 Trust me, I wasted $800 in one.
Oh, man. Sorry to hear that. Are you up and running now?
@@edkang99 i’ve built another startup after failing during my accelerator program. We now have an MVP product launching soon. We are now talking to merchants to on-board as sellers on our halal online marketplace.