Methodology

How to Go about Building your Business

For many types of startup, the lean launchpad is the way to go. The idea is to assess as fast as possible with as little money as possible if the intended product has market potential. It is based on the idea of identifying the key buyer, producing a minimal viable product, and see if it sells. If not, modify your product/target customer/approach until it does. If you don’t get it to work, pivot. There are lots of books, courses, and coaching available.

Special Success Secrets about SV

  • No. 1 is Speed. Be fast in everything, do not waste time with anything that does not contribute to moving your business forward, on a daily basis. Be also fast to understand if your idea is doomed: fail fast, so you can pivot (i.e. change what you are doing) as early as possible (once you know for sure your idea does not work). This is not the same as giving up early when it get’s tough. It always gets tough somewhen.
  • No. 2 is Connect.  Look for the right people. Tell your story to everyone you meet. Ask for whatever you need: advice, support, intros, money, etc. (depending of whom you talk to). SV is a rare place where this actually gets you somewhere. Only by connnecting can you leverage the experience available in SV – do it, it will help you succeed.
  • No. 3 is Come Prepared. Do your homework. Do not waste other people’s time. While this holds true everywhere, there are still too many founders with fuzzy presentations, a weak 1 minute pitch and unable to answer key questions about their own business, even in SV.

Resources to Check Out