1) The Struggle – Ben Horowitz
VENTUREAPP Brief: Before you even set out to build a high growth startup, make sure you understand the odds that are against you and what most people must endure to succeed.
- Every startup, no matter how successful, at some point experiences “the struggle,” when your back is against the wall and nothing goes your way.
- The struggle is when the going gets tough – you lose customers, you lose employees, you lose confidence in yourself and you your will is tested.
- The struggle is where greatness comes from; share the struggle with your team (they are stronger than you think), there is always a move no matter how desperate you are, and focus on the road ahead of you, one day at a time.
2) What makes an entrepreneur? JFDI – Mark Suster
VENTUREAPP Brief: True entrepreneurs make fast decisions and course correct as they go – all of their energy is focused on how to make things happen, not on why they cannot happen.
- Entrepreneurs must make a significant amount of decisions on a daily basis, big and small – good entrepreneurs move fast and know at best 70% of decisions will be right and course correct quickly.
- Good entrepreneurs find a way to make the impossible happen, don’t waste energy on excuses on why things cannot happen.
- Analysis paralysis kills startups – the best entrepreneurs spend more time doing than analyzing as there is more to do than analyze in a startup.
3) Startups = Growth – Paul GrahamVENTUREAPP Brief: “Startups” are different than other entrepreneurial ventures in the sense they are designed to grow fast – understand that everything about a “startup” should be designed around fast growth including daily, weekly, monthly activities.
- Startups should focus on weekly growth, 5%-7% = good weekly growth, 1% = you haven’t figured out what to make, 10% = exceptional.
- Focusing everyone’s efforts on weekly growth makes startups an exercise of optimization – each decision can be based on “will this help us hit our weekly growth goal?”
- Growth is everything in startups – by committing to a startup you are trying to build something that generates rare, rapid growth.