To my #1 podcast of 2021, Timothy Keller Sermons Podcast by Gospel in Life: thank you for keeping me company on @Spotify all year long! #SpotifyWrapped https://t.co/r47SzuCoyC
The Prime Minister of Singapore (a country that only has three deaths out of 6 million people) speaks such common sense. He tells people the truth and they did everything that needed to be done to be ready for this virus.
Profitability is the name of the game now. Startups are doing well by selling shovels in a gold rush. That said, if the gold miners are hit, even the shovel sellers will be affected. Prudent cashflow management is key.
Myth #10: "You don't need a Head of Finance or People until you're much bigger." We should've hired both way sooner. I didn't know how much leverage they would provide. Helps exponentially!
Myth #9: "If we could just be more like...[name hot startup].” Counterfactuals: 1) @WeWork, 2) @Zenefits, 3) every startup founder seems stressed because every startup has issues.
Myth #8: "Connection requests on LinkedIn are an effective way to network." Counterfactual: have you ever done a deal that came in from a generic LI connection request? It's the last form of widely practiced spam. At least send an InMail (those work!).
Myth #7: "You 'just' need to hire amazing people!" Counterfactual: you do, it's 'just' not easy. The types of people you need change by stage (e.g. early on you need T shaped people). Hiring is the most important thing you do and it's 'just' hard. Credit: @WilliamsonMark
Myth #6: "You shouldn't grow with paid marketing!" Counterfactual: every consumer Fortune 100 company. You can't scale without paid marketing. It's a litmus test of product market fit. Buying growth and relying on it is bad, but buying profitable paid marketing is great.
Myth #5: "I don't think that idea will work, because I wouldn't use it" Counterfactual: Apple, Uber, @masterclass (we heard that all the time). I think it's because we're bad at imagining things that don't exist and worse at imagining the needs of people who aren't us.
Myth #4: "Be careful about getting investors. They have hidden agendas!" Counterfactual: investors have the most transparent agendas I've seen -- maximize company value. If you don't want to do that, then don't raise venture capital.
Myth #3: "If it fails, you set your career back years." Counterfactual: every acquihire. @WilliamsonMark taught me about job vs career risk. At a startup, you have job risk, but little career risk. If the startup fails, you'll have learned a ton you can bring to a next job
Myth #2: "You get only one chance to be an entrepreneur so your first idea better work!" Counterfactual: @reidhoffman started SocialNet before Linkedin.
Myth #1: "You can't start that idea -- you aren't an expert in that!" Counterfactual: almost every entrepreneur. @elonmusk wasn't an expert in payments, batteries, rockets and solar panels. @JeffBezos didn't run bookstores.
When we were starting @masterclass, I kept hearing startup myths that made me question not only the idea, but myself as an entrepreneur. What helped me was thinking of counterfactuals. They were inspiring. Startup myths I felt and their counterfactuals:
@sbyrnes Yes. We have had investors say similar things. I’m like “we run a lean team, accomplishing a lot with little, consistently grow, and don’t spend money we don’t have, and that’s.....bad?”