From Stanford to Startup

Title: From Stanford to Startup
Date: 2011-05-11
Speaker: Kevin Systrom, Mike Krieger (Instagram)
Link: Entrepreneurial Thought Leaders
 
Experience is what matters.
You cannot learn to be an entrepreneur from a book, a blog, or a talk.
A day on the job is worth a year of experience.
Trust your gut.
If you’re excited enough about something you’ll find the time to work on it.
You should do a startup because when you wake up you’re obsessed with an idea and you want to make it happen.
You can’t call yourself an entrepreneur. Somebody has to call you an entrepreneur.
Ultimately the only thing end users care about is the product that is delivered to them.
It never gets easier and that is okay.Build your network and they’ll help you out.
The hard part is figuring out the problem to solve.
Solutions are easy to find for the majority of problems.
You need to verify the problems you want to solve are actually the problems people have.
Get your product in front of people very quickly.
You should not be afraid to have simple solutions to simple problems.
The problem with stealth startups is you don’t get the feedback you need early enough.
Building a minimum viable product is super useful.
It is totally okay to fail in an organization.
You need to fail in order to find the right solutions.
Often the first thing you start with is not the thing you end up with.
Assume your first idea is not going to be your last idea.
Your job is to fail your way to success.
Seek out the people you really want to work with (when raising capital).
Instead of optimizing for valuation optimize for people (when raising capital).
You can get a lot done on a shoestring budget.
Starting a company is 50% building a product and 50% a lot of other stuff.
Team building is one of the most important things when you get off the ground.
Raising capital can be a huge time sink.
In the sharing and discussion process is where ideas get refined.
Careers are a series of themes that you go through and explore.
Your startup and career is an expression of you and your co-founders.
Things seem very obvious in retrospect.
It never gets easier and that is okay.
You’re never going to get less busy.
It is a long slog.
Part of entrepreneurship is realizing that different things along the way are going to excite you in different ways.
There is no better time to start than now.
There is no reason you can’t start.
Above all else what makes products spread is when they’re useful and they’re usable.
There is a way to work hard that doesn’t mean you need to work long.
When you’re working work on the most important things (to create the work/life balance).
If you work hard good things happen.
Money will come if you’re growing (like crazy).
There is so much money out there chasing bad ideas that a good idea will get money.
Don’t worry about the best case scenario. Worry about the average case scenario.
Build the product you’re in love with and good things will follow.
Focus on building great products.