Building a business is not the same as founding a startup. Most startups don’t get to the phase of building the business. Because they don’t create a product worth building a business around. This is why finding product/market fit is the #1 goal for every new startup.
This idea that a startup is not a business might sound obvious, but it’s not when you’ve got infinite choices about what to focus on and are just starting out. If you chase product/market fit, you’ll find a business eventually in time. If you don’t, luck is all you’ve got.
Startups turn into a business when you have a repeatable model for increasing revenue. This should come after product/market fit. When it doesn’t you end up with a startup that has high churn and low retention. Startups are tough because you don’t start on day 1 with a business.
Every piece of business advice should have a label that includes what stage of a startup it’s applicable for. Since these labels don’t exist today, your job is to filter the advice against whether it’s relevant at your current stage and for your startup. This is learned by doing.
The best advice for you right now could be terrible advice for someone else. With so many people sharing their startup journey, it’s critical to first understand your own situation and what you should be focused on instead of taking advice when uncertain about your own situation.
Startup advice on twitter has to be filtered in a way to identify if it’s relevant to you right now, or not. This lack of context creates the disagreement about advice tweets in startup land. Context is missing and the reader adds it, gets triggered and replies in disagreement.
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Tunes is a project that @suhail is involved in. There were daily drops of the NFT instead of a single minting date. It’s a really neat experiment related to music. More info: tunesproject.org
I have known about and utilized enneagram in my life for a dozen+ years. Recently, startups have been incorporating it into their organizations. What pleasantly surprised is when a few partners at venture capital firms told me that they are using it internally too.
Last week, for my startup, we announced our pivot from a document search tool called FYI to a security product called Nira (@niradotcom).
Here are answers to the most common questions people have asked me about pivoting a startup.
What made it necessary to pivot?
People assume companies pivot out of necessity because something isn’t working. When you pivot, you’re making a critical change to your business rooted in customer learnings.
With FYI, it wasn’t exactly necessary for us to pivot.
The pivot was a choice between the opportunity we had been pursuing and a new opportunity we had discovered. Every IT team we talked to wanted us to solve their document access control problems. We discovered that these problems were not only painful but also potentially costly.
Ten Rules for Web Startups by @ev (2005)
1: Be Narrow
2: Be Different
3: Be Casual
4: Be Picky
5: Be User-Centric
6: Be Self-Centered
7: Be Greedy
8: Be Tiny
9: Be Agile
10: Be Balanced
11 (bonus!): Be Wary
At my startup, @usefyi we have pivoted from a document search tool for everyone to a security product used by IT people. We've also changed our name to Nira (@niradotcom).
The pivot got kick-started when someone used our product in an unexpected way. Here's the story…
My co-founder (@marieprokopets) and I were at the office of a 50-person startup in SF to meet with the CEO, who was using our document search product.
We were prepared for a typical user research session where we’d watch him use our product.
That’s not quite what happened.
As soon as the CEO opened the laptop and pulled up FYI, he looked nervous.
“Did you do this? These people don’t work here anymore. Why do they still have access to my docs? Did you share them?!”
We quickly explained that he was just seeing the current state of his documents.