Here's some advice from having launched a VC and angel backed startup while getting my MBA:
- Build your “idea notebook”: you need to move toward starting a company with an open mind. A startup is your attempt at a new approach to something, which means you need to come up with sometimes crazy ideas. Having an “idea notebook” will help you capture everything that pops in your mind without filtering, and later you can go back to spot trends and test each idea.
- Be shameless: when you’re doing a call or a meeting, don’t let it end without asking for at least one more introduction. This is how you make progress – by following every connection, you’ll expose yourself to broad ideas and get closer to your market.
- Iterate, iterate, iterate: when you get to an idea that excites you, and makes sense in the market, you need to embrace that it will change many times. Be ready to iterate, and quickly! Nothing is static, and your startup will be a fast moving target.
- Always follow through: just like sports, you need to always follow through. If you get an introduction, follow through and set up a call or meeting. If a professor recommends someone, you especially need to talk to that person. You have nothing to lose except a little bit of time. There is little downside to this approach and the upside is limitless.
- Get out of the bubble: there’s nothing like customer development. You need to make sure there’s a market for what you’re doing. Talk to as many potential customers as possible. Test your theories. Tell them you’re considering starting a company, and ask them if they would be a customer. Their enthusiasm, or lack thereof, is a good proxy for what you’re doing. (If you don't know what I'm talking about, buy this book)
- Build a “startup board of advisors”: you need to identify a close team of colleagues and professors who are willing to help you throughout this process. These are the people who will really get to know your concept, which is valuable to getting the most out of every subsequent meeting.
- Stay level headed: this whole process can get lonely. Starting a company is like riding a rollercoaster, except you can’t see when you’ll be going up or down. Believe me on this one, because no one ever said starting a company was easy. When everything is going great, take a step back and realize there’s a lot left to be done. When everything is going poorly, take a step back and realize you’re going to be perfectly fine.
- Test your commitment: if you’re doing a startup, you’re going to be tempted by job offers. Don’t submit your resume to the resume book. Don’t go to any recruiting events, even if it is the CEO of a reputable company. Don’t look at your debt.
- Test your commitment again: ask yourself what job you would take over your current startup concept. If you had an answer for this, you’re not committed yet. Make sure you love doing a startup, and not the idea of doing a startup. It’s going to be tough, and you’ve got a long way to go, so you better be “all in” and completely committed to starting your company. If you are “all in”, good luck!
