The 7 Rules for a Successful Startup Business (for tech & software engineers)

The 7 Rules for a Successful Startup Business (for tech & software engineers)

and we fussing carcinogenic artificial creamers if anybody would like hey tech late here and welcome back to another episode today we are drinking Hilton Garden Inn Hotel blend coffee pretty good pretty watery you may be wondering where I am today and well I'm somewhere very successful I am at the Hilton Garden Inn in Los Angeles and you can check out my amazing fantastic room these days for influencers social media influencers like myself this is a necessity I thought I could show you around this amazing place let's check out this amazing view we have here Wow yeah it just opens up onto this beautiful courtyard you can imagine that you could put a swimming pool out there if you want maybe in a few years you could build something out what's great is I can actually walk out here oh yeah it's so cool it's so nice it's amazing let me just quickly show you this amazing bathroom as well it's really good you know there's no bathtub but the rest you know this is success and what I'm gonna tell you today are seven tips about how you too can become successful in your next business venture oh look at that oh it's so good look at that I can have coffee on my bed before we get started this video is brought to you by brilliant org slash tech lead there are fun educational website which you can use to learn about all sorts of different topics like computer science math probability statistics all sorts of things to get yourself up and going so check them out brilliant that works lunch tech lead now one funny thing about my history is that I've actually had the string of successful business ventures at least three have made considerable amounts of money and then a few others have actually made these set money as well maybe I can share some of my learnings with you about how to come up with a successful business idea because I've seen so many other people are just tossing out completely random pure garbage ideas and you know people might say something like well why don't we make a coffee shop for dogs and it was pretty clear to me why the idea is not going to work but may not be so clear to you and I wanted to share my top seven tips the first tip and when that is perhaps a little bit cynical is to learn to copy people's ideas and not to focus too much on inventing some crazy new idea all by yourself back in the day when I was making a lot of apps I would try to build my own app idea I would try to sit down for hours and think of some crazy innovative idea that nobody had done before and then I would try to push it out and every now and then yeah maybe I can find something that started to gain some traction but it was just extremely difficult and after a while I realized that well what I could do was just check out the top leaderboard in the App Store figure out which acts are doing well and then spend the week copying that up and release it and I found that this strategy worked extremely well like the app idea was already proven I knew that as soon as I launched that I could even put in some marketing budget on this advertiser though and there are many other larger companies and businesses that solely implemented ideas like this no one really had a good formula a good idea for creating an app the only proven idea was really to just copy other app ideas and the other thing to realize is that ideas are cheap a lot of people like to protect their ideas a lot in reality much of the innovation that you bring to the table is going to be in the execution if you take a look at Amazon for example the idea of buying and selling products online it's a very boring and generic idea they weren't the first one to invent an idea like that many people have tried it what they brought to the table was the execution you know like very low margins a very good usable website there's so much more that you can bring to the table in terms of the execution of some idea and on top of that you can add your own spin to it make the UI a little bit better add certain features and all of those are going to go a long way my second tip for you and this is a tip I would have for any young person is to learn to ride a wave you know there are certain industries that are generally flat and they don't really change like for example doctors lawyers dentists these are great businesses they're fine but it's just a flat basic basic sort of lifestyle and that might be good is very stable but for a business to really succeed and take off I think that you want to be writing some sort of wave and this is like an opportunity waves come and go in certain industries certain areas and you need to be paying attention to things like this several years ago is all about web 2.0 and getting really cool looking slick websites the mobile trend came and everyone wanted to get their websites onto mobile phones after that it was all about apps like iPhone apps Android apps mobile games things like that and that was a very big trend then we've got other trends like being an Instagram influencer like me you can check me out that Instagram calm slash Patrick shoe and then we've also got other trends like augmented reality virtual reality cryptocurrency so if you're a young person that's going to be really where there's the most opportunity and the least competition and these are all going to work heavily in your favor whenever I see someone throw a business idea I like to ask them why now why is now the right time for this idea to finally succeed why didn't it succeed five years ago or ten years ago you know people must have thought up an idea similar to this they must have tried it why is now good what new technology is it using or enabling what new trend is it following you know something along the lines of that you want to ask yourself if it's a classic timeless age oh the idea and you just want to do it like you want to sell air conditioners you know it's just like well why why is that such a great idea now my third tip for you is to give yourself the freedom to fail and to correct course and a lot of people are fail their adverts they're taught to be this way when they're going through school and classes if they fell on a test that's the end their life is over but in reality it's not quite like that you know in businesses you can fail a ton of times and it's fine and as long as you're correcting course you're learning from your mistakes you want to be able to see how features perform a because them quickly pivot if you need to build up quick MV piece of new ideas that you may think is interesting and if you're high there's no good that maybe create another idea I remember I had met a few other entrepreneurs back in college and they had told me that it would take at least three failed attempts before I would probably come up with some successful idea and I just thought to myself wow I don't want to fail three times yeah I want to do it right away but in reality I made or look back and I see that I had failed probably 10 to 20 times when I was building up ideas I might make like 10 apps and I would expect one to succeed these days is very difficult for me to get really excited about any one single idea rather it's an area that I might get excited about a problem space working within that problem space how can I come up with various solutions and ideas to tackle that problem if I can identify a problem then that is going to be much more meaningful to me than just being able to say well here's one fantastic idea and for sure there's one fantastic idea is going to work because I know that this idea may fail but what will never fail is the problem the problem is always going to be there if no one has solved this problem yet then I know that there's at least some opportunity there the fourth bit of advice I have for you is to consider a marketing plan a vision for your idea to take it from zero users to one user to a thousand users and then to a million users and let me explain to you why one thing is I found that over time I had built a lot of products that nobody wanted to use these were the ideas that I thought millions of people would use and yeah I couldn't get a single person to use it I remember back in the day I made a job app where you could submit your resume to my little app and then people can go look at your resume and match up with such a job when I launched the project there were no resumes and no employers on there and the project failed within 24 hours within one day I realized yet this was a completely ridiculous idea why did I even build it no one wants it not assuming you figured out at least one person who wants your product I would encourage you to think about how you can expand that to say a hundred or a thousand people who might want the same product now the reason I say that the first hundred or a thousand people are the most difficult to get is because that is where you're still figuring out what your product market fit is can you set up a landing page where people submit their email addresses and you start collecting at least one hundred email addresses for people who want this product that you have in mind of building a lot of times people can think up an idea and this is very easy an idea that scales well to millions of people a typical idea is like a dating app in reality if you imagine your project with only say 10 people or 100 people and it doesn't seem like it's going to be interesting at that level then it's going to be very difficult to grow it to anything larger than that you're going to want a project that works well at ten people a hundred people a thousand people and then be able to scale it up to a million people and each phase your project may transform to what it needs to be for example Amazon started out only selling books that managed a smaller scale once it became bigger they were able to expand a whole bunch of different areas and do a bunch of different things whatever idea you have you may want to be thinking about how you gonna start small what the projects going to look like how it's going to serve just a few people and then how it's going to expand and mutate itself transform into something that can serve many different people we're getting a little short on time here so I'm going to speed things up for you a bit the fifth tip I have for you here is to work alone I love working alone and there's a few reasons for this besides the obvious reason which is that you don't need to generate as much revenue right if you have a co-founder you need to generate twice as much revenue to get yourself the same amount of income besides the obvious reason the main reason I would say is accountability it keeps you accountable once you have a second person in the picture if there's any piece of job or test that you don't really enjoy doing you just say like well it's it's that other prisoners job you don't want to do it you can say it's their fault when you're the only person there then you take full responsibility you become the owner of the project and you're doing the hard work that may be necessary once there's a second person I find I may begin to just slack off you know I might say hey if that other person my co-founders not doing work why should I do work let you know no one needs to work less I'll just go to the beach and we just end up self sabotaging each other I think co-founders are great to have and to bring in once your project starts to get more traction once you figure out hey you've actually got something going here and there's no chance that this project is just going to be abandoned or disappear then you bring in the co-founders and you start scaling up the business sixth tip for you is to finish the project too many people these days are interested I think in playing with some new piece of technology just goofing off playing around they don't have the determination that the NASA D the pernicious nough Stewie go through and finish a complete project wrapping your project up in a complete package set the impairment options making it accessible to as many people as possible putting on the final polish into a project to be able to ship it out you know I like to remind myself that the last 20% of a project requires 80 percent the work or you can even say that the last 1% of a project requires 99% of the work keep that in mind as you're going through that this is going to be your secret weapon something that you know that most other people will not know last final tip I have for you is to find a niche market be a big fish in a small pond you know you don't necessarily want to be peddling yura wares to millions of people it's just such a competitive area find the area where you have some sort of competitive edge but if you're selling hot dogs for example that's something anybody can do I mentioned that one way you can obtain this competitive edge is to check out our sponsor brilliant org slash tech lead you know it's the holidays so what better gift to give then competitive edge gift your loved ones the competitive edge of knowing math and science through brilliant org you know this really excites me because there's such a fun way to nurture curiosity build confidence and develop problem-solving skills crucial to school job interviews or their careers go to brilliant org slash tech lead and give them a subscription to help them finish their day a little smarter at this holiday as an Instagram influencer I recommend that you give this video a like and subscribe and I'll see you next time good night

22 thoughts on “The 7 Rules for a Successful Startup Business (for tech & software engineers)

  1. "let's look at the view…! U can imagine that you have a swimming pool out there.." ๐Ÿ˜‚ ๐Ÿ˜‚

  2. Copy peopleโ€™s idea…..just like the multi billion dollar valued drug industry and their โ€œme tooโ€ drug.

  3. I liked the contrarian view of 5. 'working alone' which goes against a typical SV mantra that co-founders are necessary. Truly an independent thinker and has wisdom beyond his years.

  4. What would you recommend for marketing a product, when on a tight budget? What different marketing methods would you use?

  5. "Maybe they can put a pool out there at some point" ya know, like a real hotel would. Absolute genius as always from our tech lead ๐Ÿ™Œ

  6. If the idea and implementation are good, number 5. Work alone – Accountability is one of the biggest reasons for companies to fail. The more co-owners there are, the harder is to keep them accountable. There is huge difference between 3 and 2, and between 2 and 1 when we are talking about co-owners.

  7. The levels of sarcasm are off the charts. And the pokerface while doing it.. man.. so darn well done :))

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