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We dream of changing the world, of doing something never done. We want to disrupt old models and build new ones. We dream of reaching scale.
According to the author, those who aspire to make an impact on the world should have a mindset of entrepreneurship. The author points out that it is not just about having the right idea, it is also about having the courage to start and the willingness to fail. The author also believes that it is important to have faith in one's idea and to be willing to face resistance in order to grow.
Getting to “No”
Kathryn succeeded in her business, The Muse, after getting "nos" from some of the smartest and most successful investors in Silicon Valley and New York City. She trusted her gut and listened to the feedback she was getting from her users, which helped her make adjustments to her business and achieve success. The most overlooked opportunity among early-stage entrepreneurs is the information to be gathered from different kinds of “Nos.” A “No” can turn a good idea into a game-changing one. A “No” can clue you into the size of your idea. A “No” can help you refine your strategy and your goals. The gold is buried in the “Nos.”
LinkedIn was founded in 2002 by Reid Hoffman and his co-founders and initially faced resistance from people who didn't understand its potential. However, by opening up the network and letting people share their professional details openly, LinkedIn became a viral success and was acquired by Microsoft for $26.2 billion in 2016.
The first step when trying to get investors for your idea is to try to get a positive response from them. If they say no, then you need to move on and try to get a different investor. If they say no but give you some feedback, then you should try to use that feedback to improve your idea. If they say no and give you a negative response, then you need to be honest with yourself and decide if your idea is worth continuing.
Start Small
When starting a product, it is important to get feedback from early users to refine the product. This is a "pre-scale moment" where the product is refined based on direct feedback from users. This stage can be a "golden period" for some founders, but it may not feel that way at the time. Founders who focus on handcrafting their product instead of going big risk not having a successful product.
The author advises starting small by hand-serving your customers instead of thinking about how to serve a large number of people. This will help you to focus on the customers who will be most important to your success.
Start when you are broke
Mark Cuban says, “When your back is against the wall, when you’re broke and you have to come up with something, you’ve got nothing to lose”. “If you try and you fail, you’re back where you started. You haven’t lost anything—so why not try?”
Entrepreneurship is not about having a "lightning strike" or "aha" moment, but rather it is about being persistent and always looking for new opportunities. Even if your first idea doesn't succeed, it may just lead you to your next big idea.
Kevin started the app Burbn which was simple and only had one feature which was to check in to locations. He then found a partner in Mike Krieger and they focused on just one feature which was photos. They then pivoted to make the photo feature the main focus and made it easier to add filters. This led to Instagram being launched and becoming one of the most popular apps.
The author says, an idea doesn't come out of one's brain perfectly formed, and that it takes many people to turn an idea into a product or company. One of the most important things that a founder can do is to talk about their idea to a lot of people, and to ask for feedback on what's wrong with it.