Linda Thompson's Key Ideas from Zero to Sold
by Arvid Kahl

Start Small, Stay Lean

• Bootstrap your startup and avoid premature funding that adds complexity.
• Begin with a minimum viable product to validate assumptions before scaling up.
• Keep operations lean, delaying hiring and overhead until revenue justifies it.

Scratch Your Own Itch

• Build products that scratch your own itch - solve a problem you personally face.
• This ensures a target audience exists and allows intuitive refinement based on your own user experience.

• Continuously identify and focus on delivering the core value that customers truly want.
• Say no to superfluous features or scope creep that don't address the core job to be done.
• Refine strengths rather than chasing breadth.

Proactively engage with real and prospective customers to understand their needs and pain points. Solicit feedback early and often.

Iteratively improve products based on user insights rather than assumptions.

Automate processes only after nailing down the essentials. Avoid prematurely over-automating before identifying core pain points.

Outsource selectively - don't relinquish control of critical processes.

Be extremely selective when hiring team members as early hires are crucial.

But part ways quickly with wrong fits - the wrong people can sink a small business. Opt for skill fit over culture fit.

Obsess over your sales funnel by monitoring key metrics.

Diagnose and improve lead generation, conversion rates, and customer retention through testing.

• Manage cash flow aggressively, not just profitability.
• Tight cash flow will cripple otherwise viable bootstrapped businesses. Maintain adequate reserves and runway.

• Bootstrap to maintain control rather than giving up equity prematurely.
• Take funding only when needed for pivotal growth. Retain leverage to make key decisions.
• Have a target sales number in mind that allows an attractive exit.
• When a serious acquirer offer meets that number, be psychologically ready to walk away on solid terms.