Build a company around a problem that you... - Deepstash
JAMES BESHARA

Build a company around a problem that you yourself have.

JAMES BESHARA

5

STASHED IN:

25

Founder quotes and tricks for building a great product.

STASHED IN:

0 Comments

MORE IDEAS FROM How to 10x Your Chance at Startup Success

To 10x your chances at startup success: Fix a problem that you yourself have.

  • Make a list of 15-20 problems in your life 
  • Rank them by the most painful 
  • Build a product that solves one of them

This is crucial because:

  • You’ll have a familiarity with the problem which will help you design a solution
  • You’ll have knowledge of existing solutions and what they lack
  • You’ll know about the space
  • Youll know about your target market and customers

Building a company for a problem you have is better than building a company for financial reasons.

10

STASHED IN:

30

When looking for your first hires, you need to find people who are as passionate about solving that problem as you are

If you’re trying to build a startup in the software space but don’t have any coding experience, find a cofounder that does

Not every company has to be a venture-backed startup. You can build a successful small company that’s an awesome cashflow machine.

1

STASHED IN:

21

When building a company, launch earlier rather than later. 

By launching early, you’ll get feedback from customers sooner and will be able to make adjustments to improve the product.

Refine and refine your solution to better solve the problem your customers face

3

STASHED IN:

22

At a certain point, your company will be too big for you to do everything. That’s where delegation comes in.

If you’re too much of a control freak, you won’t let others blossom and you’ll limit the growth of your company.

When you delegate, you won’t get 100% of the results you want, but you will get 90% of the results with only 5% of the work which is an excellent tradeoff.

4

STASHED IN:

22

Why did James move from San Francisco to Los Angeles?

  • James felt there were more creative individuals in LA than SF
  • SF was an engineering-focused space that was very financially driven
  • The relationships in SF tend to be more transactional than anything else
  • The culture in SF was a serious city that didn’t value humour in people
  • In SF, there are 200-300 investors for every great idea which lowers returns and makes it harder to get into a deal
  • James believes that in 5 years, LA will become the creative capital of the world
  • LA already has a lot of amazing companies such as Snapchat and Honey

1

STASHED IN:

22

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP:

RELATED IDEA

How should your problem look like for a startup?

In a world where there tons of problems found daily, tons of ideas culminating in minds, only few of them sustain, and remaining, fail! So what exactly are some of the things that you should keep in mind about your problem, before you think of starting up! Not all are necessary, but multiple are recommended.

  1. Popularity: Many people should have that problem.
  2. Growth: Your problem should be growing.
  3. Urgency: The urge to solve that should be considerable.
  4. Expensive: People should be willing to pay.
  5. Mandatory: A solution should be mandatory.
  6. Frequent: Your problem should arise frequently!

5

STASHED IN:

50

Maybe that isn't a lol, right? Yes it isn't. But what if I say that you are your own kidnapper.

 yes, we are all our own kidnappers. We have kidnapped ourselves from the life we actually want. For lame excuses such as, 'maybe that isn't stable or safe.' or 'I didn't think there was a better option'. You tell yourself that boy, this is a good job! even though you feel like it is not. Your gut has 200 million neurons there equivalent to a dog's or cat's brain. It knows something you don't.

4

STASHED IN:

23

.. is the show business capital of the world, being synonymous with power, money, glitz and glamour. It is the abode of famous TV and movie studios and record companies.

2

STASHED IN:

55

STASHED IN:

0 Comments