The Biggest Mistakes First-Time Founders Make - Michael Seibel
Vložit
- čas přidán 22. 07. 2024
- Y Combinator CEO and Partner Michael Seibel on the biggest mistakes first-time founders make.
/ mwseibel
Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year.
Learn more about YC and apply for funding here: www.ycombinator.com/apply/
***
Chapters (Powered by bit.ly/chapterme-yc) -
00:00 - Introduction
00:10 - Solving a problem you don't care about
01:01 - Helping users you don't care about
01:47 - Choosing co-founders you don't know well
02:22 - Not having transparent conversations with your co-founders
03:20 - Not launching
04:45 - Not using analytics
05:02 - Not knowing where your first users will come from
05:47 - Poor prioritization - Věda a technologie
Topics
00:10 - Solving a problem you don't care about
1:00 - Helping users you don't care about
1:40 - Choosing cofounders you don't know well
2:20 - Not having transparent conversations with your cofounder
3:20 - Not launching
4:45 - Not using analytics
5:02 - Not knowing where your first users will come from
5:45 - Poor prioritization
Hi YC, how do you select between 2 ideas?
Urside yikes
How ioouo
Iiiiuuuu
by creating MVP for both and running ads.
So love Michael's simple, clear and yet the MOST important points EVERYTIME! 🙌🙏
So good👍
3:45 "Do you remember the day snapchat, instagram, whatsapp, uber, or lyft launched? Most likely you don't. It turns out that launching is nowhere near a significant event to your users as it is to you." 😁 That's a great reminder.
I'm happy that the first two mentions on this list are lack of passion for the problem you are solving and the customers you are helping. These are usually discovered by reflecting on topics/problems you are genuinely interested in. These are crucial mistakes that come way before the mistakes you make in actually running the business (launching too late, not talking to your users, disputes within the team, etc.). May I also add the mistake of starting a startup for the wrong reasons (e.g. a way to get rich quickly) or lack of self-awareness (there are people whose personality and beliefs make it impossible for them to succeed in building a startup.).
I love to listen to Mike break down this issue. No wasted words, straight to the point!
Over 80% of these mistakes I’ve recently made. They’re terrible and I learned a lot. Thank you for this!
I love how concise it is. They really value the time of the people watching (and their own I guess).
We need more videos from Michael Seibel. There hasn't been any for a while, and I thirst for his knowledge.
5 months later, I'm here. Great content entrepreneurs all over the world can benefit from (though im in the bay area lol).
Thank you and please keep going. This CZcams Channel is high impact and has reach/scale.
Well I just came across your videos and seem to have made all the mistakes! Took me forever to get the product (mortgage originator software) ready. So many details! Learned a lot in just a few minutes. TY.
Wow! The simplicity with which this is delivered is noteworthy!
Useful content. Really enjoy watching the videos in this channel. For a startup founder this is educational as well as entertaining.
This isn’t knowledge, it’s wisdom 👏🏽
Great video Michael! Your way of explaining is so simple and easy to understand.
Thank you Michael, as always your advices are worth taking. I think the reason why most startups have hard time to find first users, just because they think about a solution/invention out of a dream or an pink idea, without taking time to analyse the problem. in Google they have the concept of project killing winner, the employees are encouraged to kill a project in the first stage, which means if a project can be killed early so it does not worth it and they put their time in another most valuable project.
Michael Seibel is the best so far, clear, direct and precise
But Google rejected idea of chrome.
michael siebel's short videos are so valuable!
Thank you for this videos. High Schools and colleges need to add an startup class in their curriculum.
Thanks so much Michael. I am learning a lot from you guys. Much appreciated. 🙌🙌🙌 YC
Really great advices for early stage startup! Thanks a lot.
You rock! You just so generously share your knowledge….God bless you!
As always, he is exactly right.
Thanks Micheal, I've shared this with a workspace here in Denmark. I appreciate your tips.
I am listening to all his videos and it’s ammmmmmazing , can’t thank him enough
What a wonderful video Michael!
Completeness
Concreteness
Courtesy
Correctness
Clarity
Consideration
Conciseness
Thanks for sharing 👍
Thanks 👍
Your videos are very helpful, thank you for sharing
Thank you. That’s a real help!
Thanks for sharing this very helpful video.
Excellent video Michael & Team amen.
Terribly awesome information. Appreciate humble truths for sure. Maybe we'll see each other one day!
Thanks for sharing,
James, Rescue Kitty😺 & Snowvan!
His advice is Gold! Love it!
You are making it to simple for me and it's cool.
I'm applying for the accelerator for 2020 but noticed they ask for founders. In this case I'm a solo founder so can I still apply?
Beside the content, I like how the mantra got framed and stands behind him :D
Great content.Thanks
How do you balance #1 /w pivoting towards product market fit?
Love the content, sir. More power!
Great video, really helpful - thanks for sharing
Very useful! I can relate many of them!
startups that we encounter it's actually
possible to get some form of MVP built and launched in less than a month . Must be applications only, Not Hardware.
Hey Michael, so true! Don't you think startups should be obsessed about customer satisfaction and wowing customers at every turn and turn them into your brand ambassadors?
His every word matched, listening to him is like a 7 minutes MBA!
Love ya Michael!
Every single thing he said I have been through in my first Startup; Michael, when are you writing a Book?
Solid advice. Thanks man.
this guy climb on the shoulders of some great co founders . thats step one
You the best big Mike!!
Awesome precisely 👍🏼👏🏼👏🏼👏🏼
great tips, a made almost all those mistakes
Such great info here!
Unbelievably accurate
ooh mike, please make more videos
I respect and agree Michael on almost the points he laid out. But this thing is I guess each startup should be cautious about it. It is better to launch *to the public when you think you at least have a product market fit. Nowadays it is hard to just launch half baked products because the market is getting more saturated and competition is more intense.
This is awesome. It's funny though, that Michael has to caveat everything so people don't rain down in the comments. These are directional suggestions, not gospel, and there's an exception to every rule. :)
Plzz write a book with all your knowledge
4:23: another example is health related products like therapeutic devices or drugs. The MVP better be polished. :)
Very sane and sober advice
Yup, you can see the sprite bottle on the left. This man is 100% sober.
Great video
Very Impressive for solopreneur
Sometimes startup fails just because you are after really small money or very small margins just like in logistics are. Or money from customers are just dripping in very slowly.
Thanks for the tips. I think I have made a bunch of these on other , but so far not this time 😀🙃😏
Insightful
So good.
Micheal was born a 'startup whisperer'
This is gold
Sir why don't you write a book something like zero to one for startups.
We hope you will make this happen
1:40 What are people’s thoughts on husband and wife founding teams? They know each other well.. But maybe too close.. 24 / 7.
I wonder what is the most mundane solution that has been funded by YC and has become a successful startup.
This is so stupid in my situation. Not ONE point is applicable to me. I LOVE my customer. I know how to develop software. I want to succeed. The analytics part is important tho
6:10 that is some solid drug dealing advice
Thank you Amit shah
Not launching is imho the biggest mistake. Everything else can be rectified, but if you never launch, you'll never know what's wrong
⭐️
Vending business like massage chair requires low investment. Anybody can own vending machine because it's easy to manage and can generate revenue quickly. It is very profitable and low entry costs and have the ability to scale over time.
I love this advice, but I hate how most startup advice is geared toward apps or software startups that have no associated hardware.
I probably made all of these mistakes.
But did you learn from them?
true
From bjp to y incubator amit Shah is best 😂
Bhai 😂😂😂
Lol
chronology samajh yar 😂😂
Lol
O bhai😂😂😂
👌🏾
1. Giving VC too big a stake, and losing control of their company and ideas. This destroys their idea long term as it is ruthlessly altered to be a more attractive purchase for a large company. Then you get edged out of your own company, and if you aren't careful, you get diluted so badly you have no money either.
2. Not protecting yourself from the inevitable lawfare waged against you by those very VC, who have convinced a large group to sue you into oblivion so they can dissolve you, mop up your IP, and sell it anyway.
3. The rest is details
In other words..wake the hell up. VC are not your friends. You may need to deal with them, but always assume they are adversarial and want to eject you.
These all sound like problems/mistakes 20 somethings make.
is it better to copy a business and build some cash flow instead of jumping into wild idea and risk losing your own savings
i think biggest mistake first time founder can make is that they decide to go like a first time
Can't even conceive of taking on all the risk and work and stress of a startup if you weren't in it primarily to solve a problem you care deeply about.
It's not too different than accepting a job you hate. Big money talks, bullshit walks.
@@wronggg love the comparison
@@0xandrei thanks
@@wronggg true. Still crazy to do a job you hate tho, even if the money is good
@@MatthewRiddett how many people get a job because they want a job vs because they need money? I mean, come on.
Thanks amit shah
😂🤣🤣, he looks like amit shah, but he is one of the founder of Twitch. 🤣😂
"Better to build a crappier product and release it sooner" - Totally dont agree by this. Particularly in software business (Programs, games, etc) this is a disaster and an example to be avoided. I can name 50 products in the software business but I will quote only one, the most well-known and recent: Wolcen. The guys took a marvelous, next gen arpg with so much potential and they release the product very-very early so it was a disaster. I will not go into technical details so as not to go into too much detail but the numbers says all: For the first week they had average 60k players - yes 60k- only on steam. Now they have average 500. Realy. From 60k player base droped to 500. So totally disagree with this.
Agreed, especially in gaming.
In other words, the things why u will be rejected by VC )))
When you don't have a co-founder, you can avoid half of those mistakes :)
Ummmm
Just so you know, twitch is a cesspool of softcore porn now lol. They betrayed their base, and now will suffer for it
Spoken like a true gate keeper.
What do you mean