I spent most of 2011 trying to do a startup for the first time. Some stuff I learned:
1) The hardest challenge is self control. It’s about showing up every day and being consistently focused. People like talk about startups, success, and failure on the scale of grand decisions, but in reality it seems what works is accumulating small advantages over time.
2) Shipping the first version is important, but it’s just the beginning. Stories of how they just slap together a prototype, hit the viral coefficient jackpot, and in comes millions of users and dollars are great to hear and fantasize about, but it’s good to be mentally prepared for the long run. On the same lines, milestones like hitting 10^x users and getting funding are great, but after they happen, there is still a long ways to go.
3) Working hard is easier than I thought. The most difficult part is building the habit, then it just comes naturally. Motivation is easy enough to find. Something or someone owns you in the face often enough to provide a consistent stream of motivation.
4) Being a good entrepreneur means mastering a complex set of skills. The most important aspects include programming, product sense, and ability to acquire users, but the list is quiet long, and it takes thousands of hours to become proficient at each skill. So for the most of us, there’s a lot of room for improvement.
5) Any market you enter, your competitors have been doing it longer, has more existing users, more money, more domain experience, and more everything. It’s just a reality that you have to get used to.
6) We make mistakes all the time. People talk about having to execute flawlessly but in reality we make a lot of decisions without sufficient information and do a lot of stuff we’ve never done before, so we should expect and embrace mistakes from ourselves and teammates.
7) Occasionally taking time off is crucial. Sometimes it’s the only way to get a good glance at the big picture.
8) PR is a double edged sword. It can be a great asset, but also a huge distraction and time sink. This includes blogging an tweeting.
9) In the early stage, the game of startup can be approximated by two variables. The only “resource” that matters is time(money just converts to time via on burn rate), and the only “score” that matters is traction. Convert time into traction at an efficient rate for the win.
10) If entrepreneurship is a game, then we are incredibly lucky to be even playing. Sometimes we forget to count our blessings and it seems like anyone can just choose to do a startup. But so many things have to be in the right place to even start. We need the right education/experience background, the right environment, the right support group, the right cofounder, and great teammates that believe in and support us. So during those times when it seems there’s only an astronomical chance of winning and the lucky breaks just won’t come, just remember that we are already at the right place and the right time.
Chinese Turntable.fm clone - took longer than I thought (via TechRice.com)
I sometimes get requests from start-up friends in the US asking whether there are Chinese clones of their companies. So I thought it would be neat to make a really simple website that kept track of who’s copying who. Each company would have a page showing other companies copying or being copied by it.
I found myself with some free time this weekend, so 2 SQL tables and 2.5 hours later, I got this uploaded to a production server:
At this point I had to get back to my real project, so I shelved it and figured I would come back next weekend to add stuff like graphs, english translations, and a real domain name….
Then today I came across a site that had just launched called “copy factory”, denoting themselves as a cruchbase that emphasized relationships between companies. I took a look and it seems like whoever made it seem to have spent a decent amount of time on it, since they had a user registration system, pictures, and everything:
Just as I was about to concede on them having done it first, I noticed this:
Dude they totally ripped off my favicon!
My site on copying just got copied. Oh well, just another day in China.
Open letter to BlackBerry bosses: Senior RIM exec tells all as company crumbles around him -
What an awesome letter
Just had a pleasant and rewarding tour through the bay area. It was great seeing old buddies and meeting new friends.
I’m excited to go back to Beijing and tell my team about the incredible entrepreneurs I got to meeting, and all the things I learned from them. If I had to sum it up, it would be to dream big, act small, and work relentlessly.
Until next time!