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New startup
Prakhar SharmaTop Contributor
Social media marketer, Content Writer
Asked a question 2 years ago

What is the best advice for first-time entrepreneurs?

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Prakhar SharmaTop Contributor
Social media marketer, Content Writer
  • Have a mission. Ironically the hardest businesses might be the easiest to build, because exceptional people want to work on hard problems, and great businesses are only created by exceptional people. Don’t be afraid to tackle a problem that seems so daunting you could never solve it. If not you, then who?
  • Don’t wait for anybody’s permission (well, except the government). If your idea is so hard that you need investors and can’t raise money, that’s your fault. Do a different idea. There are tons of ways to create value in this world that require zero investment dollars. I didn’t raise venture capital until my 3rd successful company.
  • Get started even if you don’t have co-founders. You’ll recruit better co-founders—and give them less equity—if you’ve made some tangible progress toward your mission.
  • You can derisk your business by having lots of parallel experiments going at once, and don’t commit hard to any one of them until you have discovered real product-market fit. The difference between a company with true product-market fit and one that is trying to force it is unbelievable. When you have built something that the world truly needs, the market will demand everything from you, it will drive your entire strategy and product development road map.