How do I find the right balance between learning and working on a startup?
I'm just wondering how do I find the right balance between learning about more in the field and starting a startup. If i start a startup too early (most probably tech startup) I'm afraid that I'll lack the necessary experience to build/improve the product. But on the other hand if i spend too much time learning new things I might lose opportunities? So for example I could have a choice between starting a web app right now (just an example) or spending the next 2 years learning about machine learning. How would I decide which one to pursue? Thanks
Man, you are over thinking. Startup itself IS learning. Starting a company does not mean you will have business. Getting business is hard and illogical. You learn everything books do not teach, and you learn by failures, which is inevitable because the books never warned you about real life.
If you really want to start a business asap, then you'll have to forget about the joy of learning the ins and outs of building a product and focus on the fastest way to validate your idea.
That can be an incredibly difficult question, but I might have some advice.
Technical knowledge is something that you will have forever, so invest in education. It’ll open your opportunities and ideas later on, especially with machine learning and AI.
However, if you’re certain that you want to pursue a startup, do it! You’ll learn an incredible amount of valuable information which you can take away. Before you choose this option, ask yourself what you want from your startup, and if you have a precise plan on how to get there. You can lose an incredible amount of time developing something, only to find out it’s not scalable, it’s not investable, or maybe people don’t even want it to begin with. (Which happens pretty often!)
I would lean towards studying machine learning and surrounding myself with people in that community. You can always launch a startup later, and perhaps using a completely different design or architecture than you’re thinking of now, alongside additional knowledge and a new community of people.
Whatever you decide, it’ll all work out!
Keep it up!
Start side project on every domain that interests you. Build things. Try, experiment. Figure out what you're good at and what you like working on.
Question asked by
May 16, 2020, 1:30:51 AM
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Startup Lingos To The Point
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.