New answers tagged bootstrapped
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All the suggestions are valid. Though I think there's something Eric Ries mention in one of its books that keeps to be essential:
After having potential customers, learn to measure what your product is being able to achieve in terms of usage, logins, money. If you can't measure, you can't manage it. I'm saying that for my own experience in the field;
Learn ...
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I'm assuming you'll want to bootstrap a software product.
Most bootstrappers are jack-of-all-trades, working on their products on free time while staying in their full-time jobs to finance the new business.
To take that path, you'll need to know how to:
Market your product
Design your product
Implement your product
If you have money, you can outsource ...
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You need to find a small project you can complete yourself (or with a partner if you have one) in 1-3 weeks.
Then you need the money for a shared hosting account (approx $5/month) and a domain name (approx $10/year), you setup a web site about your new project and you start "selling" it (that is, getting people to the web site and collecting e-mail ...
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Do you have to have money to start something?
Do you have to have startup culture around you to start something?
I my opinion none of these necessary. Most important is your determination on doing something. It's the same in any job. The more determined you are the more success you are going to have. Don't get distracted about your situation.
Sure, if you ...
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I just wrote a blog post today about that. I think your first startup should definitely be B2B and the short version is:
Identify your best target customer
Identify a problem they are willing to pay for
Make sure it's repeatable, meaning other companies have this problem and they will pay money for solving this problem
Build something that would solve ...
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Spin-outs are not as uncommon as people think but just be very clean in the separation, especially wrt IP issues and service agreements (eg distribution or support). Making the assumption that the parent firm is an investor might be worthwhile testing ... are the decision makers happy with the equity split, what about future capital calls or outside ...
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This may come too late for you, but may benefit others who read this.
It's never too early to start measuring. It always helps to have data available and the measuring part is relatively cheap and easy. It would be nasty to find out later that you are missing data, for e.g. calculating your Customer Life-Time Value or some other relevant SaaS metric.
But ...
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