Hello Side Hustlers,
We at WSHdom.com have been sucked into the world of “Start-up” bros (both male and female), and it’s been amazing.
We spent a day with some of our friends and browsed some of the Startup literature and blogs on-line just to get a sense of “WHAT MOTIVATES” and “HOW TO ” Start-up.
We asked the question –
But how does one land a great Idea, worthy enough to put more than the time you’d usually put into a job – on a highly risky chance of a business. And then asked Why ?
To understand their motivation !
Entrepreneurs are 24X7 – and that takes some level of commitment. We also need so many things to line up, like your stars and luck, despite the great idea and thought. of course
Most want to change, disrupt the world status quo, but the ones that really fascinate us, are those that just want to solve their own simple problem, for example, getting a cab after drinks (Uber) or having residents of a town share their extra room, cause a convention is coming to town. (AirBnB).
Maybe here is an exercise for you want to do : Have a hunch, notice what needs fixing. Fix it.
- Founders had a problem
- They could themselves (almost) build a solution
- No one else thought it was worth solving
Look for urgent problems that need to be solved, even if the target / potential market is small. That solution will grow beyond even your imaginatiation and find larger markets in time. Like AirBnB (Room share app, during event weeks) and Uber (Getting a Cab on call in SanFrancisco after drinks).
Validation : Think about – If this solution is so amazing, would potential users pay for it as a service ?
That’s Validation. Forget the millions, build for a few thousands that want this a lot.
This is hard to hear – but here it is –
“If you are the right type of person, you’ll have the right type of haunches”
She says – “there is no course or degree – but to become a startup creator – you have to be like other start-up creators, it’s a zone”
listen intently, notice, be prepared to be able to make an idea into a business …
like a trained Showlin Kungfu Monk, be ready for the idea – and respond with an “All In” …. whao !
The other thing we heard was –
“Live in the future, then build what’s missing”- Paul Buchheit
Sounds like those Web 3.0 Crypto Bros, no ?
It makes so much sense. You are part of that tribe, of inventors and explorers that are willing to go forth … Solve.
If it scales, despite the various challenges and unpredictability, you win.
See the gap in the world – and think of, how you can fill it.
Don’t sit in a room and think about a situation or problem solution that someone may want. Live it, answer the question – we can build this, to solve this.
Don’t think up – but notice in real life.
WHEN DO I QUIT MY JOB AND JOIN A STARTUP ?
The other thing we learnt from many conversations about superstar founders and generally successful people.
They did a fantastic job at their workplace, but like all good things – there is a ceiling. Some can get VERY competitive and motivated with moving up to CMO , CEO …
but for others – it’s their alarm ping to move.
It’s not easy when you need that EMI paid next month, or that rental bill cleared – so uncertainty is not fun.
Develop a little packet of “Fuck you Money” – “we joked about it around the coffee machine”.
They call it that, cause they deam of the day they can say “Fuck you” to their boss, on something menial. We at WSHdom do not encourage that behaviour at all … but ha ha ha !
FUM stands for about 4 months of salary. This should take you about 8 months of saving and investing to gather. This also means, if you make this – you’ll be able to make it without borrowing for 6 months when you are searching for your next gig.
For our friend – it would take about 2 months for her to get a job, “if I absolutely have to”, she said
“So that gives me 4 months of Start-up exploring to spend time on to find my co-founders and validate my concept, and maybe another 4 months to pull through expenses on a mix of withdrawals and friendly family loans.”
Each one has their own logic, some have the privilege to pursue a concept because their family support system is encouraging, some have made high returns while investing in crypto, and the stock market.
But the drive to create and win, is probably the first vessel that is common and needs to be encouraged and motivated.
We hope all of you fail a few times and gain the experience to win eventually. Go forth.
(This is not financial advice)
SO .. IF I’m in college, what should I take up as an extra course or an experience earning job ?
We asked this to some of our founder friends …
“There is no course to finding a billion dollar new Idea and making it. Forget about the StartUp Idea and just do things that keep you engaged, and learning all the time.”
She spoke of Facebook, and how it was great that Zuck was a developer, and could make a version 1.0 just to see how it floats.
She said, learn how to code if you’re not a coder, and learn lateral skills like ‘gene therapy’ or ‘dentistry’ if you are a coder.
The magic is when you and your friends (other coders) can develop for, after having inside knowledge of, the workings of another domain or area.
This is not gospel truth, but what it did shine a light on is – when you are solving, try and solve in the domain you have reasonable knowledge about, because of the obvious problems with your Idea – you will already filter, cause know more than superficially about this.
Do different things. Notice, and explore by testing your idea, don’t keep Thinking about it.
Have fun with it – Make things when you have time over holidays, make apps, games, solve social situations with your friends using tech. Example – someone came up with an Idea to split the bill … someone managed a holiday kitty / pool for a group using an app. These are stepping stones if not million dollar ideas by themselves. Toys and Games are so important because you are also building for enjoyment. Explore that. It gives you UI/UX (User Interface, User Experience) insights that you will use as you make the next app. These failures are anything but failures.
SIde Hustle On !