Launch a Startup | Day 3

Launch a Startup | Day 3

Launch a Startup | Day 3

Ankur Warikoo | Startup Course Summary

I stumbled upon this course from Ankur Warikoo where he goes though the mindset and pitfalls to start a new company.

You can find his course here

Let's see all the important points I saw in the course:

Make sure you are doing it for right reasons

Are you Obsessed?
The right way is to be obsessed with a problem, not a solution. Find something that you feel strongly about. It could be something that needs to be changed or done differently.
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Are you Driven towards this cause?
Notice if you are driven towards this cause or not. Notice your past actions. Did something ever drove you towards taking any action for this cause? Find something you worked on with full drive.
Example: Taking care of a stray dog, or trying to improve a flawed process, etc
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Check your Ego
Harsh Truth of Entrepreneurship: it shows you that you don’t mean anything. What you have done - doesn’t mean anything. Your education - doesn’t mean anything. Everything is driven by market. Only the product and marketing matters. How well it serves the market.
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How the Great Men tackled Ego?
It's easier to just look at your life and your needs. But if you only recognize your needs, you will miss out on a very large section of the world. You have to dilute yourself. Stand up for something. It could be your family, friends.
Or you can represent something even bigger, like your Nation.
What GITA says about Ego?
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Find a Problem



pick ideas from other Market or Country
Every Developed country has gone through the exact same or similar problems as INDIA is facing today. You can easily find products that are being used there and map it to Indian market.
Example: Paytm is an exact copy of PayPay (Japan).
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notice your problems (basic step)
Your journey starts here. Keep note of all the problems you see.
It could be a painfully long office line, or unclear rules of a process. Maybe there's electricity shortage in your area, or no good way to buy something.
Verify if other people are facing same problem. How much trouble is this causing?
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vitamin or pain-killer ?
Vitamins - things that are good to have, but their impact isn't clear right away. People may not need to everyday or right away. Less pain is associated with this.
Pain-Killers - things that are very important. People notice when they don't get them. These problems cause a very noticable pain. These are urgent than other problems. People tend to pay more for these.
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what we do everyday
If the problem you are looking at is associated with something you/people do everyday, there's a high chance that it's a good idea. Focus more on everyday problems, things people do everyday like clockwork.
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Net Promoter Score
NPS - if 100 people are using a thing, what percentage of that will talk positively about it after using it?
Find the things that almost everyone uses it, but almost everyone cribs about it.
Example- public toilets. Everyone uses it, but no one ever have good experience.
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How to shortlist a startup idea?

Shortest possible path to identify if this idea is interesting



Name the Product
Come up with a good name for the Product/App. Here are some important considerations while searching for a name:
Describe the job- Grammarly is a great example. People check their grammar with it.
Real words with complimentary meaning- Mustang Car (Mustang means horse, which is fast and sleek).
Compound Words- PhotoShop is a great example.
Acronym- Come up with a phrase and then shorten it. HCL, IBM, etc
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One line description and "Problem"
Use main keywords in this. Keep it short
This is what your produc does, "Track live score", "Watch movies", "Order Food Online"
Example: EduTech app.
we have built a deep learning technique which monitors is the person seeing the tutorial is paying attention or not.
so we solve the problem for online platforms or teachers to find out who is paying attention or not
problem of attention.
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Logo and Landing Page
One page description of what the product does. This is where the desciption from previous step goes.
Call for action - Ask user to enter email or phone number to drive some action, in return of something.
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Create an Ad - take them to landing page
You can do it on any platform.
Google - for general lookup
Facebook - for wider reach
Instagram - for younger audience
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Measure the user interest
How many people saw the AD?
Click through rate (CTR) - what %age of people clicked the AD. 1-2% = good CTR
Cost per click (CPC) - how much i paid per click?
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create different ads
Same AD won't work on everyone. People are of different types. One such categorization comes from Richard Bartle (1996)
Achievers (Winning mindset), Explorers (discover new interests, surprise), Socializers (motivated by social interactions), and Killers (motivated by the competition and conflict).
Create ADs per customer type. Multiple ADs per product. Multiple ADs for different segments of people.
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