Dustin Moskovitz, co-founder of Facebook and co-founder and CEO of Asana, spoke about the WHY to start a startup in this lecture, and Sam Altman, President of Y Combinator, spoke about the WHY. They also shared useful insights into the world of startups and shared certain obstacles and realities of starting one.
Why Start
For the sole purpose of financial success and being your own boss, you must be thinking of starting a company. We all want this, okay? Dustin Moskovitz spoke about the hopes vs. reality of establishing your own startup vs. entering and incorporating your own ideas into an already existing business. He made some valuable points and, long and hard, it is important to contemplate them.
Moskovitz has shown that most startups experience funding stages and that some are discarded along the way, with just 1% achieving the final stage. He added that you need to have: a brilliant idea, outstanding execution, and a lot of luck for those things that happen that are out of your control to get to that point. And when are you going to actually start a startup? It’s when you can’t do it, according to Moskovitz, when you’re passionate about it and you feel like you’re depriving yourself if you don’t do it.
The universe of something brilliant.
The purpose of the lecture is not to discourage the reality of what they are getting into, but to make it clear to the audience. This practical point of view, particularly if you are surrounded by idealists, is crucial.
How to Start
He made some interesting points, and the first one is to surround yourself with people who will help and not belittle your goals.
One catchy thing he said was, “I think this idea that starting a hard company is easier than starting an easy company is still a big secret.” He explained this by saying that starting an easy or a hard company would be just as difficult. The only difference is that when you are working on a cool yet challenging concept, you attract motivated, enthusiastic individuals.
He emphasizes the importance of having a very good co-founder with whom you have a common experience with. This, he says, sets up the bond where you don’t let each other down. He essentially deals with this philosophy when it comes to recruiting people: principles first, aptitude second, unique skills third. He then went on to demonstrate that talents are beaten by attitude and determination.
What he said about goods is not the last point, but certainly takes the highest precedence, “A great product is the single most important thing you do.” Explaining that you can get all right in building your startup, but it will still not succeed if you don’t have a great product.