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Last Updated on May 30, 2021

Combustion
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Nov 07, 2020

There was a study done in the early 20th century of all the entrepreneurs who entered the automobile industry around the same time as Henry Ford; there were something like 500 automotive companies that got funded, had the internal combustion engine, had the technology, and had the vision. Sixty percent of them folded within a couple of years.

Dorm
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Nov 07, 2020

The mistake isn't releasing something bad. The mistake is to launch it and get PR people involved. You don't want people to start amping up expectations for an early version of your product. The best entrepreneurship happens in low-stakes environments where no one is paying attention, like Mark Zuckerberg's dorm room at Harvard.

Day
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Nov 07, 2020

In my first start-up, I had an initial advertising budget of $5 per day total. That would buy us 100 clicks per day. At $5 per day, marketing people scoffed and said that is too small to matter. But if you think about it, to an engineer, 100 real humans everyday giving your product a try means you can really start improving.

People
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Nov 07, 2020

Meritocracy is a good thing. Whenever possibly, people should be judged based on their work and results, not superficial qualities.

Me
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Nov 07, 2020

I asked all of our recruiters to give me all resumes of prospective employees with their name, gender, place of origin, and age blacked out. This simple change shocked me, because I found myself interviewing different-looking candidates - even though I was 100% convinced that I was not being biased in my resume selection process.

Diversity
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Nov 07, 2020

When it comes to meritocracy and diversity, the symbolic is real. And that means that simple actions that reduce bias, such as blind resume or application screening, are a double win: they reduce implicit bias and they help communicate our commitment to meritocracy.

More
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Nov 07, 2020

At IMVU, the cost of customer acquisition through our five-dollar-a-day AdWords campaign was less than twenty-five cents. Our revenue from those same customers was more than a dollar.

Believe
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Nov 07, 2020

Prove to yourself that your business, in micro-scale at least, creates value. If you believe it, you'll find it that much easier to convince potential investors, partners and employees, too.

People
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Nov 07, 2020

Science and vision are not opposites or even at odds. They need each other. I sometimes hear other startup folks say something along the lines of: 'If entrepreneurship was a science, then anyone could do it.' I'd like to point out that even science is a science, and still very few people can do it, let alone do it well.

Crazy
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Nov 07, 2020

Building the right product requires systematically and relentlessly testing that vision to discover which elements of it are brilliant, and which are crazy.

Nov 07, 2020

Except in very narrow cases, where there's breakthrough science that needs patent production, worrying about competitors is a waste of time. If you can't out iterate someone who is trying to copy you, you're toast anyway.

Progress
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Nov 07, 2020

When I meet with most entrepreneurial teams, I ask them a simple question: How do you know that you're making progress? Most of them really can't answer that question.

Effort
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Nov 07, 2020

I would say, as an entrepreneur everything you do - every action you take in product development, in marketing, every conversation you have, everything you do - is an experiment. If you can conceptualize your work not as building features, not as launching campaigns, but as running experiments, you can get radically more done with less effort.

Most
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Nov 07, 2020

Most phenomenal startup teams create businesses that ultimately fail. Why? They built something that nobody wanted.

Impact
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Nov 07, 2020

The Lean Startup has evolved into a movement that is having a significant impact on how companies are built, funded and scaled.

Money
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Nov 07, 2020

The reality is the Lean Startup method is not about cost, it is about speed. Lean startups waste less money, because they use a disciplined approach to testing new products and ideas.

Business
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Nov 07, 2020

There's nothing wrong with raising venture capital. Many lean startups are ambitious and are able to deploy large amounts of capital. What differentiates them is their disciplined approach to determining when to spend money: after the fundamental elements of the business model have been empirically validated.

Ideas
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Nov 07, 2020

When we're in the shower, when we're thinking about our idea - boy, does it sound brilliant. But the reality is that most of our ideas are actually terrible.

Next
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Nov 07, 2020

It's a really paradoxical thing. We want to think big, but start small. And then scale fast. People think about trying to build the next Facebook as trying to start where Facebook is today, as a major global presence.

Matter
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Nov 07, 2020

It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.

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