I don't know about you, but I like to build products/services with actual users.Better yet, paying customers. Because we humans unless we pay for something, we don’t value it. (Hence ~30% of you won't open this email even though you know you should) This week we discuss how to find winning biz model and build it…even if you are not Elon Musk. FRAMEWORK: Piggyback + Leverage + ExecutionI have a framework that I use to start businesses with real customers (investing and community) the lazy way. So I thought I’d share with you that formula. Because the truth is the majority of founders aren’t rocket scientists, we aren’t moon shooters, we largely take something that exists and iterate on it. No Elon Musks in here. STEP 1: Piggyback off someone else’s idea As much as I am a proponent of innovation, I am also wary of market adoption of the new. In fact, Product-market fit is the single biggest reason why businesses fail – according to study. Sure, everyone wants to talk about their new AI-powered, Web3.0 crypto mining app, but I’d rather de-risk and vet the feasibility of the idea against something with proven track record. Enter: Dorm Room Fund – a VC fund that invests in promising student (like you!) founded businesses. I’d start here and look through companies under their portfolio. Here are some interesting ideas:
Found one? If yes, then the answer is clear. STEP 2: Know your leverage
Bottom line: If you have $$$, start there. If you have coding ability, start there. If you don’t have either of those, start writing and maybe get an internship with a highly acclaimed founder first. STEP 3: Get obsessed with execution The hardest but also potentially the funnest part. When I first started my investing biz, I thought it was all about excel modelling. Turns out, I’d benefit much more from learning negotiation than financial modeling. Business is less spreadsheets than words. That said knowing basic P/L and Sales Forecasting is still critical for any founder and/or if you are looking to expand your career options. Sneak peak into a sales forecasting model we built at OCE last summer (also a real interview case exercise for a Big Tech company): On the topic of execution, here are some of the software I use to automate my projects to operate EVERYTHING remotely – App/website/prototype: Softr.io – no code solution to dynamic app/website, connects to airtable App Integration: Make – alternative to Zapier, workflow automation Project Management: Monday.com – alternative to Notion/Airtable, have better visualization imo Generating Leads: Convertkit – alternative to Mailchimp/Mailerlite, I use this for the weekly newsletter Lead Magnet: Beacon.by- drive traffic to my subscription Accounting: Quickbook – Bookkeeping TLDR: Ideas are cheap. Execution = King Bet you didn’t learn that in school. But you’ll learn it here. Lena |
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