Crypto is made up of startups & VCs
Understanding them will give you an edge.
Here are 8 lessons from the Startup World 🧵
This may be better to listen to. Here's the video on my youtube channel:
youtu.be/nkHOGhNS91k
Like & Subscribe!
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1. Lean Startup Philosophy
The lean startup methodology is a more recent way of thinking in the startup world.
There’s a key flaw in how most people approach building.
A lot of people like to build the “perfect” product first, then get it out to the market.
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The problem with this approach is that your image of perfect is usually wrong.
You can come up with a list of features, make it look pretty, do great marketing.
But, that’s YOUR image of a perfect product.
When you’re building something, your not making it for yourself.
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You're building for your users.
Your initial idea of a perfect product isn’t going to be the user’s image of perfection.
Why? Because you came up with this definition by yourself.
Instead, the lean startup method focuses on talking & learning from the users.
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It focuses on
Getting out there,
Talking to potential users,
Identifying what they truly want
Learning as you go & then building.
This is a very useful framework that forms how I approach most things in life.
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Often, we wait too long to do things because we fear it’s not perfect.
However, your pursuit of perfection is holding you back.
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Instead,
1. Do basic research & jump right in.
2. Talk to people who know more than you. A 30 minute conversation can teach you way more than hours of research.
3. Learn as you go. Keep an open mind. Look at the data & what people are saying. Keep adapting.
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I started this twitter account on a similar basis.
I was reading a lot about crypto & wanted to write.
But I kept putting it off, waiting for that perfect topic & the perfect 1st thread to come in.
Finally, I jumped right in. My first thread didn't do great.
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But that’s okay.
I kept writing everyday, I kept what worked & discarded what didn’t
Slowly, I got a LOT better at writing, grew the account, & it opened up countless opportunities.
It all started because I let go of this notion of perfection & learnt as I went
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2. Customer Discovery
Customer Discovery is another part of this lean startup methodology that @sgblank talks about.
We’ve established that your definition of perfection is usually wrong.
The way you figure out the right one is by talking to people (potential users)
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Your goal is to learn
Want to start writing threads?
Reach out to threadors, ask them how they approach things
You want alpha?
Talk to people about their market views
There’s no info in the building. Get out, start now & learn from others
steveblank.com/2020/04/07/customer-discovery-in-the-time-of-the-covid-19-virus/
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Here's a task for you guys.
Set up 1 call this week with someone in the crypto space.
Do that consistently & you’ve become 10x better.
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The 1% chance of success.
A lot of good VCs tend to perform this though experiment.
They imagine the slight possibility (1% chance) that this actually succeeds.
Then, they think about all the factors that would need to happen in that situation.
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Is that realistic?
This is rooted in first principles.
In crypto, narratives change fast, you make huge gains by getting in early.
Look at projects with a similar mindset. What needs to happen for this this pop off?
Break things further
twitter.com/Cov_duk/status/1535430989622611968
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3. Networking.
Knowing the right person will unlock the door.
It’s pretty straightforward. Just aim at having a conversation with someone.
Reach out to someone similar & set up a call.
Here’s a good thread by @Crypto8Fi on networking:
twitter.com/Crypto8Fi/status/1543672686693388290
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4. The power of leverage.
Small things compound.
Start right now, talk to someone new, write something & repeat.
twitter.com/naval/status/1002106224123432960
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Say you talk to 1 person every week, by the end of the year
• You’d be connected to 52 people interested in crypto
• You’ll get info on different areas of crypto
• Tons of opportunities that you can’t event imagine
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5. Set up Small Tight Knit groups
Find people you vibe with & w different areas of interest
Share mistakes & learnings. As a group you might make 10 mistakes
But as an individual you’d only make 1, cuz everyone is sharing what works & what doesn’t
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6. The team
Teams make or break the project. VCs would rather bet on a good team with a bad idea than vice versa.
In your research, pay special attention to the team. If it’s a bad team they’re not going to succeed.
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This is harder with undoxxed founders.
But you can look at:
• How they communicate
• How they deal with obstacles,
• Whether they’re learning from the community.
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7. A lot of things are held together by strings
With startups, there’s always a new fire that needs to be put out.
It may look pretty from upfront, but behind, a lot of things are barely working.
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This isn’t necessarily a bad thing, good projects fix these problems as they go.
However, it’s important to be aware & to make sure that what actually matters is working.
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Being Dynamic
Crypto is very fast paced.
What works today will not work forever. Keep moving, learning & getting better.
Your old trading strategies won’t always work. The current narrative won’t stick around forever.
It’s critical that you experiment, adapt & move.
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I hope these 8 Lessons from startups were useful.
• Give this a RT
• Follow me @Cov_duk
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