# At the very beginning focus on a niche, passionate group of potential customers

### (at minute 25:04)

Founder Lesson
Founders who focus on their own passion projects are often told that their ideas are too niche & small. While this is sometimes the case, it’s important to remember...

• Lots more people are coming online and spending more money online, so all online markets are growing over time.

• Many successful . . .

# Founders often don't have a grand plan at the very beginning

### (at minute 16:10)

Founder Lesson
History is often re-written over time. A great example of this is startups that are successful. After reaching a certain level - for a bunch of good reasons - the origin story of startups is altered for PR reasons. The re-written story goes something like “the underdog founder had grand plans from the very beginning and has . . .

# What angel investors want to see

### (at minute 41:46)

Founder Lesson
As a group of investors, angel investors fall into a tricky middle ground that founders should understand and appreciate. Angels are typically individuals who are able to invest $10,000 to$100,000 personally. Most angels that I encounter act like friends & family investors - they focus on the people and idea. Like your . . .

# The only metric that really matters for an early startup

### (at minute 7:05)

Founder Lesson
Momentum is oxygen for startups. This is something that I’ve experienced many times. Momentum can be anything that motivates you and your team. Getting selected for a big conference. Convincing a local angel to invest. Getting a good press story. All of these small victories keep the founders going and make the difficult . . .

# It's really hard to get minimum viable product right

### (at minute 24:01)

Founder Lesson
Since product-market fit is maybe the most important step in a new startup, deciding what to test and what initial product to create becomes pretty important. I find that most founders do the “kitchen sink” method of including everything. This methods takes too much time and money. Another group goes the Lean Startup route . . .

# Who are your real competitors?

### (at minute 21:54)

Founder Lesson
Over the years I’ve struggled with how to think about competition. There are obvious competitors in your industry that you can find with a simple Google search, but I’ve found that the best founders think more deeply about this topic.

The best founders fixate on their primary customer value proposition and who else . . .