GitHub founder tells you how to bootstrap a business
youtube.com
youtube.com
why? for control, to be the boss, to have freedom. A lot of pain to go through
save money
team takes years, so start thinking about it now. Who's going to be on your team? How are you going to finance this? eg. consult, sell your car
market Bootstrapping won't work for every kind of business. Best way is to sell to business, can sell for a lot of money, so you only need a few sales to reach profitability
product who pays money already? Sell to someone who's spending
use it yourself; be in your target audience
beta free, let everyone you know in, make it seem exclusive, but don't really make it exclusive; then use this as your free research. This is how you find out what are good ideas and what are the bad ideas
what are PEOPLE doing? It's one thing to sit around thinking about what would work, but when you see what people are really doing, that's how you get a really great product. eg. what are they clicking? It's different from what they say they're going to do. Gives you great ideas about what is the product, what defines the product.
what are YOU doing? you're the user. would YOU pay for it?
steal a business plan copy competitors, charge less
launch it Means charging money. as soon as you can charge money, launch your product. Be lean. NOT 1.0, every feature imaginable, pie-in-the-sky, perfect app. But keep 1.0 in mind
course correct then start heading towards 1.0. You might not even hit it
add features launch, and then start adding features. Along the way, from watching users, you can tell which ones are important and which one's aren't, and prioritize your stuff that way. Use those ideas you already have for 1.0, if you can roll them out incrementally, you'll make "super-fans", really excited about the product, they want to help you, they want you to succeed
flickr photographers are referred to it by other users
youtube marketing without money: a youtube link to a funny video goes into your brain. same as seeing a coke ad on a billboard. For some businesses you can't just advertise with google words, you need to think of ways to use the internet
facebook gets better the more of your friends are on it. Same with twitter [network effect]; build something that gives people a reason to invite their friends
be cheap don't buy stuff you can't actually afford until you can actually afford it. Sounds simple but it's surprising how many people blow their money before they even have the money. "PAYG and you won't have to go"
be smart use your brain at all times. don't do what I'm saying just because I'm saying it, think about all the decisions and think of how it applies to your business
don't give up change and adapt, always be adapting and correcting your mistakes, because there's going to be a lot of mistakes
[transcript ver 0.5]
I especially liked the point of not blowing money on ads and such. Getting ads right is hard, and most times you will waste your ad money. Feel free to dabble, but realize that your ROI will probably be dismal. Make sure to track your ROI somehow, or you won't even know how badly you're doing.
Build a good name by word of mouth: you spend nothing and it resonates much better with potential customers.
The best I've seen so far was like a 2 year payback period. Not very good. It's gotten competitive enough that I'm rarely seeing Adwords be useful anymore to a startup.
game A: spent $100's on Google ads ... made $0 revenue
game B: spent $0 on Google ads ... made $100's revenue
(disclaimer about other variables, YMMV, take with grain of salt, etc.)
Our ads convert to signups at about a 10% rate. At $0.16 CPC, that means we pay $1.60 for each signup via Adwords. That's still too low for us to get a reasonable return.
I've tried various things in order to bring up the conversion rate, since I think 10% is low, but this is an area where I'm lost. I've tried making a landing page, A/B testing the landing page, and some other tricks, but I'm out of my area of expertise here. That's what I meant when I said that doing ads is pretty damn hard.
But if I could just hit 20% conversion and stay there...then we'd be golden!
Good talk anyway.
It seemed odd that an extra 1 minute and 40 seconds would make any difference, but Ignite talks seems to have more pep, perhaps because the slides advance 5 seconds faster.
But both formats are hard to do well. Too many presentations end up being a list of items matched to Flickr images and Helvetica-rendered slogans or quips.
In addition to disliking videos for various reasons, today I'm on a crappy internet connection. 5 minutes is actually getting towards a watchable length, but not on this connection:-/
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-> He delivers the message well. The entire presentation is about the message (not the slides - which stand out well with a white but only contain a few words so they don't distract, nor about him - as he is in darkness).
-> He points out some things that are almost so obvious that you would skip over them, but when he points them out here, you go to yourself "ohhh yeeeaaah...why didn't I realise that?"
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-> He talks waaaay to fast. The first time he says 'support' I thought he said 'sport'. Just because he has only five minutes and 15 seconds per slide, doesn't mean he can't edit the volume of info he wishes to convey downwards and/or deliver the message with less words. Talking too fast takes away from the information being conveyed which is the raison d'etre of any presentation.
-> No conclusion at the end. This is a biggie IMO as he hits you with so many information points so quickly, that a summary is badly needed.