Intimidation of starting a Startup

How do you start a company? Where do you get the idea for it in the first place?

Many startups, especially a large majority of those in the bay area are started because there’s some sort of first world problem that needs to be solved. For example, when Travis Kalanick and Garret Camp founded Uber, they were probably thinking to themselves: “How can I get from point A from point B for under $20?” After raising billions of dollars in capital, Uber’s one of the largest companies in the Bay Area, and people of all income levels use the service as it’s much more convenient than using a Taxi (cheaper as well).

My point is, Kalanick and Camp had this idea, and they went at it, developing a mobile application and deploying it to all consumers, as well as were proactive about raising money from investors in the area. There are so many people, especially in the technology hub SF Bay Area, with fabulous ideas; however, they’re intimidated by the whole process that is developing it into something. Of course, it’s going to be hard. If an idea is worth millions of dollars, you need to do the work to earn that money. Introductory software engineers make right around $100,000, which would equate to ten years of work to earn one million. It’s going to be a lot of work, and there aren’t any guarantees of success; however, with the right team and the right approach, your team and you can make it.

What are some initial steps you should take?

1. Find the right people you want to start your company with. I, unfortunately, started my first company with a pair of other co-founders who weren’t interested in scaling the company and didn’t share the same future for it as I did. As a result, it ended up not succeeding, and our initial profit was all drained.
2. Find a mentor. I cannot stress the importance of this enough. Especially for, eventually, generating revenue and seeking capital for investors, it’s more about the people you know than the quality of your idea. I’ve leaned this first hand as well. My company, Collarship, took off when we met with Sabrina Bitmayl, a well-known aerospace CEO in southern California. She introduced us to Boeing, JPL, and other companies.
3. Be dilligent. Schedule weekly 1+ hour calls over Skype (or even in person) with everyone on your team. Create an agenda for these calls. Communication is key. Without communication, your idea will not go anywhere.
4. Begin marketing early. For example, if you’re creating an iOS application which will release in a month, create a Facebook page with updates on the release; maybe you’ll gain a few beta testers as well. Hype up your idea, and use the motivation the public’s giving you to create your idea even better.
5. Make sure you keep all online channels updated. An out of date website, Facebook/Twitter page, etc. are all huge turn-offs for the public. Be proactive.

Daunting as it seems, with the right people by your side you can turn your idea into something worth a million dollars. You need to have the right people working with you, need to know the right people, and make sure you stay dilligent and proactive in all your actions.