1 - Build soo good that people tell their friend
The First thing is to build something soo good that people who uses the product tell their friends to use it and recommend others to give it a try. That's what Chat GPT has done.
2 - Easy to understand
Whatever we are building, we should make it easy for people to understand. it should be easy to explain rather than getting it more complicated.
3 - Exponential growth in the market
Try to identify the market that is gonna grow
We should try to find a market that is going to grow in the near future that is within 5 to 10 years and stick with it in the long term.
Ex: App development, the App dev market has grown over the last 10 years than when it first arrived
4 - One key person
Every startup should have one key person who is involved in everything (if he is a CEO then its perfect!) . for example: in investor pitch, for product development, on the design process, in sales and marketing. that one person should know everything about the Startup.
5 - Ambitious project
The project or product you are working on should be more ambitious not only for the founders but also for the people who work in the startup and make a significant impact on the market.
6 - Real trends vs Fake trends
To identify real trends vs fake trends in the market, it is important to identify which market work out in the long term.
7 - Distribution strategy
Distribution strategy is important in distributing the product, a well-executed distribution strategy enables a startup to reach its target customers
8 - Building a great team
It’s necessary to hire optimistic, idea generators and people who try to “figure it out” and “make it happen attitude”.
9 - Definite view of future
To build something impactful, we should have a confident and definite view of the future. even if things don't go our way, we can persevere and keep going in spite of criticisms
10 - Platform shift
In order to grow faster, we should prioritize the platform and change it according to the market. if things didn't go our way we should try to pivot it and change the direction.
These are the Important takeaway from Sam altman successful way of building a Startup
yeah.. that's it for now. Follow me for more tech content!