🚀SoloFounders 2021/8/31
SoloFounders is a newsletter featuring non confidential material discussed by company founders.
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This week we spoke about our business updates.
Rick saw a competitor raise a series A. He was doing research on this market but after seeing another company finish a series A he decided not to pursue the idea. Usually we joke that competition is just validation. And instead of being dissuaded by competition you should see it as incentive to go faster. Rick doesn’t feel passionate about the idea anyway.
We spoke about validating ideas. That we should speak to many people in order to learn about their problems and the market. During user interviews ask questions like:
What are your pain points
How much money do you spend on this problem?
How much time have you spent on solutions?
You also need to push for commitments. After your first 50 conversations you need to be pushing for them to give you time, reputation or money.
Links:
365apps - Ryan’s app agency
Traction - good book for where you can find people to interview during business validation
Sales Navigator - linkedIn tool for finding people to interview
Stairstep approach to bootstrapping - approach popularized by Rob Walling to indiehacking
Podcast episode - Running a business 10,000 paid subscribers
Next Meetup
Our meetup is every two weeks. Check out the zoom link for registration and dates.
The prompt will be, how much money do you spend on your businesses?Â
Chat with us on discord.
Have a suggestion? Email us or comment on substack!