Advice For Young Entrepreneurs - Michael Seibel I collected | Per Aspera Ad Astra

Advice For Young Entrepreneurs - Michael Seibel

I collected some highlights from Michael's talk for you guys. It is not gonna be long this time - enjoy

1. Bad ideas don’t kill startups. But losing faith does.

2. Safe way to check whether you want to be a startup founder or not is to work in a startup. I know it's obvious but it's true.

3. Co-founders are more important than ideas. Same applies to commitment and passion - regardless of the idea.

4. There are tons of information for post-market product fit companies (well-established ones). Ironically, most startups die before they build something someone really wants.

5. Most business schools are not training entrepreneurs/founders - they are training managers. Therefore most business schools' advice is not applicable to startups.

6. When investors ask about your “secret souse” or competitive advantage, here is what they actually want to know:
- How are you gonna disrupt the industry?
- What knowledge or a specific aspect of the problem do you know that others are missing out on?
- What approach will differentiate your company/idea/way of solving problems from existing players on the market?

Peace