In my "Research-before-my-research" I found the following important (and very hard) general points for appraising an App idea: 1. Profound Utility - Will your App replace an existing behaviour? 2. Cohort size - it is REALLY big enough? Or is it that YOU think it is big enough? 3. Distribution - Just how will you get your App out there? 4. Stickiness - Will users be motivated to come back and use your App again? 5. Monetization - How do you propose to make any money at all (rather than some imagined large sum)?
Here are my runner ups for this video. It doesn’t mean that I don’t think they're important, but rather that I do think they’re important, just not enough for this list. In some cases I manage to incorporate the message into one of the 6 that made the list: Runner ups: - Know your numbers (Yes I do think this is important!) - Be brave - Go all in, no half-ass, you have to really want it Look forward to seeing what you guys think is missing on this list.
This is a great list. It has helped me tremendously. I also have some items I would have told myself 2 years ago. 1. Find and build a network 2. Get used to people thinking you are a little crazy. Unusual actions produce unusual outcomes. 3. Learn to accept that you will make mistakes often. Thank you for all the content you have provided over the years. It has been very helpful to my development as a founder. -Don M.
Thanks for this awesome video, Heini! The advice that resonated most with me was FOCUS. This is something that every business struggles with... especially as they grow. There are so many "opportunities" to manage that it's easy to get distracted by one of them. Or as Bill Gurley puts it: "More Startups Die of Indigestion Than Starvation. Focus Wins. Doing too many things fails. "
Thanks Brian and so true, Bill Gurley's qoute is spot on. Sometimes I wonder how he handled being on the board of Uber while they, in my opinion, tried to do way too many things.
Marc Sparks Book the can't eat you "its not the big that eats the small, its the fast that eats the slow" goes well with your message ;-)! thanks again for the info
In 10 years of watching videos every other day on TH-cam, I've subscribed to less than 3 channels. This is the first channel I feel will help me (and any other Startup Founder) to make the right decisions. It's heartwarming to see someone who helps you avoid some mistakes, so you can make good decisions and grow. Awesome!
I'm missing one. It can be probably be understood in "Think big, start small", but maybe not. That would be.... "Start locally" or "Start globally". Not sure what's best when your app is designed to work internationally. In my opinion, start small might not go against start globally. Pitching the product locally in different countries can also be a good strategy to spread the word faster. For example, I can decide to launch in Spain, France, UK and USA at the same time. If I focus only on Madrid, Paris, London and New York, that limits the effort to a small area, but will help spreading faster. What do you think, Heini?
Start small, think big also means focus in the beginning, on a small user base, geography or whatever works for that app. I really do believe in that, start in a small location, but you have to think big or else you will start building things for the local market that are not relevant for the global - so Start Small, Think Big!
Great video, very useful, thanks! For your running list maybe: if you get investors, make sure to get the right ones, do your due dil too and don't accept any offer, as a bad investor who doesn't understand your business can kill it too.
Thanks, yes a very important point, it may be easy to get the investor on board, but it is really hard to get rid of them again, so make sure they are the right ones.
Thank you for this video, I enjoyed it!! During new product development @ what stage do you protect your idea? And what type. Of protection do you recommend? Thank you
Hi. I found your videos recently and I like a lot the way how you present things in very encouraging way. I hope I will get the chance to get advises from you to setup my own startup. Thanks for all
@@RawStartup Thanks a lot Mr Heini for your incredibly informative content. you are the best.sorry to ask but do you mind if we inbox each other ? i have some private business issues i would like to learn from you, Thanks in advance and God bless.
Don't' give up and surround yourself with minded people who share the same vision as you and will help you grow. always learn something new about your products and market.
Hi Heini! Thanks for the great videos. I personally would love to hear about your business model before having the massive user-base and database in the Vivino app I'm working on an app that focuses on userbase as well but I want to have a healthy business model in the meantime to make sure investors are happy and that I can keep on innovating on the product and network Thank you!!
Thanks! This is a bit of a dilemma. In a perfect world you will have the funding to NOT focus on a business model as you build the userbase. Any resources you spend on monetizing in the early stages you lose on what is really important, building the userbase. If you don't have the funding to do so, you add services that aren't related to the size of the user base, but it is hard.
@@RawStartup Thanks for the feedback! I finally found a way to still get funded while growing our userbase. I really think that you would like the project. It shares a similar vision as Vivino. I would love to pitch it to you! If you could provide me your email through here or to my email jerome@palauproject.com I would be happy to send you our pitch deck.
Wow a lot of great information and I need to watch "how to find a Co-founder" next. Thank you much for posting these videos. I have a question though - I am a niche sneaker brand start-up, so wouldn't scaling be the goal? Scaling means growing doesn't it? But you did say quality of the product is more important then growing.
Wow I wish I had you as a coach. Being a solo founder is very tough especially since I’m also going to school full time. My parents and I have invested a lot into my startup and have only developed the app to mvp level.
Great tips. Still find it hard to relate to everything, being in a high-tech startup within healthcare/medical devices. Still enjoyed :) (engineer that really enjoys to sell!)
Hi Heini! I had a big binge of your videos today and I really enjoyed them a lot. All your videos are very well structured and explained in a simple way (but without losing the complexity behind it). As you can imagine I am a startupper but, even thou in the last years I have experienced many of those situations you have described, I have found many new situations that I hope to face in the future. I just installed your app Vivino and will also try to convince my girlfriend to do the same ;-)
Great video like always! You mentioned moving to the U.S. as people think bigger there however what steps did you take to move there? e.g. work visa etc? Thanks :)
I have an idea for a product and I'm working on a functional prototype. What do I do from there? I have a specific company it's aimed at because they dominate that market. Do I ring them up and talk to reps? I have little money for paperwork or knowledge on it just ideas and I'm good at making things that are needed. Thanks iv never seen anything like this channel of yours or had much of any exposure to wealth.
Thanks, I would love to help, but it is hard to do without knowing the details. I would probably take it to a lawyer, they will usually give you a free hour for some direction. In some cases you can also get the lawyer in on the deal if you can't pay the lawyer.
@@RawStartup I'd like to add that I keep rewatching this and finding some hidden wisdom in it every time thank you seriously this was life changing iv met so many ppl that want to help after seeing that it exists and some direction into where I might find them. Also your right just a few circles out and I came from poverty to those young minds out there listen to this guy the opportunities are there if you look hard enough and listen to the wisdom ppl like this guy who aren't trying to sell you anything. They the real ones.
Also, if you look at #5 here: th-cam.com/video/xTaymZFmGSY/w-d-xo.html it is lack of persistence, that very much relates to this, you have to have faith and keep going!
Hi Heini I’ve been watching your videos and getting a lot of important information. Not sure if you’re going to cover this in a future video cuz I’m just here, but my question is: When you have a really good idea but it’s still in the early stages, how do you protect your idea and not be Lara our that every person you speak to will turn around and copy it?? Thanks!
Thanks, this is an overrated problem. Ideas are less important execution is everything. Most people don't want to steal your ideas and in practice it almost never happens.
Thank you very much, haven't done a lot on lawyers specifically, but I think you might find this video useful: th-cam.com/video/oXmCI7dYaXY/w-d-xo.html
The Mac Lisa computer is nowhere near what an iPhone is and the iPhone, say 3, is nowhere near the 10x! No, Apple did not start with perfect products :)
@indiemakerpodcast I have just started a channel called “Life in Tech with Norma”. I’ve served as CEO of a startup and trained in conflict resolution. Send me an email.
![NEVER Say This To An Investor [9 Things]](http://i.ytimg.com/vi/9yZsTCoEzZk/mqdefault.jpg)
I was taking notes as if I were in school. Very valuable information! Thank you.
In my "Research-before-my-research" I found the following important (and very hard) general points for appraising an App idea:
1. Profound Utility - Will your App replace an existing behaviour?
2. Cohort size - it is REALLY big enough? Or is it that YOU think it is big enough?
3. Distribution - Just how will you get your App out there?
4. Stickiness - Will users be motivated to come back and use your App again?
5. Monetization - How do you propose to make any money at all (rather than some imagined large sum)?
This is a great list, thank you very much.
Here are my runner ups for this video. It doesn’t mean that I don’t think they're important, but rather that I do think they’re important, just not enough for this list. In some cases I manage to incorporate the message into one of the 6 that made the list:
Runner ups:
- Know your numbers
(Yes I do think this is important!)
- Be brave
- Go all in, no half-ass, you have to really want it
Look forward to seeing what you guys think is missing on this list.
This is a great list. It has helped me tremendously. I also have some items I would have told myself 2 years ago.
1. Find and build a network
2. Get used to people thinking you are a little crazy. Unusual actions produce unusual outcomes.
3. Learn to accept that you will make mistakes often.
Thank you for all the content you have provided over the years. It has been very helpful to my development as a founder.
-Don M.
Thank you for running your channel. Your mission is great and helps me in further - and finally prudent - actions.
Thank you!
I’m so surprised that only 600+ likes… great video - thanks 🙏 all written down !
Thanks glad you liked it. One more like now, that is great!
Thanks for this awesome video, Heini! The advice that resonated most with me was FOCUS. This is something that every business struggles with... especially as they grow. There are so many "opportunities" to manage that it's easy to get distracted by one of them. Or as Bill Gurley puts it: "More Startups Die of Indigestion Than Starvation. Focus Wins. Doing too many things fails.
"
Thanks Brian and so true, Bill Gurley's qoute is spot on. Sometimes I wonder how he handled being on the board of Uber while they, in my opinion, tried to do way too many things.
I'd add "communicate with investors". Listen to their ideas. They have a vested interest in advertising, pushing your product and making it go viral
Marc Sparks Book the can't eat you "its not the big that eats the small, its the fast that eats the slow" goes well with your message ;-)! thanks again for the info
Thanks yes, certainly some truth in that!
Never think that you can't do something, even the most challenging tasks for you can be accomplished with determination.
Thanks, yes that is at the core, anything is possible.
Foucs and thinking big were the best advices! Thanks.
Great thanks! 😎
In 10 years of watching videos every other day on TH-cam, I've subscribed to less than 3 channels. This is the first channel I feel will help me (and any other Startup Founder) to make the right decisions.
It's heartwarming to see someone who helps you avoid some mistakes, so you can make good decisions and grow.
Awesome!
Thank you very much for this comment it is really appreciated and keeps me motivated!
I love your content. Trying to finish the whole catalog. Cheers 🍻 🇳🇦
I'm a nervous over here I know I will make some mistakes but you are a life saver your videos are so helpful plain and simple. Thank you sir
You are very welcome, very pleased you like the videos, this is why I do them to help you become a more confident entrepreneur, best of luck to you!
@@RawStartup thank you sir and the best to you in all your endeavors
I'm missing one. It can be probably be understood in "Think big, start small", but maybe not. That would be.... "Start locally" or "Start globally". Not sure what's best when your app is designed to work internationally. In my opinion, start small might not go against start globally. Pitching the product locally in different countries can also be a good strategy to spread the word faster. For example, I can decide to launch in Spain, France, UK and USA at the same time. If I focus only on Madrid, Paris, London and New York, that limits the effort to a small area, but will help spreading faster. What do you think, Heini?
Start small, think big also means focus in the beginning, on a small user base, geography or whatever works for that app. I really do believe in that, start in a small location, but you have to think big or else you will start building things for the local market that are not relevant for the global - so Start Small, Think Big!
Great video, very useful, thanks!
For your running list maybe: if you get investors, make sure to get the right ones, do your due dil too and don't accept any offer, as a bad investor who doesn't understand your business can kill it too.
Thanks, yes a very important point, it may be easy to get the investor on board, but it is really hard to get rid of them again, so make sure they are the right ones.
Very useful and actionable!
Great video and thank you on the tip!
Thanks!
Excellent list, I suggest completing 10 sample business plans because practice makes perfect. A business plan is a person's ideas on paper.
Thanks for sharing!
Best Videos for a start up in this chanel!! You are awesome!
Thanks that is much appreciated!
Thanks for this.. Helped me channelizing the energy.
Wonderful!
Hi. Thank you so much for the video. Do you have a video on how to "always be selling" without sounding desperate or too aggressive?
You are right I should do something on that! Thanks!
Thank you for this video, I enjoyed it!! During new product development @ what stage do you protect your idea? And what type. Of protection do you recommend?
Thank you
This is like "The Richest Man In Babylon" where you are the wise man giving the advice
Thanks! Glad you like it!
Thank u so much for making this video 👍
You are very welcome!
Hi. I found your videos recently and I like a lot the way how you present things in very encouraging way. I hope I will get the chance to get advises from you to setup my own startup. Thanks for all
Thanks, glad you like them!
Thank you for covering this Heini! I can really relate to each of these tips...
Thanks glad you liked it!
Thank you, i will be in touch.
Great!
amazing videos. They help a lot !!!
Glad to be of help, thank you!
awesome advice bro. i wish i got to know about raw startup long time ago.
Thanks very glad you liked it!
@@RawStartup Thanks a lot Mr Heini for your incredibly informative content. you are the best.sorry to ask but do you mind if we inbox each other ? i have some private business issues i would like to learn from you, Thanks in advance and God bless.
Don't' give up and surround yourself with minded people who share the same vision as you and will help you grow.
always learn something new about your products and market.
Thanks yes like-minded, but different skills with some overlap.
Good info I wanna start up something I have an idea but no money to start yet most investors ask for tractor I don't know how to get started
What do you mean ask for Tractor?
Hi Heini! Thanks for the great videos.
I personally would love to hear about your business model before having the massive user-base and database in the Vivino app
I'm working on an app that focuses on userbase as well but I want to have a healthy business model in the meantime to make sure investors are happy and that I can keep on innovating on the product and network
Thank you!!
Thanks! This is a bit of a dilemma. In a perfect world you will have the funding to NOT focus on a business model as you build the userbase. Any resources you spend on monetizing in the early stages you lose on what is really important, building the userbase. If you don't have the funding to do so, you add services that aren't related to the size of the user base, but it is hard.
@@RawStartup Thanks for the feedback! I finally found a way to still get funded while growing our userbase. I really think that you would like the project. It shares a similar vision as Vivino. I would love to pitch it to you!
If you could provide me your email through here or to my email jerome@palauproject.com I would be happy to send you our pitch deck.
Wow a lot of great information and I need to watch "how to find a Co-founder" next. Thank you much for posting these videos.
I have a question though - I am a niche sneaker brand start-up, so wouldn't scaling be the goal? Scaling means growing doesn't it? But you did say quality of the product is more important then growing.
Yes scaling is growing, if you build a great product it is much more likely that you scale succesfully.
Wow I wish I had you as a coach. Being a solo founder is very tough especially since I’m also going to school full time. My parents and I have invested a lot into my startup and have only developed the app to mvp level.
Thanks, good luck, I hope you make a real killer app!
Raw Startup thank you so much!
Excellent Heini, thank you.
Thanks you, glad you liked it!
I loved this Advices,
Great tips. Still find it hard to relate to everything, being in a high-tech startup within healthcare/medical devices. Still enjoyed :) (engineer that really enjoys to sell!)
Good, thanks
Thanks 💐
You’re welcome 😊
Hi Heini! I had a big binge of your videos today and I really enjoyed them a lot. All your videos are very well structured and explained in a simple way (but without losing the complexity behind it). As you can imagine I am a startupper but, even thou in the last years I have experienced many of those situations you have described, I have found many new situations that I hope to face in the future.
I just installed your app Vivino and will also try to convince my girlfriend to do the same ;-)
Thank you very much for the kind words, it is much appreciated! Enjoy Vivino!
Such helpful information, thanks!
Thanks, very glad you find it useful!
Awesome.
Thanks!!
Thank you sir, I really learn a lot
You are very welcome glad you liked it!
Thank you , that was really helpful :))
Really appreciate you sharing your knowledge its gonna help alot of people , wish you all the best :)
Thank you very much appreciate it
Great advice, I really appreciated this!
Thanks very glad you liked it
New subscriber. thank you for the advice!
Thanks glad like it!
Great video like always! You mentioned moving to the U.S. as people think bigger there however what steps did you take to move there? e.g. work visa etc? Thanks :)
Thanks that is a very long list. I would say be very well funded then you can get the help you need.
About to build my idea and came searching for a virtual mentor
Glad to be of help!
I have an idea for a product and I'm working on a functional prototype. What do I do from there? I have a specific company it's aimed at because they dominate that market. Do I ring them up and talk to reps? I have little money for paperwork or knowledge on it just ideas and I'm good at making things that are needed.
Thanks iv never seen anything like this channel of yours or had much of any exposure to wealth.
Thanks, I would love to help, but it is hard to do without knowing the details. I would probably take it to a lawyer, they will usually give you a free hour for some direction. In some cases you can also get the lawyer in on the deal if you can't pay the lawyer.
@@RawStartup thank you iv began the process 96hrs in and I got some funding for this. Thanks alot man
@@RawStartup I'd like to add that I keep rewatching this and finding some hidden wisdom in it every time thank you seriously this was life changing iv met so many ppl that want to help after seeing that it exists and some direction into where I might find them. Also your right just a few circles out and I came from poverty to those young minds out there listen to this guy the opportunities are there if you look hard enough and listen to the wisdom ppl like this guy who aren't trying to sell you anything. They the real ones.
Thanks, good luck!
Believe in yourself/product.
Yes!
Also, if you look at #5 here: th-cam.com/video/xTaymZFmGSY/w-d-xo.html it is lack of persistence, that very much relates to this, you have to have faith and keep going!
GREAT VIDEO
Thanks!
Hi Heini I’ve been watching your videos and getting a lot of important information. Not sure if you’re going to cover this in a future video cuz I’m just here, but my question is: When you have a really good idea but it’s still in the early stages, how do you protect your idea and not be Lara our that every person you speak to will turn around and copy it?? Thanks!
Thanks, this is an overrated problem. Ideas are less important execution is everything. Most people don't want to steal your ideas and in practice it almost never happens.
I made a video to answer this exact question, please go and check it out: th-cam.com/video/e3o4Kczx_4Y/w-d-xo.html
Thank you
You are very welcome!
You say to be scaleable as a requirement of investor capital but here you say to not build to scale. What exactly does that mean?
The product has to be scalable, but don't build for scale till you need it. Building for scale is costly, wait till you need it.
@@RawStartup meaning?
Be yourself
Yes, everyone else is taken!
Trying to find your product market fit
It is the hardest part...
Thank u :)
You are very welcome!
U r awesome 💗
Thanks!
Best way to handle investors and lawyers
Thank you very much, haven't done a lot on lawyers specifically, but I think you might find this video useful: th-cam.com/video/oXmCI7dYaXY/w-d-xo.html
I think you have to know how to grow a startup, I would like to know how to grow
Thanks, yes I should probably do more on growth!
find a founder is aking to get a wife or husband.... what is the rate of divorces???
Being a founder is not easy.
Where is luck? :)
Very good point! It will be my updated version!
I have a project. Who wants to help me? ;)
I wish you the best of luck!
Your videos are great but you waste time talking in the beginning
Thanks, working on that, shorter in my newer videos
The Mac Lisa computer is nowhere near what an iPhone is and the iPhone, say 3, is nowhere near the 10x! No, Apple did not start with perfect products :)
Very true, back then they were a Startup.
Bro, wtf is up with your audio levels???
Yes, still room for improvement there.!
I need some advice on cofounder conflict? Can i send you can email?
I would love to help, but I just don't have the time
@indiemakerpodcast I have just started a channel called “Life in Tech with Norma”. I’ve served as CEO of a startup and trained in conflict resolution. Send me an email.