Copy of Sam Altman slides from Lecture 2 of "How to Start a Startup"

1. How to Start a Startup
SAM ALTMAN
President, Y Combinator
@sama
sam@ycombinator.com
IDEAS, PRODUCTS, TEAMS AND EXECUTION PART II

2. 1. Idea 2. Product
3. Team 4. Execution

3. 3. Team
1. Idea 2. Product 3. Team 4. Execution

4. A. Cofounders
1. Idea 2. Product 3. Team 4. Execution

5. Relentlessly
Resourceful
1. Idea 2. Product 3. Team 4. Execution

6. 1. Idea 2. Product 3. Team 4. Execution

7. Know your cofounders
1. Idea 2. Product 3. Team 4. Execution

8. B. Try not to hire
1. Idea 2. Product 3. Team 4. Execution

9. C. Get the best people
1. Idea 2. Product 3. Team 4. Execution

10. Mediocre engineers do not build
great companies
2. Product 3. Team 4. Execution
1. Idea

11. ! Are they smart?
! Do they get things done?
! Do I want to spend a lot of time around them?
1. Idea 2. Product 3. Team 4. Execution

12. ! Good communication skills
! Manically determined
! Pass the animal test
! Would feel comfortable reporting to them
2. Product 3. Team 4. Execution
Also:
1. Idea

13. D. You’ve hired -
the best -
now keep
them around!
1. Idea 2. Product 3. Team 4. Execution

14. E. Fire fast
1. Idea 2. Product 3. Team 4. Execution

15. 4. Execution
1. Idea 2. Product 3. Team 4. Execution

16. The CEO has five jobs
! Set the vision
! Raise money
! Evangelize
! Hire and manage
! Make sure the entire company executes
2. Product 3. Team 4. Execution
1. Idea

17. Can you get it done?
Focus
2. Product 3. Team 4. Execution
1. Idea

18. Can you get it done?
! Focus
! What are you spending time and money on?
! What are the two or three most important things?
2. Product 3. Team 4. Execution
1. Idea

19. Can you get it done?
! Focus
! Say no. A lot.
! Set overarching goals. Repeat them.
! Communicate.
2. Product 3. Team 4. Execution
1. Idea

20. Can you get it done?
! Focus
! Maintain growth and momentum.
! Work together in person.
2. Product 3. Team 4. Execution
1. Idea

21. Can you get it done?
Intensity
2. Product 3. Team 4. Execution
1. Idea

22. 1. Idea 2. Product 3. Team 4. Execution

23. Can you get it done?
! Intensity
! Relentless operating rhythm
! Obsession with Execution Quality
! Bias towards action
2. Product 3. Team 4. Execution
1. Idea

24. Every time you talk to them,
they've gotten new
things done.
2. Product 3. Team 4. Execution
1. Idea

25. Can you get it done?
! Intensity
! Quick
! Do whatever it takes
! Show up
! Don’t give up
! Be courageous
2. Product 3. Team 4. Execution
1. Idea

26. Always keep momentum.
2. Product 3. Team 4. Execution
1. Idea

27. Always keep growing.
2. Product 3. Team 4. Execution
1. Idea

28. Sales fix everything
2. Product 3. Team 4. Execution
1. Idea

29. Set an operating rhythm
! Shipping product
! Launching new features
! Reviewing/reporting metrics and milestones
2. Product 3. Team 4. Execution
1. Idea

30. The competitor to be feared is one
who never bothers about you at all,
but goes on making his own
business better all the time.
2. Product 3. Team 4. Execution
1. Idea
”!
“!
HFeonrrdy

31. more
Don’t spend more
money than you
have.
2. Product 3. Team 4. Execution
1. Idea

32. Generate revenue
early on.
2. Product 3. Team 4. Execution
1. Idea

33. Profitagbrilaistyp within
2. Product 3. Team 4. Execution
1. Idea

34. 2. Product 3. Team 4. Execution
Deals
Build a great
product
1. Idea

35. Deals
Develop a personal
connection
2. Product 3. Team 4. Execution
1. Idea

36. 2. Product 3. Team 4. Execution
Deals
Have a competitive
dynamic
1. Idea

37. Deals
Be persistent
2. Product 3. Team 4. Execution
1. Idea
ppeerrssiisstteenntt persistent

38. 2. Product 3. Team 4. Execution
Deals
Ask for what you
want
1. Idea

39. Get a sales and
marketing engine
going
2. Product 3. Team 4. Execution
1. Idea

40. Sales and marketing: do it yourself
! Identifying key marketing messages
! Developing tight relationships with journalists
! Learn how users decide to use or buy your
product
2. Product 3. Team 4. Execution
1. Idea

41. 1. Idea 2. Product 3. Team 4. Execution