Entrepreneurs: What To Do If You Don't Have An Idea

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Entrepreneurs: What To Do If You Don't Have An Idea

 

The following is a guest post by Ty Danco.  Ty is an angel investor and startup mentor. Read more of his thoughts at tydanco.com.

Don't have an idea yet for a startup?

Then get off your butt and go work for someone else's cool startup!  And the first place I would want to work would be a company that has momentum, powerful friends, and has been thoroughly vetted by pros.lazy relaxed

How can you identify these opportunities? It is easy--just look at the companies the best venture capitalists are backing. A company that has just received a round of funding with star investors is definitially the kind of place you should be working at to best experience the highs and lows that startups are about...and by screening for companies to work for via the lens of a VC, you improve the odds that there are more of the highs.

Check out the job postings from Sequoia CapitalUnion Square VenturesFoundry GroupSpark CapitalBenchmarkFirst Round CapitalKleiner Perkins, etc.  And, of course, HubSpot (Dharmesh's startup) has raised over $50 million from top-tier VCs and is looking for great talent

Not quite as efficient, but just as valuable is to hang out at a top accelerator and meet the companies there. Y-Combinator has their own job board, and I suspect that many of the accelerators in the TechStars NetworkDogpatch LabsFounderFuelMassChallenge, etc. will have something up soon if not already.

Last of all, there's the hackathons, get-togethers, and other social events, planned and unplanned.  But if it were me looking for a job, I'd go with the folks that have already passed one of the hardest startup challenges--raising bucks. As Damon Runyon said, “The race is not always to the swift, nor the battle to the strong...but that's the way to bet.”

PPS--If you're interested in becoming a VC, I give the same advice: go work for a startup first.

Posted by Dharmesh Shah on Wed, Jul 06, 2011

COMMENTS

Another great place to find hip and cool startup jobs: http://www.greenhornconnect.com/jobboard/search

posted on Wednesday, July 06, 2011 at 1:21 PM by Peter Alberti


Working for someone else is not always the best solution: 
 
1) You don't know where the startup you join might end up at. 
- If you join a company pre-product market fit, then the company could very well pivot away from the area you are interested in or have it turn out that the industry isn't as appealing as it first seemed. 
 
2) Founders are by definition athletes 
- If you're going to start a company, you need to have a wide range of skills; it's breadth over depth. That means if you're truly in a position to build a company, but reverse course and join a company, your only bet is to join early. A post-product-market fit company will deem you too much of a generalist and even if they hire you, you won't learn the skills you need to found a company there anyways because your role will be specialized and buried under management layers. 
 
3) Starting with an Idea isn't necessarily the best or only way 
- There are plenty of good examples of companies that were started first by a group of people wanting to work together and then figuring out the right idea. Former Boston juggernaut DEC was founded under just those circumstances. 
 
4) Customer Development provides new opportunities for idea generation  
- Why worry about any of your own inspiration when you can go out and solve a real world problem someone will pay you to fix? Using customer development methodology, there's no reason to stress about a lack of your own idea. Go find a problem. 
 
5) It doesn't have to be your idea  
- Twitter was technically Jack Dorsey's idea and yet much of Odeo team was considered co founders and were there at its birth. There's not reason to let ego get in the way of working with others on a great idea that someone else came up with.  
 
6) Startups are about solving problems. Results vary. 
-Every startup is different. Some people spend months looking for a cofounder, others struggle for early customers. You can't always control what you'll struggle most with, but there's no reason to give up because you lack an idea anymore than you should give up because you lack anything else.  
 
Startups are about how creative you can get in working through problems and how many walls you're willing to run through. If it was all easy, cookie-cutter and repeatable, you wouldn't need a genetic defect to want to do this stuff and the success rate would be much higher. 

posted on Wednesday, July 06, 2011 at 1:30 PM by Jason


I did this before I started my start up, but I wish I took a more product role rather than business development role.

posted on Wednesday, July 06, 2011 at 2:00 PM by Pavan


Ideas are everywhere and the people around you might be the first great source for generating great concepts. Here is a great roundup of sources on How to Bring Ideas to Life: http://www.moomkin.com/how-to-bring-ideas-to-life/

posted on Wednesday, July 06, 2011 at 6:22 PM by Jahn I. Bek


A must follow blog for all Start up Entrepreneurs & Aspiring Entrepreneurs

posted on Thursday, July 07, 2011 at 7:58 AM by Prashakth Kamath


If you are a tech person, look around at the non-tech savvy crowd. What could speed up life for people in the grocery store? What kinds of services would really help you help out your grandmother? Someone who knows his/her way around a computer and knows how to keep ideas simple for the masses will probably find something.

posted on Saturday, July 16, 2011 at 1:26 PM by Emily


One Of The Best Ways By Far To Tickle The Business Mind And Come Up With Good Ideas Is To Develop A "Elevator Pitch." In Fact It's An Art To Be Able To Define Your Business Model In 30 Seconds? What Is A "Elevator Pitch"? Wikipedia, the free online encyclopedia defines an elevator pitch (or elevator statement) as a short summary used to quickly and simply define a product, service, or organization and its value proposition.The name "elevator pitch" reflects the idea that it should be possible to deliver the summary in the time span of an elevator ride, or approximately thirty seconds to two minutes. 
 
A variety of people, including project managers, salespeople, evangelists, and policy-makers commonly rehearse and use elevator pitches to get their point across quickly. An elevator pitch may be presented in oral, written, and video formats. 
 
An elevator pitch is often used by an entrepreneur pitching an idea to a venture capitalist or angel investor to receive funding. Venture capitalists often judge the quality of an idea by the quality of its elevator pitch and will ask entrepreneurs for their elevator pitches in order to quickly weed out bad ideas and weak teams. Elevator pitches are also used in many other situations. Personal uses include job interviewing, dating, and summarizing professional services. 
 
One Of The Most Critical Steps Missed By Most Businesses & Marketers Is Creating A Elevator Pitch. 
 
Derrick Pride 
The Pride Group 
877-202-1872 
 
Discover The Importance Of An Elevator Pitch & Why You Should Have One: http://eCa.sh/KWv4

posted on Friday, July 22, 2011 at 8:54 PM by Derrick Pride


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