Start a Side Business

In a talk at Startup School 2006, and later in a more developed essay Paul Graham lists what he sees as the most overlooked problems that plague most startups.

In a nutshell, here’s his top 7:

1. Release early
2. Keep pumping out features
3. Make users happy
4. Fear the right thing
5. Commitment is a self-fullfilling prophecy
6. There is always room
7. Don’t get your hopes up

And while I can’t disagree with that list, I feel he’s missing a few key things.

#8 Don’t make users unhappy: you need to cherish your first users. These will help you get more. In a lot of cases, early users (early adopters?) understand what the risks are, and they are expecting something in return. You can not disapoint them. And if you keep your part of the bargain, these users will in turn become your evangelists and help you get to a critical mass (make sure you have a plan once you get there, though. See my next point).
#9 Build a viable business: I know that building a viable business was not so much in vogue circa 2000, and it looks like a lot of online business are coming out of nowhere, and judging from the outside, their only plan is to attract a lot of user, and subsequently the only exit in sight is getting acquired by Yahoo, Google or the like. Too many consider long term viability more of an afterthoughts as long as they keep building their user base, and that eventually the sheer mass of users would pretty much take care of providing a good income. Well, guess what, in most cases, it is as easily able to crush aspiring entrepreneurs and their businesses as it can provide a decent living. Is it just me, or is nobody aiming for the middle? Where you get a more decent income, nothing insane, but nothing cataclysmic either.

#10 Spend money like it is your money: that one is easy. In fact, it is a lot easier when it is your money, at least initially, so you need to wait as long as possible to bring in outside capital.  In fact the best approach is to bring in outside capital only to speed up growth. Once you get in the habit of spending money wisely, it is a lot easier to keep doing things the same way once you are entrusted with your investors money, if you chose that route.

More specifically, as it relates to starting a side business, #1, #9, and #10 are critical. #2 is desirable, but keep in mind that you are only working part time, so balancing with #1 becomes critical. While you are working in isolation, you won’t have as many distractions, but you can’t wait for ever either. And #5 is your secret sauce, what got your started, and what will keep you going, day and night after night after night.

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