I just stumbled upon a great lecture at Stanford university by a successful entrepreneur Eric Ries, co-founder of IMVU.
He talks about how to succeed and fail at a start-up. Retelling some of the mistakes along the way.
Some highlights include:
- Short iteration cycles, don't build big software that no one will use.
- learn fast and if something's not working change direction, something he calls the "pivot"
- Waterfall should be avoided unless both the problem and the solution is very well known (which is almost never)
- You think you know what customers want but you don't because you haven't asked
- All major assumptions (what he calls the shadow beliefs) should come out in the open.
Highly recommended to anyone who has started, thinking about starting or just thinking about a start-up.