Jasz
VIP Contributor
In the market for a startup, traction is everything. Nobody can steal your idea if it's already out there and in use. It's true that competition can be difficult to beat, but if you have a good product, then it will sell itself.
In the early days of starting a company, most founders are fixated on having solid ideas and keeping them secret. This is fundamentally flawed. When you are working on an idea, you want to get it out there ASAP—before someone else does. ( of course, thousands or more are thinking the same idea as you, don't be shocked!) Sure, you can take precautions: file patents, copyright your content, and trademark your brand name. But these are all just band-aids on the real issue: getting your product out there as soon as possible so no one can steal it from you.
Vocabulary Check
Startup: This is about growing your customer base, building your team and processes, and finding a product-market fit. It's all about getting the basic parts of your business in place so that you can eventually grow.
Traction: This is about building your customer base. If you don't have customers who are willing to pay for your product or service, you might not be able to survive for very long (or at least not as well as you'd like).
Competition: This is about finding a product/market fit. If no one wants what you're selling, or you don't want what they're selling enough to buy it, then there's no point in being in business together! You need both supply and demand in order for an economy to work well.
Ideas stealers: This is about building your team and processes. You want people who can execute on your ideas, but also protect them at all costs!
In the early days of starting a company, most founders are fixated on having solid ideas and keeping them secret. This is fundamentally flawed. When you are working on an idea, you want to get it out there ASAP—before someone else does. ( of course, thousands or more are thinking the same idea as you, don't be shocked!) Sure, you can take precautions: file patents, copyright your content, and trademark your brand name. But these are all just band-aids on the real issue: getting your product out there as soon as possible so no one can steal it from you.
Vocabulary Check
Startup: This is about growing your customer base, building your team and processes, and finding a product-market fit. It's all about getting the basic parts of your business in place so that you can eventually grow.
Traction: This is about building your customer base. If you don't have customers who are willing to pay for your product or service, you might not be able to survive for very long (or at least not as well as you'd like).
Competition: This is about finding a product/market fit. If no one wants what you're selling, or you don't want what they're selling enough to buy it, then there's no point in being in business together! You need both supply and demand in order for an economy to work well.
Ideas stealers: This is about building your team and processes. You want people who can execute on your ideas, but also protect them at all costs!
