Paul Graham, the co- founder of Y Combinator, witnesses a couple of startups originating each day. These startups, in the initial stage create their own space, but as time goes they blossom into growing business centers. There are few tips which he gives for those young guns in the society who want to materialize their ideas and bring it to reality. Those who wonder how such companies come can sum up their thoughts by keeping these tips in their minds.
Firstly, an idea for running a business is important. It is necessary to figure out your weak points. If a person can figure out his problems and solve it without seeking the help of others, he can face any problem that comes his way. It is important to make sure that the product idea that is there in your mind is useful to the society.
Secondly, Graham says "Live in the future and build what seems interesting”, as reported by Business Insider. Therefore, it is important to look into the future, and see how a person’s idea or technology will benefit the society. Interacting with the masses will help oneself to figure out the tastes and preferences of the masses. Thus, various ideas will pop in, so that an entrepreneur can choose from the lot and decide how to exploit various technologies.
There are other factors involved while establishing a startup. Competition will prevail whether it is a startup or an already existing firm. If you see a couple of companies trying to forge the nature of your product or idea, it is a positive sign and there is no need to panic. At the same time, a pile of problems will await you, but your stress levels should be in absolute control. This is because, there is always an alternative to a problem and one must face it courageously.
His message conveys a lot as he points out the reality of life. He says that the attempt of a person need not be fruitful always; therefore it is the effort that matters and not the result.