by Michelle McIntyre
“Entrepreneurs are cool. I frickin’ love working with them,” said David Saxby, a Los Gatos, Calif., serial entrepreneur who advises startups in the internet of things (IoT) space. He has dabbled in investing and has started seven-plus tech companies himself, most winners, others not so much. He is also an IBM vet, like me.
He was today’s speaker at the Bootstrappers Breakfast Meetup today at a coffee shop in Sunnyvale, CA.
Even though my startup consulting firm is three years old, the key takeaway to me was listen closely at the beginning. Listen to what the market needs are. This will help you get customers.
(He’s right. Let’s face it. Customers are God.)
Here are his eight questions.
1) Is the timing right? Is there a need now for your offering? Timing is everything. He added that when he started a voice recognition company in 1982, the timing was definitely off.
2) You need to have something special. What is it? Knowledge, expertise or both?
3) Who are your customers? This is where things get real. Talk to as many people as you can. Be in constant listening mode.
4) Why did you start a company? What drove you? One attendee said maybe the best motivation is not hating your boss. That comment resulted in a few chuckles from the founders there.
5) How will you let your customers know who you are and what you do? This especially applies to technical founders. Then, when there is interest, what do I do with it?
The group’s organizer SKMurphy Founder Sean Murphy added some gentle sarcasm when he said, the real problem is, how do you handle the huge influx of customers after your product launch? He added the disclaimer that actually most launches meet dead silence.
6) How big and profitable will this company become? Have some objectives and attach them to your “to do’s.” Think about the market size. What are the characteristics of the businesses financials?
7) What other talent do you need to make things happen? The big problem in the Silicon Valley is attracting software people.
8) Think about money. How will you fund your new business? For example, why bootstrap over other choices? Have you been saving up for 20 years?
For more information about Bootstrappers Breakfast visit Meetup.com.
Michelle McIntyre is an award winning Silicon Valley PR consultant and blogger. @FromMichelle