Building a startup, especially for beginners, could be a challenging task to do. From brainstorming about the business concept to visualizing the company's core values and goals, you should take note of all the important aspects in entering a particular industry that you want to venture into.
That's why there's a good reason why you should consult a startup accelerator. For instance, Y Combinator managing director Michael Seibel has previously shared some tips for those who are planning to land a startup.
If you are an aspiring startup CEO in the future, here's what you need to know.
Who is Michael Seibel?
Since 2006, Michael Seibel has been working and living at the same time in the Bay Area. From there, he served as the Managing Director and Group Partner at Y Combinator. He has been helping thousands of startup founders since then.
The 39-year-old previously co-founded Justin.tv for four years, from 2007-2011. After his stint in the said firm, he became the Socialcam CEO a year later.
Socialcam is tied up with Y Combinator which has a common goal of educating aspiring startup CEOs about their business.
Seibel's journey wasn't all about technology at first. Initially, he graduated with a bachelor's degree in political science at Yale University before becoming the US Senate campaign finance director.
When he came to Y Combinator, he started to share some tips on how early owners would thrive in the industry. According to Y Combinator's blog, they invest $500,000 for each company in a "large number of startups."
For three months, they worked closely with the startups to monitor their progress during the period.
Since 2005, the company has been able to fund more than 3,000 startups and it keeps on growing. Y Combinator is a startup-friendly company with over 7,000 founders.
As of writing, the combined valuation of all the firms under Y Combinator now reached more than $600 billion.
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Michael Seibel Tips on Startup Founders
Starting the funding for the startup appears to be "almost nonexistent," as Seibel said. During the early days, you can potentially start a business by loaning from a local bank. Now, it's becoming "less possible" to accomplish because of the market condition.
The startup tech ecosystem could go in two ways depending on the outcome. You can generate profit here or lose your fortune as you move forward.
Moreover, Seibel added that the power of software gives a startup an edge in competing with other businesses. The Y Combinator CEO continued that you're going to have a hard time earning money if you don't include software as your "core" part in your pitch.
When asked about the behavior that he doesn't like to see in startup founders, Seibel said that there are these so-called "Scene-sters" at YC. He said that these individuals are skillful, but they want more to engage in being present in the press, being on a panel, and having the "right" set of friends.
There's no wrong in being friendly, but as a startup founder, you should prioritize what you should do for your company. The startup world could be exciting, but deep inside it's difficult to thrive here if you have no passion and motivation.
Seibel said that you should be exceptional for your startup to survive. Building your dream company should come with high standards and don't settle for less.
The Y Combinator CEO ended his talk by giving the final advice to the new founders. He said that they need to stay motivated regardless of the case. Whether it's rain or shine, you have to be focused and set your motivation for the day.
"In my experience, if you're extremely passionate about the problem, if you believe your problem is really important, and you're truly passionate about the people who have the problem, you'll maintain the pain of doing a startup," Seibel ended.
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This article is owned by Tech Times
Written by Joseph Henry
