This document provides guidance on starting a startup by outlining what defines a startup, how the startup process works by taking high risks for high growth opportunities, and how to generate startup ideas, find product-market fit, setup a founding team, raise funds, and common mistakes to avoid. It emphasizes the importance of targeting a large market with a unique and disruptive product that is 10 times better than alternatives, driven by a strong mission and launched at the right technological timing to have the greatest chance of success.

1. How to Start a Startup

2. What is startup?

3. Startup
High Risk
High Growth
Disrupt the status quo
Tech/innovation focus
Hard to copy
Not Startup
Less Risk
Market Growth
Status quo
Physical/asset focus
Easy to copy

4. How Startup Works

5. High Risk High Gain

6. Startups Ecosystem
Impact to US economy

7. Common Startup Disruption Scenario
IBM vs Apple
Nokia vs iPhone
Yahoo vs Google
Taxi vs Uber
Offline mall vs Bukalapak
Travel Agent vs Traveloka
Toyota vs Tesla

8. How to generate startup ideas
- Size & growth of the market
- Unique
- 10x better
- Mission/personal driven → energy and passion
- Timing → current technology?
- Authentic → strong why
- Easy to explain
- You use it yourself

9. Crucial startup milestone : Product Market Fit
Some indicators :
- Word of mouth/viral
- Sticky/loyal customer
- A lot of visitors
- Lower acquisition cost
- Organic growth

10. How to find product market fit
- Building something people want/love → strong value proposition
- Simple (MVP) → low cost, laser focus
- Experimentation
- Focus on stickiest users first then else (segmentation)
- Retention → Word of mouth/viral
- Continuous feedback
- Pivot if needed

11. How to setup founding team
- Diversity → complementary
- Competent
- Chemistry → old friend?
- Stock options
- 2-3 founders are ideal
- Founders are real worker/executor

12. How to raise fund
- great number/metrics → determine valuation
- Craft nice long term story (vision)
- Select reputable investors
- Negotiate founders friendly term → liquidation preference
- Pitching Preparation and practice
- Not too high valuation, not too much money

13. Mistakes and Pitfalls
- No market need (not pivoting enough)
- Founding team fighting
- Overspending (very high burn rate)
- Lose focus
- Bad business model (no revenue)