The Biggest Mistakes First-Time Founders Make - Michael Seibel

Y Combinator CEO and Partner Michael Seibel on the biggest mistakes first-time founders make.

Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year.

***

00:00 - Introduction
00:10 - Solving a problem you don't care about
01:01 - Helping users you don't care about
01:47 - Choosing co-founders you don't know well
02:22 - Not having transparent conversations with your co-founders
03:20 - Not launching
04:45 - Not using analytics
05:02 - Not knowing where your first users will come from
05:47 - Poor prioritization

[ycombinator]

Topics
00:10 - Solving a problem you don't care about
1:00 - Helping users you don't care about
1:40 - Choosing cofounders you don't know well
2:20 - Not having transparent conversations with your cofounder
3:20 - Not launching
4:45 - Not using analytics
5:02 - Not knowing where your first users will come from
5:45 - Poor prioritization

[amywang]

So love Michael's simple, clear and yet the MOST important points EVERYTIME! 🙌🙏

[nicocastro]

I'm happy that the first two mentions on this list are lack of passion for the problem you are solving and the customers you are helping. These are usually discovered by reflecting on topics/problems you are genuinely interested in. These are crucial mistakes that come way before the mistakes you make in actually running the business (launching too late, not talking to your users, disputes within the team, etc.). May I also add the mistake of starting a startup for the wrong reasons (e.g. a way to get rich quickly) or lack of self-awareness (there are people whose personality and beliefs make it impossible for them to succeed in building a startup.).

[BiancaAguglia]

3:45 "Do you remember the day snapchat, instagram, whatsapp, uber, or lyft launched? Most likely you don't. It turns out that launching is nowhere near a significant event to your users as it is to you." 😁 That's a great reminder.

[kingdomcitizenship]

I love to listen to Mike break down this issue. No wasted words, straight to the point!

[mosialive]

Over 80% of these mistakes I’ve recently made. They’re terrible and I learned a lot. Thank you for this!

[julientomezach]

I love how concise it is. They really value the time of the people watching (and their own I guess).

[noterecorder]

Thank you Michael, as always your advices are worth taking. I think the reason why most startups have hard time to find first users, just because they think about a solution/invention out of a dream or an pink idea, without taking time to analyse the problem. in Google they have the concept of project killing winner, the employees are encouraged to kill a project in the first stage, which means if a project can be killed early so it does not worth it and they put their time in another most valuable project.

[shivandana]

We need more videos from Michael Seibel. There hasn't been any for a while, and I thirst for his knowledge.

[benmezianetarik]

What a wonderful video Michael!
Completeness
Concreteness
Courtesy
Correctness
Clarity
Consideration
Conciseness

Thanks for sharing 👍

[datdang]

Beside the content, I like how the mantra got framed and stands behind him :D

[habibmkhan]

5 months later, I'm here. Great content entrepreneurs all over the world can benefit from (though im in the bay area lol).
Thank you and please keep going. This YouTube Channel is high impact and has reach/scale.

[Ezequiel_Anibal]

Every single thing he said I have been through in my first Startup; Michael, when are you writing a Book?

[marioacosta]

Thank you for this videos. High Schools and colleges need to add an startup class in their curriculum.

[_beekay]

Wow! The simplicity with which this is delivered is noteworthy!

[NanduKrishnanNKSanandu]

michael siebel's short videos are so valuable!

[ecomarinebd]

His every word matched, listening to him is like a 7 minutes MBA!

[georgebeier]

Well I just came across your videos and seem to have made all the mistakes! Took me forever to get the product (mortgage originator software) ready. So many details! Learned a lot in just a few minutes. TY.

[martinstine]

Thanks so much Michael. I am learning a lot from you guys. Much appreciated. 🙌🙌🙌 YC

[VishalRaoOnYouTube]

4:23: another example is health related products like therapeutic devices or drugs. The MVP better be polished. :)