Sam Altman - How to Succeed with a Startup

TL;DR

The single most important factor for startup success is building a product so good that users spontaneously tell their friends about it – this accounts for 80% of the work. Startups should target markets that are about to undergo exponential growth, need an evangelical founder with an ambitious vision and a definite view of the future, and must assemble a team that combines optimism, idea generati

Key insights

• The degree of success approximates the degree to which you build a product that people love so much they spontaneously tell their friends; this is the bar set by companies like Google and Facebook.
• A product that is simple to explain and easy to understand is a strong indicator of a good idea; inability to explain in a few words usually signals unclear thinking or a need that is not big enough.
• Investors forgive small current revenue if it grows quickly, but founders also need to think about market growth rate – the best startups start in small markets that are growing very fast (e.g., iPhon