1.Clarity of purpose
Summarize the company’s business on the back of a business card.
2.Large markets
Address existing markets poised for rapid growth or change. A market on the path to a $1B potential allows for error and time for real margins to develop.
3.Rich customers
Target customers who will move fast and pay a premium for a unique offering.
4.Focus
Customers will only buy a simple product with a singular value proposition.
5.Pain killers
Pick the one thing that is of burning importance to the customer, then delight them with a compelling solution.
6.Think differently
Constantly challenge conventional wisdom. Take the contrarian route. Create novel solutions. Outwit the competition.
7.Team DNA
A company’s DNA is set in the first 90 days. Choose your first few hires wisely.
8.Agility
Stealth and speed can beat slow incumbents.
9.Resilience
Hone your ability to bounce back and keep trying.
10.Frugality
Focus spending on what’s critical. Spend only on the priorities and maximize profitability.
11.Inferno
Start with only a little money. It forces discipline and focus. A huge market with customers yearning for a product developed by great engineers requires very little firepower.