Hiten Shah
@hnshah
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Building SaaS businesses for 20+ years. CEO at Nira ( @niradotcom ). Started @CrazyEgg & KISSmetrics. Customer obsessed. Early adopter. Always grateful 🙏🏽
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Joined July 2006
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Last Seen Profiles
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This is a never ending thread of the very best online content and resources for early stage startups.
Relevant for both self-funded/bootstrapped and venture backed pre-seed/seed stage companies.
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Happy Monday!
Inspiration for the week. Sometimes it takes a few attempts to get through a seemingly impossible barrier.
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On Zoom fatigue, here’s a shocker:
Remote work does not require video.
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Tech debt is the
#1
reason product/market fit erodes for a startup. Imagine the market being at your fingertips and then having to pay down the tech debt. You can’t ship new features for months while praying that nobody else catches up. This happened to Slack at scale. An…
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At a startup, someone inevitably has to become the Chief Focus Officer.
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If you’re working on a pitch deck for your startup this weekend, DM me. I’ll send you my 114 slide pitch deck guide for free.
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When you gain momentum, aim to keep it. It can be easily lost. Act like your life depends on it. Momentum is quite a powerful driver.
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Do you run a self-funded *profitable* business?
🤑 Let’s make a list!
👉 Reply with your website :)
Any type of business counts.
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In a growing startup, great work tends to be rewarded with more work to do.
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What's the difference between a startup and a business? (funny answers ok)
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Here‘s a comprehensive list of all the things you can change:
1. You
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The most ambitious startups look crazy to many people in the early days.
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Timeless startup advice:
If you’ve raised money from investors, send them monthly updates. Especially important for pre-seed and seed stage startups.
This is not the “it depends” kind of advice. Every single founding team needs to do this.
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How to Innovate 101 🤓
1. Talk to people to find their most painful problem
2. Create a unique solution to solve that problem
3. Make sure people love the solution and recommend it to others
4. Get your solution in the hands of more people with the problem
Don’t skip any steps.
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Starting a business teaches you how to get things done with very little.
Growing a business teaches you how to be data-informed.
Scaling a business teaches you about yourself.
You’ll never stop learning.
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Raising money for your startup in 2021? DM me for my free self-directed pitch deck guide with example slides.
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Let me just lay this to rest:
🚫 People don’t bootstrap their businesses.
👉 They self-fund them.
🚫 People don’t have lifestyle business.
👉 They have cash flow businesses.
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Remote people! Yes, you.
Got a question for you 🤓
What do you appreciate the most about remote work?
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If your startup fails the first time, I really hope you try again.
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Successful startups begin with an idea and then they change directions until they find something that works. Famous companies that are now household brands like PayPal, YouTube, and even Facebook changed directions multiple times in the early days until they achieved success.
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If you’re working on your first startup, you will need to get very comfortable learning new things as fast as possible by overcoming what’s commonly referred to as imposter syndrome. The learning never stops.
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Sense of urgency and ownership are the fuel that makes startups grow.
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The highest leverage activity in an organization isn’t execution. It’s prioritization.
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Building a business is not the same as founding a startup. Most startups don’t get to the phase of building the business. Because they don’t create a product worth building a business around. This is why finding product/market fit is the
#1
goal for every new startup.
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You can have very strong opinions and also be kind to others at the same time.
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Study your competitors.
Not to copy them. Not to learn what features they have. Not to think like them.
Study your competitors to learn what customers think about them.
Understanding your competitors from the perspective of customers helps you find untapped opportunities.
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At my startup,
@usefyi
we have pivoted from a document search tool for everyone to a security product used by IT people. We've also changed our name to Nira (
@niradotcom
).
The pivot got kick-started when someone used our product in an unexpected way. Here's the story…
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Startups fail because of themselves, not because of how well a competitor executes.
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The way a person leaves a company says a lot about their true nature.
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When startup teams have a sense of urgency and are customer obsessed, the momentum that can be picked up is incredible.
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Twitter is literally like a gold mine for information. You have to know how to mine it to find the gold.
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You aren’t really busy. You just don’t have energy to do more because you manage your time, not your energy. Time materializes when the energy is available.
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What is the *one* business book that you recommend everyone should read?
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Learning to write well pays back infinitely in every part of your life.
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My Billion Dollar Mistake
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At some point, every startup founder has to become a manager in order to grow their business.
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It’s hard to predict when you’ll be in the right place at the right time. Simply showing up every day and giving it all you got is the best you can do.
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The success of a startup in the early days is directly correlated with the satisfaction of early customers.
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Twitter is magical 🔮
🤝 Introductions happen
⭐️ Friendships are made
💁🏻♀️ Teammates are discovered
🗣️ Feedback is shared
💥 Ideas spread
And so much more 🙏
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First time founders feel overwhelmed and like there’s too much to do.
Second time founders learn how to raise money and operate their businesses at the same time without complaining.
Third time founders find the right thing to focus on right now and always seem calm.
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Founders and early team members:
What’s the most useful advice you received about startups?
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If your personal risk tolerance was never tested, a startup will challenge just about everything you thought you knew.
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I was speaking to a room full of first-time founders today.
I asked each person to share their
#1
challenge.
Half of them said, “there is too much to do” or some variation of that.
My response was to tell them that they need to find the one thing worth focusing on right now.
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Here are two questions to answer as you reflect on this year and think about the next one:
1. What should I do less of next year?
2. What should I do more of next year?
Your thought process as you think through these questions is just as useful as the answers.
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Overnight success is a myth.
Especially with so much competition in almost every market imaginable.
Creating a product that people love and pay for takes time.
Disciplined execution, constant iteration and patience pays off like never before.
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Learn to write really well.
It’s the one skill that’s guaranteed to improve your life.
Countless benefits come when your writing improves.
One of the most important ones is that you’ll be more easily understood when you communicate with other people.
What are other benefits?
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Very rarely does building in private for months result in something people want to use.
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Pay attention when people try to use your product in unexpected ways.
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“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever." Steve Jobs
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What SaaS product(s) have a free plan that you absolutely love?
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Getting very comfortable with starting new things is a superpower.
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You cannot build a brand by measuring the ROI of your branding efforts.
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Spoke with a SaaS CEO who is well past $10 million in ARR. She was concerned about her personal productivity. I reminded her that the productivity of the team is much more important than her own productivity. This re-framing immediately changed her perspective.
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Basic ways to maintain consistent energy throughout your day:
☕️ Reduce (or quit) caffeine
🍩 Limit sugar
🥗 Eat when you are hungry
💧 Drink lots of water
😊 Move past negative emotions
👶 Start things with baby steps
🧘🏻♀️ Meditate
What do you do?
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Raising money has got to be the most challenging thing for first-time startup founders to do.
@RyanBreslow
raised over $200 million for
@bolt
🦄 and wrote the book on fundraising.
I’m giving away 250 physical 📕 copies of the book.
Want a copy?
Like, retweet & reply with 🤑
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