DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

One of my mantras is just don't die; keep your startup going and don't lose hope.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

When deciding whether to give up on a startup, consider if you still enjoy what you're doing and if you love your customers and product.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

A good pivot is like going home; it should feel warmer and closer to something you're an expert at.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

If you run out of ideas for growth, it might be time to pivot, but if you still have good ideas, keep trying them.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

When pivoting, look for markets where incumbents are disliked and the software is poor, as these can present opportunities for disruption.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Tarpit ideas are those that seem like unsolved problems and receive positive feedback, but are ultimately bad startup ideas that people get stuck in.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Investors often say no because they have limited budgets and are looking for opportunities that seem like the best fit for their investment strategy.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

It's important for founders to stay close to their product and customers, avoiding the trap of over-delegating early on.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

The most common reason startups fail is that founders don't talk to customers and fail to find product-market fit.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Founders often lose hope when they feel like they're failing, which can lead to giving up too soon.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Founders often go through near-death experiences where they feel like everything is about to end, but sheer will can keep them going.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

I tell aspiring founders to talk to customers, but many get quiet when asked how many they've actually spoken to.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Founders often hide behind their keyboards instead of engaging in person with potential customers, which is crucial for validation.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Many founders are shy about reaching out to customers, but overcoming that awkwardness is essential for success.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

You should assess how many in-person meetings you've had with potential customers in the past month; it should be a significant portion of your time.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

It's shocking how many companies focus on fundraising instead of talking to customers, which is a fundamental mistake.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

The 'Collinson install' tactic involves visiting customers to help them implement your product, ensuring they follow through after saying yes.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Even when a customer says yes to buying your product, you must ensure they implement it; otherwise, they will churn.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Successful founders often have a deep internal belief that they will make their company work, even when faced with challenges.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

Many founders mistakenly focus on complex growth strategies instead of simply getting their first customer and validating their idea.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

I encourage founders to validate their ideas by talking to potential customers before writing any code or raising money.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

If you find excited customers during your validation process, that's a strong signal that it's time to start your startup.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

I recommend reading popular sales books like 'Getting to Yes' to help founders overcome their fear of sales.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

It's important for founders to regularly check in with themselves to ensure they are enjoying their work and making necessary changes if not.

DC

Dalton Caldwell

04/18/24

@ Lenny's Podcast

I suggest that founders should apply to Y Combinator if they resonate with my advice and want to start a company.

Lessons from 1,000+ YC startups: Resilience, tar pit ideas, pivoting, more | Dalton Caldwell (YC)

Takeaways