I have a new favorite app on my iPhone, Instagram. I am officially addicted to this photo social network that takes your mobile phone photos and turns them into pieces of art with filters. This is probably why I found it very interesting to read a few entrepreunurial tips on Goop (Gwyneth Paltrow's lifestyle site) from Kevin Systrom, co-founder of Instagram. See below for a few fantastic quotes from him. Considering that Instagram was just acquired by Facebook for 1 billion dollars; this guy obviously is a great person to take business advice from....
Instagram's most essential components to starting a small business:
"Picking a great team. People are everything and will make or break your business. Find the people you respect most and work with them – be relentless about creating an amazing team."
"Solving problems. Start with solving a problem instead of having a technology and then searching for problems it might solve. When you create a problem driven business your roadmap dictates itself."
"Building only what you need to prove that you can succeed. Create the minimum you can in order to test the hypothesis of whether your business will succeed or not. Polish, and bells & whistles are great, but if you focus on answering whether your fundamental assumptions are correct, you'll be much better off in the long run."
"Failure is part of the process - In many ways, you should fail your way to success. Nobody gets it right the first time, so fail quickly and fail often and learn from each of the steps in order to create a winning strategy."
I wish I had known..."There's a big difference between building a product and building a company. Many people in Silicon Valley start off by wanting to build a product without realizing that the key is to be able to build a company. Products involve features, but companies involve strategy, people, and a host of other things. When you start off, realize that the best companies come from people who focus on company building, not just product building."
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Disclaimer: Harvard Business Services, Inc. is a document filing service that provides general information. We cannot render legal or financial advice and your use of this site is subject to additional terms and conditions. HBS is not affiliated with Harvard University.