"welcome um can they turn this on maybe all right uh get people here in the back can you guys hear me is the mic on no uh maybe you can ask them to turn it on maybe we can get a big ah there we go all ..."

"advice very generally available guest speakers are going to teach 17 of the 20 classes I'm only teaching three uh counting YC itself every guest speaker has been involved in the creation of a billion ..."

"success one of the exciting things about startups is that they are surprisingly even playing field young and inexperience you can do this old and very experienced you can do this too and one of the th..."

"at YC followed this so for the second half of today's lecture Dustin movitz the co-founder of Facebook and Asama is going to take over and talk about why to start a startup we were so surprised by the..."

"because Brian chesky couldn't pay his rent but he did have some extra space in general though if you look at the track record of pivots they don't become big companies I myself used to believe ideas d..."

"as you're thinking through ideas another thing that we see young Founders get wrong all the time is that someday you need to build a business that's difficult to replicate this is an important part of..."

"oriented companies is that people outside the company are more willing to help you you'll get more support on a hard important project than a derivative one when it comes to starting startups in many ..."

"to find a small Market in which you can get a monopoly and then quickly expand this is why some great startup ideas look really bad at the beginning it's good if you can say something like today only ..."

"slow growing one one of the big advantages of these sorts of markets um these small but rapidly growing markets is that customers are usually pretty desperate for a solution and they'll put up with an..."

"successful the exciting thing is there are probably more of these Tailwinds now than ever before as Mark andrion says software is eating the world um it's just everywhere they're like so many great id..."

"close to your customers try to work in their office if you can and if not talk to them multiple times a day another somewhat counterintuitive thing about good startup ideas is that they're almost alwa..."

"more when they were a student the other is meeting potential co-founders um you have no idea how good of an environment you're in right now for meeting people that you can start a company with down th..."

"the market first and what people want first so for the next section I'm going to talk about building a great product um and here again I'm going to use a very broad definition of product it includes c..."

"of a computer working on their product or talking to their customers that's pretty much all the time they do very little else and you should be very skeptical if your time allocation is much different..."

"jobs something that we say at YC a lot is that it's better to build a small number it's better to build something that a small number of users love than a large number of users like of course it'd be ..."

"startup the best thing of all worlds would be to build a product that a lot of people really love um in practice you can't usually do that because a big company if there's an opportunity like that Goo..."

"uh find a small group of users and make them really love what you're doing does that make sense all right one way that you know when this is working is that you'll get growth By Word of Mouth um if yo..."

"time breakout companies almost always have a product that's so good that it grows By Word of Mouth over the long run great products win don't worry about your competitors raising a lot of money and wh..."

"it returned the best results and that's why users loved it the iPhone is far simpler to use in any smartphone that ever came before it and it was the first one that people really loved another reason ..."

"a great product you need some users to help with the feedback cycle um but the way to get those users is manually you should go recruit them by hand um don't do things like buy Google ads in the early..."

"to love you understand that group extremely well get extremely close into them close to them listen to them and you'll almost always find out that they're very willing to give you feedback even if you..."

"life but it's really important in the early days the good news is that all of this is doable it's hard it takes a lot of effort but there's no magic the plan is at least straightforward and you will e..."

"will matter um you can basically ignore everything else that we talk about until this is working well on the positive side this is one of the most fun parts of building a startup so I'm going to pause..."

"flexibility especially over your schedule um and you'll have the chance to have you know bigger impact and make more money than you than you might uh by joining a later Stage Company so okay so uh you..."

"do um and I think the reality uh is just you know not quite So Glamorous there's sort of there's an ugly side to uh being an entrepreneur uh and also just more importantly uh what what you're actually..."

"if you start a company it's going to be extremely hard um why is it so stressful so a couple reasons um one is you've got a lot of responsibility uh so uh people in any kind of career have fear of fai..."

"seen from The Social Network This Is Us partying and working at the same time somebody's spraying champagne everywhere um you know uh so the social network spends a lot of time kind of painting these ..."

"also the scene sort of demonstrating the like brilliant Insight moment uh it's kind of like straight out of a beautiful mind they literally skull that scene um so they like to paint it as you just kin..."

"um but when valleywag like you know analyzes your lecture and just tears you apart like you definitely don't want that nobody wants that um and then one thing I almost never hear people talk about is ..."

"sure you do it um so another reason uh so people uh especially if they've already had a job at another company you tend to develop this Narrative of like okay like the people running this company are ..."

"decis decisions is pretty Nu nuanced uh the people you thought were idiots probably weren't idiots they probably just had like really difficult decision in front of them and people pulling them in mul..."

"priority um so a subset of your the boss is you have flexibility uh you have control over your own schedule this is a really attractive idea so here's the reality another full live in quote um so this..."

"committed um cool so this is the big one uh so this is the the one I hear the most um especially like candidates applying to a sauna um they tell me you know I'd really like to work for for a much sma..."

"two theoretical companies you might start um so Uber for pet sitting pretty good idea um if you're if you're really well suited to this you might have a really good shot at building a $100 million com..."

"thinking of building that you probably shouldn't even be in this class right now should just go and go and build that company um so why is this uh Financial reward and and impact uh I really think tha..."

"pretty great place to start uh and you get to work with a team and they'll help you just leverage your idea into something great so a couple specific examples uh Brett Taylor came into employee around..."

"you're trying to start and like where will you actually be able to make it happen um so what's the best reason so Sam already talked about this a little bit but basically you can't not do it you're su..."

"world that doesn't feel very good um so drawing this back to my own experience um uh at as SAA you know Justin and I were kind of like reluctant entrepreneurs um uh before we founded a sauna so we're ..."