In their first lectures, Sam Altman outlined the first two of four steps one should ideally follow in starting a business while Dustin Moskovitz opinionated on the reasons why anyone should venture into business. Entrepreneurs face various challenges as they endeavor to start profitable business ventures possibly due to failure to follow tested guidelines. This paper presents an opinion as to the practicability of the guidelines given by the two.
According to Altman, good startups should start with the formulation of a great business idea in acknowledgment of a problem that needs a solution. The start-up idea should incorporate a long-term growth strategy based on the market size and growth projections and should be evaluated for uniqueness. This is in agreement with Burns (118) who reiterates the importance of assessing all aspects of the entrepreneurial idea. Long-term strategizing helps create a mission geared towards the growth of the business.
Altman puts forward creating a product out of the business idea as very beneficial. He argues that the product produced should be simple, targeting a specific market and solve particular users’ problems and, hence, attract them. A great product reduces entrepreneurship challenges such as advertising and fundraising for capital (Burns, 186). The product created should, thus, be superior and targeting a specific market segment.
Starting a business demands considerable investment and commitment. Start-ups should not be a get-rich-quick scheme. This is as argued by Moskovitz, in his presentation, who postulates that one should start a business for the reasons of passion and the aptitude to provide a solution to a problem. Start-ups should not be started on the basis of the glamorous illusion of financial freedom and flexibility of operations.
Work Cited
Burns, P. Entrepreneurship and Small Business. New York, NY: Palgrave Macmillan, 2016.
