Have an idea for a startup? Good. Are you ready to accept that it's wrong? What do you do when your initial idea fails? How can you turn a failed first attempt into a successful business? These question and more are answered in Getting to Plan B by John Mullins and Randy Komisar
Whether your startup is one year or one day old, this book will help you better evaluate your idea and determine your business model that will build a sustainable business. If you're a student of Lean Startups, this fits perfectly with the customer development methodology.
There are quite a few great concepts that Randy and John cover in Getting to Plan B, but I'd like to highlight a few that stood out to me:
If you are a founder of a startup and have ever pitched to an angel or a VC with your company/idea/concept, I'm sure you've heard the phrase "That's very interesting." Maybe they even added a convincing, "hm..." as if they are seriously pondering about your idea and now you think they might be completely agreeing with you that your company is going to be the Next Big Thing.
Guess what? It's not.
In fact, they will probably not even follow up with you even if they said they would.
Sorry about the reality of the startup world. But hey, we're all young and whatever you are working on now is most likely your first real startup so we're here to learn and get better.
Give up now. Your idea is terrible. You're not remotely qualified to lead a startup. No one would fund that. Your mom doesn't even like that idea. You're wasting your time. Isn't someone else already doing that?
Still with me? Good. If that's enough to make you have second thoughts about your startup, then you may not be cut out for working on a startup. It's not easy and it takes a certain kind of person. In the end though, there are some very good reasons to quit your startup right away...