🔴Great founders don’t… (Issue 006)

In today’s Issue 📥 :

• ChatGPT’s CEO discusses startup success tips.

• Scientists Find Fossil of Biggest Penguin Ever.

• Adani is ready to knock out Hindenburg‘s allegations with a powerful legal punch.

Great founders don’t…

Who is Sam? Sam Altman was among the several entrepreneurs, including Tesla boss Elon Musk, who founded ChatGPT creator OpenAI in 2015. In 2022, they launched ChatGPT, a chatbot that has caught the globe by storm with its capacity to compose essays and codes as well as answer almost any query in seconds.

Prior to the formation of OpenAI, Altman gave a talk at Stanford University on how to launch a successful startup. Here are the important lessons that many people will find useful even now.

Find an idea you are compelled to explore

Startup founders may have multiple ideas in their heads, but they must choose the ones they are most interested in exploring.

“What we hear again and again from founders is that they wish they had waited until they came up with an idea they really loved,” Altman told students at Stanford. “If you have several ideas, work on the one that you think about most often when you’re not trying to think about work.”

According to Altman, many entrepreneurs believe that their startup would only take two to three years, after which they will be able to pursue their true passions. That nearly never happens, he says, adding that strong businesses can take up to ten years.

Start with something simple

Altman advised companies to focus on creating things that people want, such as those that are easy to use. As examples, he highlighted Facebook, Google, and the iPhone.

“The first version of Facebook was almost comically simple,” he said. The first version of Google was just a webpage with a textbox and two buttons, but it returned the best results, and that’s why users loved it. The iPhone is far simpler to use than any smartphone that ever came before it, and it was the first one users really loved.”

Be hands-on

Altman stated that promising founders take care of sales and customer service themselves in the early days of their businesses rather than recruiting staff to do so.

“Great founders don’t put anyone between themselves and their users,” Altman said. “It’s critical to get this loop embedded in the culture.”

Obtain feedback manually

Altman advises entrepreneurs to venture out into the world for their early customers. He cited Pinterest co-founder Ben Silbermann as an example, saying that he solicited people in coffee shops to test the product.

“Don’t do things like buy Google ads in the early days, to get initial users,” Altman suggested. “You don’t need very many, you just need ones that will give you feedback every day, and eventually love your product.”

HOT SIP

Adani is ready to knock out Hindenburg’s allegations with a powerful legal punch.

Oouch: Billionaire Gautam Adani, CEO of the beleaguered Adani Group, has hired New York-based Wachtell Lipton Rosen Katz to defend himself against charges made by short-seller Hindenburg Research.

According to the Financial Times, Adani’s lawyers sought the Wachtell Lipton Rosen Katz company, founded in 1965, for a solution after US short-seller Hindenburg Research accused the group of stock manipulation and accounting fraud over the course of decades of employing shell companies.

“We handle some of the largest, most complex, and demanding transactions in the US and around the world. We also handle significant white collar criminal investigations and other sensitive litigation matters and counsel boards of directors and senior management in the most sensitive situations,” the company said in its description on its website.

Helped Elon too: Wachtell, the law firm hired by Adani Group to fight Hindenburg, has previously worked with Elon Musk and Tesla, helping them in a lawsuit filed by shareholders over the SolarCity acquisition and assisting in taking Tesla private in 2018.

SMALL SIPS

Tesla in Space: The Tesla Roadster owned by Elon Musk has traveled 63.2 times around the globe since its 2018 premiere. Over five years have passed since SpaceX launched the first test of their potent Falcon Heavy rocket.

Perfect answers: Teachers in Kolkata have noticed that student assignments are becoming too accurate and well-written, sometimes even identical. It has been discovered that some students have been using ChatGPT to complete their assignments.

150 Yrs of Trams: A tram car that was first used in the 1920s to feed water and wash tracks will trundle again for a day to commemorate the 150th anniversary of Kolkata’s trams.

CCTV thing: There are concerns that the Irish Parliament’s CCTV system, which uses cameras from the Chinese company Hikvision, may be compromised due to security issues related to the company’s ties to the Chinese Communist Party.

Two Condoms?: Actress Rakul Preet Singh, known for her role in the film “Chhatriwali,” recently shared her views on condom usage. Responding to the question of whether men should wear two condoms for extra protection, Rakul reportedly stated that this is a bad idea, as the friction between the two condoms could lead to tearing, which would be counterproductive.

With CHAI ☕

Ceo: E-commerce volumes are expected to climb 15-20% by 2023, according to Delhivery CEO Sahil Barua.

How to: protect yourself from cyberbullying.

Aww: aww-adorable date night ideas for V-day.

It’s Interesting: The rule of thumb used by most antique dealers is that anything about 100 years or older is an antique. Items that are old, but not quite that old, are called vintage.

TWEET