After the Idea summary

Austin teaches aspiring startup founders at Harvard Business School. On day one of the course, she asks her students, “What does success mean to you?”

One of her students, Giovanna, was planning a startup that provided OB-GYN services in Mexico City. In response to Austin’s question about success, she said, “Our goal is to create a unicorn.”

In case you’re not familiar with the term, in the world of startups, a “unicorn” is a venture with a market value of more than $1 billion.

Giovanna’s answer was a good start, but a little vague. Austin asked for more information. If Giovanna’s venture did become a unicorn, then what? What kind of impact did she want to make? How would she feel about it?

After some thought, Giovanna gave a more detailed answer. She wanted to feel proud of her work, knowing that women in Mexico City had access to high-quality care.

And actually, she and her cofounder had already discussed their vision of success. They knew exactly what they wanted to achieve within a certain time frame. And they knew how they planned to do it while raising families, without burning out.

If you’re listening to this Blink, you’ve probably got an idea for a startup too. These are the kinds of conversations you should be having with your cofounder – in-depth discussions about your vision. If you haven’t got a cofounder yet, don’t worry – we’ll get to that later.

Now, you’re likely in a hurry to get started – to get onto product discovery – but slow down for a moment. There’s no rush. Before you start your startup, think carefully about what success really means to you. Not just the financial outcome, but the bigger picture.

Here’s an exercise to help you do that. Choose a medium to record your thoughts – a journal, a document on the computer, or even a video. Reflect on why you want to launch a startup, and ask yourself some questions.

For example: Why will people be talking positively about my venture in the future? How will my business impact the world?

At some point, it’s also a good idea to discuss these questions with your team members. Try using the “diverge-converge” method, where you diverge, each thinking about success separately, and then come together, or converge, to share your perspectives. If there are areas where you disagree, look for ways to build alignment and support each other.

In order to set yourself up for long-term success, you need a solid foundation. That means knowing what you’re doing and why, and being on the same page as the people you’re working with.