To organize my thoughts in the day, I often think about TIMO.. an acronym I invented to remind me to think about Team, Idea, Money, and Opportunities– to me, some of the key areas of an early-stage startup. To read about this philosophy, see the original post.
TIMO reminds me that I should prioritize my thoughts in this particular order. I’d argue that most startups can benefit from this simple prioritization. Why? If you have a great team, everything else can be fixed. If the product or idea is lousy, really good teams can come up with better ideas and better products. If there is a need for money (particularly VC money), most institutional investors fundamentally invest in great teams. Great teams find opportunities– and often create them.
Dharmesh Shah (a Boston colleague and great blogger) has written a lot about startup teams. I often refer back to his posts, especially when thinking about how to attract the right kind of talent to Punchbowl. This post on ‘questions you should ask a startup’ is one of my favorites.
The team we have working on MyPunchbowl.com is one of the key reasons I’m excited about our future.