Combinator, a startup incubator, is known for its stringent requirements for new companies. In the early days, only developers were accepted, leading to the question of whether other skills such as design or PR were necessary. However, it has been proven that the most successful startups combine multiple skills in order to stand out from the crowd.
In the 21st century, the ability to acquire skills has become the most important asset. As technology advances and the job market becomes increasingly competitive, it is necessary to constantly learn and develop new skills to stay relevant. Unfortunately, many people stop their learning process once they have mastered basic tools such as Photoshop or Illustrator. However, without the ability to learn front-end development or other skills, it is impossible to compete in the modern economy.
Combinator understood this, and their rule was to only accept multiple founders and people who were willing to do their own “sweat equity”. This meant that people who were willing to invest their own money and effort into their project had a higher likelihood of success. This approach is much more sustainable than throwing money at top-tier developers and designers and hoping for a return.
The key to success is to gather as many skills as possible. This is a great way to stand out in the crowded job market and differentiate yourself from the competition. While it may be tempting to hire top-tier designers and developers, it is important to remember that this will be a significant investment. Instead, it is better to start small and learn the basics before moving on to more advanced skills.
As an entrepreneur, the thought of hiring a public relations firm can be daunting. After all, the price tag can be upwards of $5,000 a month, and that's just for a four-month minimum. But for those on a budget, the question remains: is it worth the cost to hire a PR firm, or is it better to do it all yourself?
In his book, The Silicon Alley Reporter , Jason Calacanis outlines a formula for determining the opportunity cost of doing everything yourself. If you look at the time it would take to do the work yourself, combined with the cost of hiring a PR firm, it's easy to see why it's sometimes better to hire a PR firm. For example, if you had a budget of $20,000, you could do the work yourself in 10 hours, including five hours of reading, finding fifty names, emailing those people, and following up two times. This would cost $200 an hour, compared to $5,000 a month for a PR firm.
Of course, if you have $20 million in the bank and have raised your series B, then it may be worth it to hire a PR firm. However, if you have $20,000 left in the bank, it may not be the best idea to spend half of your money on PR.
The bottom line is that doing your own PR is an important part of being an entrepreneur. You have to be willing to do the work yourself and not rely on expensive PR firms. This not only saves you money, but it also helps you to gain a better understanding of the process and learn the ins and outs of PR.