Passion is important in startups, but it must be combined with a clear understanding of the problem being solved and a focus on revenue and success metrics to avoid failure.

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  00:00

  Building a solution without identifying a problem is a common mistake in tech startups.

  • Creating a company around a hot technology without identifying a problem to solve is a common rookie mistake.
  • Building a solution without identifying a problem or market is a common issue in technology and entrepreneurship.
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  02:01

  People often approach startups like they approach school, focusing on accomplishing specific tasks and following what their friends think is cool, rather than having a clear understanding of what they are doing and what actually works.
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  03:29

  Follow your passion by solving real problems in your life and helping others do the same.

  • Follow your passion means solving real problems in your life and being passionate about it.
  • People who don't have many problems in their lives tend to focus on global issues, but it's important to also consider those who have real problems and work towards solving them.
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  06:07

  Passion is defined by doing something you care about even if there is no money in it, as seen in the genesis of companies like Microsoft and Apple.
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  07:32

  Passionate founders work on their startup despite lack of approval, while college students struggle to coordinate going out with friends.

  • Passion for solving a problem can motivate founders to work on their startup even if there is no approval from authority figures or press coverage.
  • Finding a way to coordinate going out with friends is a common problem among college students that has been tried for at least 20 years.
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  09:49

  Success, users, and revenue are what keep people attached to a startup, not just passion.

  • Passion should not be the primary mode of making a decision, as success, users, and revenue numbers are what keep people attached to an idea.
  • Running a successful startup can bring passion and understanding of customers, while the gravity of it working can shock young teams into falling in love with their business.
  • The motivation behind Justin.tv and Twitch was not necessarily passion for live video streaming, but rather the user demand and traffic they received, which kept the company going despite financial struggles.
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  12:49

  Winning creates passion and specialization, while clear goals and revenue prioritization are key to success in startups.

  • Winning feels good and can create a positive feedback loop that leads to specialization and passion for a sport or problem.
  • Passion in startups can come from working with co-founders, having the freedom to choose what to do every day, and the thrill of having consequences and the possibility of winning.
  • Creating a successful environment requires setting clear goals and prioritizing revenue.
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  16:06

  Make money a metric you care about to hack your motivation and create passion for your idea or startup, but avoid extrinsic motivation in startups as it often leads to failure.

  • Make money a metric you care about to hack your motivation and create passion for your idea or startup.
  • Startups based on extrinsic motivators tend to fail in the long run, while those based on intrinsic motivators are more likely to succeed.
  • Avoid extrinsic motivation in startups as it often leads to failure, and instead focus on building something people want.