🟣 From $0 to $20000 MRR in 90 days...

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Hey Founders 👋 

Here’s today’s edition of Founder’s Foresight - a newsletter where I pore through news, strategy resources and more and share them to help busy founders like you make the most of information online.

💪 Daily Motivation

“Don’t worry about failure; you only have to be right once.” – Drew Houston, Dropbox Co-Founder, and CEO

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🗞️ Founder News

From $0 to $20K MRR in 90 days! Eric Smith started a SAAS product for creating faceless videos called Autoshorts.ai and scaled it up to $20k MRR in 90 days! In this tweet, he discusses how he did it with affiliates and FB ads.

Prediction: this easily becomes a $1M biz within 3 years. Rishi runs Pika.style which is currently at $50k/year. It has three products

1. A simple screenshot editor

2. Screenshot generator API

3. Embedded screenshot editor

Pat Walls, founder of Starter Story, predicts that this can easily become a $1m biz in 3 years as its built around a central idea of screenshots.

The fall of EV startup Fisker: A comprehensive timeline: Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week said that its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday. TechCrunch presents a timeline of what went wrong with the EV startup.

📈 Strategy and Tactics

How Munger and Buffett set incentives: It is often said - "Show me the incentives -- and I'll show you the outcome". Buffett and Munger used these incentive principles for GEICO:

1. Principal-Agent Problem: Buffett & Munger looked to create an incentive model so that every agent in the business was rewarded for thinking like the principal.

2. Inversion: Buffett & Munger outlined ways that would make the principal-agent problem worse -- and avoided that.

3. Simplicity: There are 2 simple variables that incentives are based on - new business and profit growth

4. Pairing metrics: The balance of business growth and profitability aligns the employees goals with the shareholder's goals -- and prevents a perverse incentive problem.

5. Long term thinking: The incentive system at GEICO only starts after a year of being there and the % increases year after year

6.  Win-Win alignment: The upper management gets paid on the same variables as the rest of the company

Build Your Culture Like a Product — Lessons from Asana’s Head of People: Anna Binder, Asana's Head of People and the company's first HR hire, shares her step-by-step approach to intentionally building the company culture.

In 2013, at 23, I felt on top of the world. I'd just sold my company for $5M. Well, kinda. I'll tell you the story of how I lost it all: Greg Isenberg talks about selling his company and how he learnt a valuable lesson at the age of 23.

🛠️ Tools

Gummysearch is an audience research tool for Reddit. Search for pain points, solutions to be built, content ideas, and sales leads.

Sol is a spiritual and mental health app in the US where you can receive daily inspiration, build healthier relationships, discover your true self, and build better daily holistic wellness habits.

❓Trivia

What did Alexander McRae start as the MacRae and Company Hosiery?

Know the answer? Reply to this email and I’ll feature one person who got it correct in the next email

Previous question’s answer: Mount Fuji