Have you heard of the First Principles Thinking? According to Elon Musk, he used the first principles thinking to design a cheap rocket from scratch, and re-use it by landing it back on earth, and with the same principles he revolutionized the electric car industry. Aristotle defined a first principles thinking as “the first basis from which a thing is known.”
Here is how you can use this 3 simple steps of First Principles Thinking.
✅ Step 1: Identify and define your current assumption.
Understand where you are standing currently should be the starting point. If you need to solve a problem, you need to think about the problem. This way you can have your problem defined and boundary set up.
✅ Step 2: Breakdown the problem into its fundamental principles.
Fundamental principles means getting down to the rootcause of a thing, like back to the most basic elements of anything.
The best way to uncover things to its basic is to ask question. You may wanna use the '5 Whys' approach, and if '5 Whys' is not enough to get you to the fundamental principles, add more 'whys'.
✅ Step 3: Build new solutions from scratch
Once you have identified your problems and have broken them down into their basic truth, then you can begin to imagine new insights and turn them into solutions.
Read more about this at: https://jamesclear.com/first-principles
What is a startup?
Sometimes people raise a question why new business is not a startup and what defines a startup.
The answer is easy.
"Startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. The only essential thing is growth. For a company to grow really big, it must a) make something lots of people want, and b) reach and serve all those people."
Read more on paulgraham.com/growth.html