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Don't become an entrepreneur unless you are insane

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Entrepreneurship is hip yet it isn't for everyone. It's a lot of work. It usually means little respect and often little money. Nevertheless, I cannot imagine doing anything else. Here are some of my ...

Entrepreneurship is hip yet it isn't for everyone. It's a lot of work. It usually means little respect and often little money. Nevertheless, I cannot imagine doing anything else. Here are some of my experiences and lessons learned being an entrepreneur.

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    Don't become an entrepreneur unless you are insane Don't become an entrepreneur unless you are insane Presentation Transcript

    • Don‘t become an entrepreneur Unless you are insane Iserlohn, December 2012
    • Who wants to start a startup? Or has just started?
    • manuel koelman | dutch entrepreneur | living incologne | currently working on getcontext.deand MailFred.de | practical philosopher |involved with piratesummit.com | interested inagile, lean and productivity | business angel |ecommerce guy | startup mentor | caotina lover| traveler | cheese addicted | proud father
    • PIRATES WHY I DO WHAT I DO?
    • "Entrepreneurship isthrowing yourself off a cliffand building a plane on theway down."Reid Hoffman, Founder of LinkedIn
    • Are you a pirate?That thrill of your first hire, when you’ve convinced someother crazy soul to join you in your almost certainlydoomed project. The high from raising venture capital andstarting to see your name mentioned in the press. Theexcitement of launch and…gulp…customers! and thefeeling of truly learning something useful, you’re just notsure what it is, when the company almost inevitablycrashes and burns.- Mike Arrington, Techcrunch
    • Who still wants to do a startup?
    • You will fail. I have.
    • Startup =ExperimentStartups act in an environment of extreme uncertainty.
    • Why do startups fail?Rarely because the product doesn’t work.Usually because there are no customers.
    • What does failure mean?
    • The companies I founded:farbquadrat talential getContext ?
    • Failure is not the enemy. Fear of failure is. Not learning is. And not trying. And not listening. And…
    • ENTREPRENEURSHIP= MONEY & STATUS NOT.
    • Chances are you will make less money than your friends. Assuming your friends have “normal” jobs.
    • You get no respect. And no fancy cars, hotels etc.
    • Get out of yourcomfort zone.Successful startups aren’t build by fat and happy people.
    • PASSION THE FOUNDATION.
    • Passion ≠ Market. Just to be clear: It should be Your Passion = Chosen Market.
    • What are youpassionate about?
    • Chances are you canbuild a business around your passion. It may not be easy, but at least it’s fun.
    • DNA YES, I DO BELIEVE THERE ISSOMETHING LIKE FOUNDERS DNA.
    • Probably more accurate than you’d think.
    • Entrepreneurs are obsessed. It’s a survival strategy for tough times.There will be tough times. Be prepared.
    • PARTNERSIT‘S HARDER TO FIND A CO-FOUNDER THAN YOU THINK.
    • Picking a co-founder is like picking a husband/wife. A co-founder is not an employee.
    • You will fight. Just like in a marriage.
    • Tech guy Product guy Sales guy Which one are you?In a tech startup it is a good idea to have all three of these roles (not necessarily three different people) in the founding team. And no, you don’t need a strategy guy nor a CFO.
    • Commitment.Especially the founding team.If you are not committed why would anybody else be?
    • What doescommitment mean?
    • Some – not necessarily smart – examples of commitment: Invest your own money.If you are stupid: Invest ALL your money. Be scrappy with everything. Pay your employee’s salary first.Pay yourself what’s left: Usually nothing. Consequently: Eat (very) cheap. Have the team work in your apartment. Better yet: Sleep in your office. Don’t go on vacation for years. Enjoy the 7-day work week. Go networking if you are not working.
    • Your social life will be over. Be ready to disappoint friends and family.
    • Are youan entrepreneur?
    • Beware!Entrepreneurship is like a drug.
    • Never ever ever ever give up.
    • Don’t stop creating.Shutting down one idea just means you have more time to focus on the next one.
    • Enjoy the rush.
    • ?Any questions
    • Find me around the net Websites @manuelkoelman www.getcontext.de www.leanentrepreneur.com fb.com/koelman www.23moments.com de.linkedin.com/in/koelman