StartupDay 2011 Speech - The Stuff Nobody Talks About

The shit that no one talks about @MarcNagerSunday, September 18, 2011

A few things ﬁrst...Sunday, September 18, 2011

Deﬁne Startup People 2x Idea = Startup Note: Enterprise = Business Model (Startup) > 0$Sunday, September 18, 2011

What comes ﬁrst, the team or the idea? Your Idea Team IdeaSunday, September 18, 2011

Validation Who’s problem are you solving?Sunday, September 18, 2011

It’s not all about $$ Funding ≠ Success Only 16 percent of the fastest-growing and most successful companies in the US had venture ﬁnancingSunday, September 18, 2011

Do you have full Commitment? diff btw. co-founder and an employee “...oh yeah, i have a developer working for me.”Sunday, September 18, 2011

Have all of these? Team Validation Commitment Let’s go....Sunday, September 18, 2011

Welcome to the Real WorldSunday, September 18, 2011

Startup101 A few things to not F-up 1. Work/Life Balance 2. Company Culture 3. Mentors 4. Legal 5. AccountingSunday, September 18, 2011

Work/Life Balance Working long hours doesn’t mean you are working smartSunday, September 18, 2011

CultureSunday, September 18, 2011

Sunday, September 18, 2011

Advisors/Mentors The early believers 1. Find people that care 2. Be strategic 3. Bad advice can kill you 4.Your job isn’t to impress themSunday, September 18, 2011

Legal 1. “Don’t incorporate a hobby” 2. No lawyer should charge for advice 3.You get what you pay for 4. Don’t Sign NDAsSunday, September 18, 2011

Founders Documents 1.You need a lawyer 2. Keep it simple 3.You MUST have an operating agreementSunday, September 18, 2011

Structure 3 Main Types: LLC, S-Corp, C-Corp LLC/S-Corp - If you WILL NOT take funding C-Corp - If you WILL take funding ~$2,500 for basic ﬁlings Build a relationship.You will need them again.Sunday, September 18, 2011

Accounting Money is never an easy topic...Sunday, September 18, 2011

Accounting Do-s 1. Know your REAL burn rate 2. An annual budget 3. Accounting System 4. Know your runwaySunday, September 18, 2011

Accounting Don’t-s 1. Operate on a CASH basis 2. Use your personal accounts 3. Fall behind 4. Hire a FT person until economics of time make senseSunday, September 18, 2011

QuickBooks up and runningSunday, September 18, 2011

DocumentationSunday, September 18, 2011

Taxes & Filings SOOO MANY! State, City, Federal, other... DON’T BE LATE! Make a system of reminders Put it on the wall!Sunday, September 18, 2011

Other things... Practice your pitch! Assume you suck You will have shitty days Track the metrics that matter Don’t talk to all the big guys ﬁrst Act bigger than you areSunday, September 18, 2011

At the end of the day... Pivot Steal thSunday, September 18, 2011

The people that matter will judge you by what you do, not by what you talk aboutSunday, September 18, 2011

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StartupDay 2011 Speech - The Stuff Nobody Talks About

by marcnager on Sep 18, 2011

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StartupDay 2011 Speech - The Stuff Nobody Talks About — Presentation Transcript