Entrepreneurshit. The Truth About Building Starutps

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  • 1. Entrepreneurshit The Real StoryMark SusterSeedcon – November 2012@msuster
  • 2. Me  Software Developer (Accenture)  University of Chicago alum (MBA)  2x Startup CEO / FounderBothSidesoftheTable  VP Products, Salesforce.com  VC at GRP Partners in LA
  • 3. So What It’s Really Like
  • 4. What You Imagine When You Read TechCrunch
  • 5. What It Really Feels Like
  • 6. How You Imagine You Might Spend Your Days
  • 7. How You Will Actually Spend Your Days
  • 8. Raising Money After Y Combinator
  • 9. You Raising Money
  • 10. Founders You Know
  • 11. Most Founders
  • 12. Entrepreneurshit: All Joking Aside, It’s a Grind
  • 13. We’re All Naked in the Mirror.Don’t Think Everybody Else is “Killing It”
  • 14. So What Does it Take to Succeed?
  • 15. Tenacity
  • 16. Resiliency
  • 17. Street Smarts
  • 18. Decisiveness
  • 19. Ability to pivot (with a small “p”)
  • 20. Inspiration
  • 21. Perspiration
  • 22. Risk Tolerance
  • 23. Attention to Detail
  • 24. Competitiveness
  • 25. Domain Experience
  • 26. Technical DNA
  • 27. Some Suggestions to Make it Easier
  • 28. Take 50 Coffee Meetings
  • 29. Create a Sense of Urgency in Your Business
  • 30. Ship Product
  • 31. Manage What you Measure
  • 32. Triangulate. Ask Lots of Opinions.
  • 33. But In the End You MustTrust Your Own Judgment
  • 34. Solve Real Problems
  • 35. On Fund Raising
  • 36. You Need to Meet Investors Early
  • 37. Otherwise They’re Just Judging Your Presentation Skills
  • 38. When I First Meet you, You’re a Dot
  • 39. Over Time I Start to See a Patterns
  • 40. And It’s OK if it’s Not Always Moving Up. I Get to See Your Resiliency
  • 41. ABR
  • 42. It’s Part of the CEO’s Fulltime Job. Get Used to It Biz Mktg Dev ProductRecruiting Mgmt HR Raising Customer Capital Acctng Tech
  • 43. If Raising Angel / Seed, You Need an Anchor
  • 44. If you show proof the rest usually follow
  • 45. You Need to Create a Sense of Urgency
  • 46. Cuz We All Still Act Like We Did in High School
  • 47. All Too Often FOMO (Fear of Missing Out) Drives Deals
  • 48. Too Many Entrepreneurs Try to Over Optimize Company Progress /$ Valuation Dilution Time
  • 49. When Markets Turn, Progress Might Not = Valuation Company Progress$ Valuation Time
  • 50. And Some Good Companies Simply Don’t Get Funded Company Progress$ Valuation Time
  • 51. So Get As Long of a Runway as You Can (within Reason)
  • 52. And Finally
  • 53. Startups Really Are Roller Coasters
  • 54. It’s Not All Glamour But If you Love the Game – Have Fun With It
  • 55. There Will Never Be a Better / Easier Time to Go For It. If Not Now, When?
  • 56. Q&A