Entrepreneurshit       The Real StoryMark SusterSeedcon – November 2012@msuster
Me                      Software Developer                       (Accenture)                      University of Chicago ...
So What It’s Really Like
What You Imagine When You Read          TechCrunch
What It Really Feels Like
How You Imagine You Might Spend Your Days
How You Will Actually Spend Your Days
Raising Money After Y Combinator
You Raising Money
Founders You Know
Most Founders
Entrepreneurshit: All Joking Aside, It’s a                Grind
We’re All Naked in the Mirror.Don’t Think Everybody Else is “Killing It”
So What Does it Take to      Succeed?
Tenacity
Resiliency
Street Smarts
Decisiveness
Ability to pivot (with a small “p”)
Inspiration
Perspiration
Risk Tolerance
Attention to Detail
Competitiveness
Domain Experience
Technical DNA
Some Suggestions to Make it         Easier
Take 50 Coffee Meetings
Create a Sense of Urgency in Your Business
Ship Product
Manage What you Measure
Triangulate. Ask Lots of Opinions.
But In the End You MustTrust Your Own Judgment
Solve Real Problems
On Fund Raising
You Need to Meet Investors Early
Otherwise They’re Just Judging Your        Presentation Skills
When I First Meet you, You’re a Dot
Over Time I Start to See a Patterns
And It’s OK if it’s Not Always Moving Up. I Get to                See Your Resiliency
ABR
It’s Part of the CEO’s Fulltime Job. Get                Used to It       Biz    Mktg       Dev                 ProductRecr...
If Raising Angel / Seed, You Need an Anchor
If you show proof the rest usually follow
You Need to Create a Sense of Urgency
Cuz We All Still Act Like We Did in High School
All Too Often FOMO (Fear of Missing Out)              Drives Deals
Too Many Entrepreneurs Try to Over Optimize                                      Company                                  ...
When Markets Turn, Progress Might Not = Valuation                                      Company                            ...
And Some Good Companies Simply Don’t Get Funded                                    Company                                ...
So Get As Long of a Runway as You Can           (within Reason)
And Finally
Startups Really Are Roller Coasters
It’s Not All Glamour But If you Love the Game                – Have Fun With It
There Will Never Be a Better / Easier Time to Go            For It. If Not Now, When?
Q&A
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Entrepreneurshit. The Truth About Building Starutps

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Entrepreneurshit. The Truth About Building Starutps

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