Simple ideas: what are startups? why do they work? ideas vs. hard work?

1. 5 / 31 / 2013!
STARTUP MYTHS!
AND REALITIES!
Benjamin Joffe!
PLUS
EIGHT
STAR

2.
WHAT
IS
A
STARTUP?
“It
is
a
company
confused
about:
-­‐
What
its
product
is
-­‐
Who
its
customers
are
-­‐
How
to
make
money.
When
confusion
stops,
it
becomes
a
real
business.”
Dave
McClure
500
Startups
Source:
hGp://www.paulgraham.com/wealth.html
This
plus
scale!

3. Source:
hGp://www.paulgraham.com/wealth.html
“Instead
of
working
for
forty
years,
you
work
as
hard
as
you
possibly
can
for
four.”
Paul
Graham
Y
Combinator
HOW
TO
MAKE
WEALTH
HOURS
x
FOCUS
x
TALENT
=
10~100x
PRODUCTIVITY

4. “In a startup,
no facts exist
inside the building,
only opinions.”!
Steve Blank!
MAKE SOMETHING PEOPLE WANT

5.
IT
TAKES
A
VILLAGE
TALK
TO
EVERYONE!
(Advisors,
Investors,
Partners,
Team,
Friends,
Family…)

6. GOOD
IDEAS
BAD
IDEAS
GOOD
IDEAS
THAT
LOOK
BAD
BAD
IDEAS
THAT
LOOK
GOOD
STARTUPS
ARE
HERE

7. Someone
had
THE
SAME
IDEA
before
you
different
bme,
different
place,
different
people
=
different
results?

8. INNOVATION
does
not
maGer
to
(most)
customers
What
ma'ers
is
what
they
can
do
with
it

9. TRACTION
is
#1
but
WHICH
NUMBERS?
X
signups
last
week
How
many
this
week?
Do
they
do
the
one
thing
you
want?
How
many
are
back
this
week?

10. To Remember!
• Work on what you like!
• Work with people you like!
• It’s a marathon (with some sprints)!
• Learn what you need!
• Check the right numbers!
• Traction trumps (almost) everything!

11. Benjamin Joffe!
• 13 years in Asia!
• Founder, +8*!
• Co-Founder, Cmune!
• Mentor, 500 Startups!
• Angel investor!
• Speaker, Columnist!

12. THANKS!!
Benjamin Joffe!
benjamin@plus8star.com ! ! ! !!
PLUS
EIGHT
STAR
www.plus8star.com!