Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Have You Got What It Takes?

261 views

Published on

Startup Secrets presents a lecture on whether or not you've got what it takes to found a startup! Learn strategies for growing with and navigating your company through the beginning stages.

Published in: Business
  • Be the first to comment

  • Be the first to like this

Have You Got What It Takes?

  1. 1. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Have You Got What It Takes? startupsecrets.com
  2. 2. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Workshops Full descriptions of each at startupsecrets.com 1. What’s Your Roadmap to Success? 2. Building a Compelling Value Proposition 3. Turning Products into Companies 4. Culture, Mission and Vision 5. Hiring A+ Talent 6. Game-Changing Business Models 7. Go to Market Strategies 8. Getting Behind the Perfect Investor Pitch 9. Funding Strategies to go the Distance 10. Have You Got What It Takes? 11. Mastering Mutual Mentorship
  3. 3. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? 3 Where does this all fit? Vision (Market) Startup Roadmap Enduring Company Value Proposition People Team Execution Cultural Consistency The Founder It Starts With YOU
  4. 4. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes?  Technology platform is here  Lower cost barriers  Faster time to launch  More accelerators and mentors  Better ability to test product market fit Does it mean you should just jump in and startup? 4 Context
  5. 5. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? A Question for You  What does success look like to you? • Lifestyle? • Fame? • Power? • Money? • Other? 5
  6. 6. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Founder’s Dilemmas – Rich vs. King  Most entrepreneurs want to get rich AND run the show  Tough to have both money AND power… • To make a lot of money on a venture means getting financial resources to capitalize on opportunities in front of you. Tradeoff is loss of control. • To remain in charge you need to retain equity. This means fewer financial resources to fuel your venture.  If you don’t figure out which matters more to you, you’ll wind up being neither rich nor king 6
  7. 7. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Reality of What’s Involved  “I want to change the world.” • Pressure • Sacrifice (not if you’re passionate) • Money “Rent and Ramen”  Uncertainty • years to outcome: 7 to 10 yrs. ~ thousands: 1 funding ~ 1 in 10 breakouts  (Anecdotal: only 45 “Unicorns” in the past decade) 7
  8. 8. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? The Path to Success 8
  9. 9. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes?  What will yours be? 9 The Roadmap to Success startupsecrets.com Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? Creation
  10. 10. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes?  What will yours be? • Expect the unexpected! 10 The Roadmap to Success Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? CreationOutlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs. Leverage? Re-creation Startup Euphoria
  11. 11. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes?  What will yours be? • Expect the unexpected!  Longer, harder, maybe even bigger 11 The Roadmap to Success Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? CreationOutlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs. Leverage? Re-Creation Startup Euphoria
  12. 12. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? BREAK -through -out Get Used to the UN-game 12 UNexplored UNdefinedUNexpected UNcertainty
  13. 13. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Playing the UN-game  My 5 watchwords: REALITY, CLARITY, HUMILITY, CREDIBILTY, CERTAINTY • Reality  Confront it head on, shine a spotlight on it to get… • Clarity  Do everything you can to get people to fully understand the situation, problem, opportunity • Humility  Show humility with customers, partners, employees, investors, media, etc. first by listening before jumping to conclusions / answers • Credibility  Establish what have you learned and then move on fast to …  Build credibility by delivering improvements before promising anything • Certainty  Confirm it’s turning things around from the outside in – check with customers etc.  Expect it to be fleeting if you’re growing fast! 13
  14. 14. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? But Founders Are Often UNconventional
  15. 15. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Genius?  Thomas Edison 15 In our opinion: being right isn’t always as important as being practical, or enabling others
  16. 16. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Genius? He was right… 16
  17. 17. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Why Are You Doing This?  Inspired? • Change the world  Meeting a need? • Personal or market?  Addressing a pain point? • Scratching an itch? • Healing a wound? • Positively motivated?  Or just to prove someone wrong?  Fun or Fundamental? 17
  18. 18. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Unconventional Founders  Are usually: • FUN AND FUNdamentally driven  The combination of BOTH fuels them for the UN-game 18
  19. 19. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Question 19 What would you choose to do if today was your last day of work?
  20. 20. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Timing  When do you think is the right time to become an entrepreneur?  Right out of school, college?  After you’ve got some real work experience?  After you’ve been in a startup?  If you’ve worked your way up a corporation?  Whenever?!  Is it age related? 20
  21. 21. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? The Age-Old Argument: Youth vs. Experience 21 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0-24 25-34 35-44 45-54 55+ Age of U.S. Tech Entrepreneurs at Time of Funding
  22. 22. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? • Youth • Ignorance is bliss • Unaware = unlimited • Open mind = open to possibilities • less to lose • Experience • Confidence • Stronger networks • Deeper pockets • also more to lose 22 The Age-Old Argument: Youth vs. Experience
  23. 23. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Networks and Relationships  Cultivate, Curate your network  Attract, Select, Grow people  Find mentors The number one relationship: • Your potential customer 23
  24. 24. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Shoe Leather  Customer intimacy • Vital in product development, support, etc. 24
  25. 25. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Career path … so how do I gain that experience?
  26. 26. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Career Paths for Founders 26 PeopleSoft Outcome Founder(s) Relevant Prior Experience David Duffield Aneel Bhusri $9.5B Yahoo, Infoseek Michael Baum, Rob Das, Erik Swan $3B PayPal, Socialnet.com Reid Hoffman$7.8B Odeo, Audioblog, Pyra Labs, Blogger Jack Dorsey, Evan Williams, Biz Stone, Noah Glass $31.6B
  27. 27. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Big Company vs. Startup Experience  You’ve been incredibly successful at Global Enterprises • Does that set you up for success as an entrepreneur?  In our opinion…NO!  If you want startup experience • Go and work in… A STARTUP!  Find a mentor within the startup 27
  28. 28. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Outliers  10,000 Hours • 3 hours a day for a decade  Deep Expertise 28 Onshape
  29. 29. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? A Tale of Two Cities Deep Expertise 29 Onshape On The Job
  30. 30. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Stages Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability 30 One size fits all?
  31. 31. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Stages 31 Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability Increasing VALUE DecreasingRISK Innovator Entrepreneur Builder Operator Enabler
  32. 32. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? YOU Are Your Biggest Investor  VCs, investors, advisor • Invest some of their time • Some of their money • Part of their portfolio  You invest • Your life • Your reputation • And there is only ONE of you to invest  It takes • Dedication • Focus 32
  33. 33. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Innovation and Entrepreneurship Don’t set out to create a billion-dollar company  Set out to solve a multi “billion-dollar problem”  MINDFUL of what it takes to build an enduring company 33
  34. 34. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? info@startupsecrets.com
  35. 35. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Have You Got What It Takes? startupsecrets.com

×