Marc Nager StartupDay 2011 Speech


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Startup Backoffice - The Dirty Work

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Marc Nager StartupDay 2011 Speech

  1. 1. The shit that no one talks about @MarcNager
  2. 2. A few things first...
  3. 3. Define Startup <ul><li>People 2 x Idea = Startup </li></ul>Note: Enterprise = Business Model (Startup) > 0$
  4. 4. What comes first, the team or the idea? Your Idea Team Idea
  5. 5. Validation Who’s problem are you solving?
  6. 6. It’s not all about $$ Funding ≠ Success Only 16 percent of the fastest-growing and most successful companies in the US had venture financing
  7. 7. Do you have full Commitment? diff btw. co-founder and an employee “ ...oh yeah, i have a developer working for me.”
  8. 8. Have all of these? Team Validation Commitment Let’s go....
  9. 9. Welcome to the Real World
  10. 10. Startup101 A few things to not F-up <ul><li>1. Work/Life Balance </li></ul><ul><li>2. Company Culture </li></ul><ul><li>3. Mentors </li></ul><ul><li>4. Legal </li></ul><ul><li>5. Accounting </li></ul>
  11. 11. Work/Life Balance <ul><li>Working long hours doesn’t mean you are working smart </li></ul>
  12. 12. Culture
  13. 15. Advisors/Mentors <ul><li>1. Find people that care </li></ul><ul><li>2. Be strategic </li></ul><ul><li>3. Bad advice can kill you </li></ul><ul><li>4. Your job isn’t to impress them </li></ul>The early believers
  14. 16. Legal <ul><li>1. “Don’t incorporate a hobby” </li></ul><ul><li>2. No lawyer should charge for advice </li></ul><ul><li>3. You get what you pay for </li></ul><ul><li>4. Don’t Sign NDAs </li></ul><ul><li>5. TMs come later </li></ul>
  15. 17. Founders Documents <ul><li>1. You need a lawyer </li></ul><ul><li>2. Keep it simple </li></ul><ul><li>3. You MUST have an operating agreement </li></ul>
  16. 18. Structure <ul><li>3 Main Types: LLC, S-Corp, C-Corp </li></ul><ul><li>LLC/S-Corp - If you WILL NOT take funding </li></ul><ul><li>C-Corp - If you WILL take funding </li></ul><ul><li>~$2,500 for basic filings </li></ul><ul><li>Build a relationship. You will need them again. </li></ul>
  17. 19. Accounting <ul><li>Money is never an easy topic... </li></ul>
  18. 20. Accounting 1. Know your REAL burn rate 2. An annual budget 3. Accounting System 4. Know your runway Do-s
  19. 21. Accounting Don’t-s <ul><li>1. Operate on a CASH basis </li></ul><ul><li>2. Use your personal accounts </li></ul><ul><li>3. Fall behind </li></ul><ul><li>4. Hire a FT person until economics of time make sense </li></ul>
  20. 22. QuickBooks up and running
  21. 23. Documentation
  22. 24. Taxes & Filings <ul><li>SOOO MANY! </li></ul><ul><li>State, City, Federal, other... </li></ul><ul><li>DON’T BE LATE! Make a system of reminders </li></ul>Put it on the wall!
  23. 25. Other things... <ul><li>Practice your pitch! Assume you suck </li></ul><ul><li>You will have shitty days </li></ul><ul><li>Track the metrics that matter </li></ul><ul><li>Don’t talk to all the big guys first </li></ul><ul><li>Act bigger than you are </li></ul>
  24. 26. At the end of the day... Pivot Stealth
  25. 27. <ul><li>The people that matter will judge you by what you DO, not by what you talk about. </li></ul>