SlideShare a Scribd company logo

Things I will tell my kids if they become entrepreneurs

The lessons I learned in 20 years as an entrepreneur. Partly inspired by Sam Altman's excellent course on How to start a startup, available on http://startupclass.samaltman.com Feedback on laurenthaug at gmail dot com

1 of 127
Download to read offline
9
Things I will
tell my kids if
they become
entrepreneurs
11
Disclaimer:

There is no playbook for startups
13
Things I will tell my kids if they
become entrepreneurs
Idea
Team
Fundraising
Execution
Market
Competition
Money & Risk
Success
Tools
IDEA
14
IDEA
15
Somebody somewhere already had your idea.
Don’t waste too much time thinking you’re a genius
16
Your idea is 1% of success.



Google’s key idea (pagerank) was published as a public paper in 1998

Recommended

Fedobe Culture Code - Creating Experts Over Executives
Fedobe Culture Code - Creating Experts Over ExecutivesFedobe Culture Code - Creating Experts Over Executives
Fedobe Culture Code - Creating Experts Over ExecutivesFedobe
 
20 Inspirational Leadership Quotes
20 Inspirational Leadership Quotes20 Inspirational Leadership Quotes
20 Inspirational Leadership QuotesOfficevibe
 
10 Best Practices of a Best Company to Work For
10 Best Practices of a Best Company to Work For10 Best Practices of a Best Company to Work For
10 Best Practices of a Best Company to Work ForO.C. Tanner
 
Soundstripe culture deck 2017
Soundstripe culture deck 2017 Soundstripe culture deck 2017
Soundstripe culture deck 2017 Travis Terrell
 
Starting with why. Simon Sinek
Starting with why. Simon SinekStarting with why. Simon Sinek
Starting with why. Simon SinekAmaia Giralt
 
13 Practical Ways To Discover Your Purpose and Live a Life You Love
13 Practical Ways To Discover Your Purpose and Live a Life You Love13 Practical Ways To Discover Your Purpose and Live a Life You Love
13 Practical Ways To Discover Your Purpose and Live a Life You Lovethanos arm
 

More Related Content

What's hot

Percolate's Company Values
Percolate's Company ValuesPercolate's Company Values
Percolate's Company ValuesPercolate
 
20 Inspiring Quotes
20 Inspiring Quotes20 Inspiring Quotes
20 Inspiring QuotesElodie A.
 
Positive lifestyle for success
Positive lifestyle for successPositive lifestyle for success
Positive lifestyle for successRohit kumar
 
The success principles ppt
The success principles pptThe success principles ppt
The success principles pptabdullah nasir
 
WTF - Why the Future Is Up to Us - pptx version
WTF - Why the Future Is Up to Us - pptx versionWTF - Why the Future Is Up to Us - pptx version
WTF - Why the Future Is Up to Us - pptx versionTim O'Reilly
 
Growth Mindset vs. the Entrepreneurial Mindset
Growth Mindset vs. the  Entrepreneurial MindsetGrowth Mindset vs. the  Entrepreneurial Mindset
Growth Mindset vs. the Entrepreneurial Mindsetjane GARDNER
 
Zero to One - Book Summary Report
Zero to One - Book Summary ReportZero to One - Book Summary Report
Zero to One - Book Summary ReportCorey O'Neal
 
100 ways to motivate yourself
100 ways to motivate yourself100 ways to motivate yourself
100 ways to motivate yourselfATR Login
 
8 secrets-of-success-ppt-video-and-discussion
8 secrets-of-success-ppt-video-and-discussion8 secrets-of-success-ppt-video-and-discussion
8 secrets-of-success-ppt-video-and-discussionIsabel Breda
 
Book summary - What got you here Won't get you there
Book summary - What got you here Won't get you thereBook summary - What got you here Won't get you there
Book summary - What got you here Won't get you thereNordiana Noordin
 
Handy Culture Deck v1.0
Handy Culture Deck v1.0Handy Culture Deck v1.0
Handy Culture Deck v1.0Handy
 
Build a Kickass team - no pingpong table required
Build a Kickass team  - no pingpong table requiredBuild a Kickass team  - no pingpong table required
Build a Kickass team - no pingpong table requiredFrancois Mazoudier
 
Foundr Magazine Culture Deck
Foundr Magazine Culture DeckFoundr Magazine Culture Deck
Foundr Magazine Culture Deckfoundr
 
Presentation on start with why
Presentation on start with whyPresentation on start with why
Presentation on start with whySumaiya Jabin
 

What's hot (20)

Percolate's Company Values
Percolate's Company ValuesPercolate's Company Values
Percolate's Company Values
 
20 Inspiring Quotes
20 Inspiring Quotes20 Inspiring Quotes
20 Inspiring Quotes
 
Positive lifestyle for success
Positive lifestyle for successPositive lifestyle for success
Positive lifestyle for success
 
Creativity + innovation
Creativity + innovationCreativity + innovation
Creativity + innovation
 
The success principles ppt
The success principles pptThe success principles ppt
The success principles ppt
 
WTF - Why the Future Is Up to Us - pptx version
WTF - Why the Future Is Up to Us - pptx versionWTF - Why the Future Is Up to Us - pptx version
WTF - Why the Future Is Up to Us - pptx version
 
Growth Mindset vs. the Entrepreneurial Mindset
Growth Mindset vs. the  Entrepreneurial MindsetGrowth Mindset vs. the  Entrepreneurial Mindset
Growth Mindset vs. the Entrepreneurial Mindset
 
Zero to One - Book Summary Report
Zero to One - Book Summary ReportZero to One - Book Summary Report
Zero to One - Book Summary Report
 
Our Manual
Our ManualOur Manual
Our Manual
 
Positive Self Motivation
Positive Self MotivationPositive Self Motivation
Positive Self Motivation
 
100 ways to motivate yourself
100 ways to motivate yourself100 ways to motivate yourself
100 ways to motivate yourself
 
8 secrets-of-success-ppt-video-and-discussion
8 secrets-of-success-ppt-video-and-discussion8 secrets-of-success-ppt-video-and-discussion
8 secrets-of-success-ppt-video-and-discussion
 
Book summary - What got you here Won't get you there
Book summary - What got you here Won't get you thereBook summary - What got you here Won't get you there
Book summary - What got you here Won't get you there
 
Strong but wrong
Strong but wrongStrong but wrong
Strong but wrong
 
Handy Culture Deck v1.0
Handy Culture Deck v1.0Handy Culture Deck v1.0
Handy Culture Deck v1.0
 
Build a Kickass team - no pingpong table required
Build a Kickass team  - no pingpong table requiredBuild a Kickass team  - no pingpong table required
Build a Kickass team - no pingpong table required
 
Foundr Magazine Culture Deck
Foundr Magazine Culture DeckFoundr Magazine Culture Deck
Foundr Magazine Culture Deck
 
Who moved my cheese
Who moved my cheeseWho moved my cheese
Who moved my cheese
 
Presentation on start with why
Presentation on start with whyPresentation on start with why
Presentation on start with why
 
Google culture deck
Google culture deckGoogle culture deck
Google culture deck
 

Similar to Things I will tell my kids if they become entrepreneurs

creative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptxcreative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptxArindamMondal99
 
creative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsxcreative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsxAshenafiAberaWolde
 
101 Lessons Learned for Startups
101 Lessons Learned for Startups101 Lessons Learned for Startups
101 Lessons Learned for StartupsAndy Harjanto
 
Life changing leadership advice from Silicon Valley billionaires
Life changing leadership advice from Silicon Valley billionairesLife changing leadership advice from Silicon Valley billionaires
Life changing leadership advice from Silicon Valley billionairesPeopleSpark
 
The 7 myths of speed .
The 7 myths of speed .The 7 myths of speed .
The 7 myths of speed .Bryan Cassady
 
7 myths of business speed
7 myths of business speed7 myths of business speed
7 myths of business speedBryan Cassady
 
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13Marty Kaszubowski
 
10 leadership practices to stop today
10 leadership practices to stop today10 leadership practices to stop today
10 leadership practices to stop todayChao Onlamai
 
EDHEC Course Introduction
EDHEC Course Introduction EDHEC Course Introduction
EDHEC Course Introduction Bryan Cassady
 
Presentation to the New Frontiers Entrepreneurs - Nov 2015
Presentation to the New Frontiers Entrepreneurs - Nov 2015Presentation to the New Frontiers Entrepreneurs - Nov 2015
Presentation to the New Frontiers Entrepreneurs - Nov 2015Raomal Perera
 
The Corporate Refugee Startup Guide Insights - USASBE Presentation
The Corporate Refugee Startup Guide Insights - USASBE PresentationThe Corporate Refugee Startup Guide Insights - USASBE Presentation
The Corporate Refugee Startup Guide Insights - USASBE PresentationDave Gee
 
The New Breed Culture Code
The New Breed Culture CodeThe New Breed Culture Code
The New Breed Culture CodeNew Breed
 
Final cycles overview jan 2019 with toolkit
Final cycles overview jan 2019 with toolkitFinal cycles overview jan 2019 with toolkit
Final cycles overview jan 2019 with toolkitBryan Cassady
 
Social Entrepreneurship for Disable Individuals
Social Entrepreneurship for Disable IndividualsSocial Entrepreneurship for Disable Individuals
Social Entrepreneurship for Disable IndividualsDemetris Hadjisofocli
 
New Media Women Entrepreneurs Summit
New Media Women Entrepreneurs SummitNew Media Women Entrepreneurs Summit
New Media Women Entrepreneurs SummitJu-Don Roberts
 
Leadership advice from silicon valley billionaires
Leadership advice from silicon valley billionairesLeadership advice from silicon valley billionaires
Leadership advice from silicon valley billionairesKim Cox
 

Similar to Things I will tell my kids if they become entrepreneurs (20)

creative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptxcreative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptx
 
creative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsxcreative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsx
 
101 Lessons Learned for Startups
101 Lessons Learned for Startups101 Lessons Learned for Startups
101 Lessons Learned for Startups
 
Life changing leadership advice from Silicon Valley billionaires
Life changing leadership advice from Silicon Valley billionairesLife changing leadership advice from Silicon Valley billionaires
Life changing leadership advice from Silicon Valley billionaires
 
The 7 myths of speed .
The 7 myths of speed .The 7 myths of speed .
The 7 myths of speed .
 
Starting startups
Starting startupsStarting startups
Starting startups
 
7 myths of business speed
7 myths of business speed7 myths of business speed
7 myths of business speed
 
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
 
10 leadership practices to stop today
10 leadership practices to stop today10 leadership practices to stop today
10 leadership practices to stop today
 
EDHEC Course Introduction
EDHEC Course Introduction EDHEC Course Introduction
EDHEC Course Introduction
 
21 from 21
21 from 2121 from 21
21 from 21
 
Presentation to the New Frontiers Entrepreneurs - Nov 2015
Presentation to the New Frontiers Entrepreneurs - Nov 2015Presentation to the New Frontiers Entrepreneurs - Nov 2015
Presentation to the New Frontiers Entrepreneurs - Nov 2015
 
20 Ways To Motivate Staff
20 Ways To Motivate Staff20 Ways To Motivate Staff
20 Ways To Motivate Staff
 
The Corporate Refugee Startup Guide Insights - USASBE Presentation
The Corporate Refugee Startup Guide Insights - USASBE PresentationThe Corporate Refugee Startup Guide Insights - USASBE Presentation
The Corporate Refugee Startup Guide Insights - USASBE Presentation
 
The New Breed Culture Code
The New Breed Culture CodeThe New Breed Culture Code
The New Breed Culture Code
 
Final cycles overview jan 2019 with toolkit
Final cycles overview jan 2019 with toolkitFinal cycles overview jan 2019 with toolkit
Final cycles overview jan 2019 with toolkit
 
Hustle Con 2015
Hustle Con 2015Hustle Con 2015
Hustle Con 2015
 
Social Entrepreneurship for Disable Individuals
Social Entrepreneurship for Disable IndividualsSocial Entrepreneurship for Disable Individuals
Social Entrepreneurship for Disable Individuals
 
New Media Women Entrepreneurs Summit
New Media Women Entrepreneurs SummitNew Media Women Entrepreneurs Summit
New Media Women Entrepreneurs Summit
 
Leadership advice from silicon valley billionaires
Leadership advice from silicon valley billionairesLeadership advice from silicon valley billionaires
Leadership advice from silicon valley billionaires
 

More from Laurent Haug

Showcase of the world's top meetings and how to innovate like them
Showcase of the world's top meetings and how to innovate like themShowcase of the world's top meetings and how to innovate like them
Showcase of the world's top meetings and how to innovate like themLaurent Haug
 
From suppliers to enablers, a new era for IT teams (slides with notes)
From suppliers to enablers, a new era for IT teams (slides with notes)From suppliers to enablers, a new era for IT teams (slides with notes)
From suppliers to enablers, a new era for IT teams (slides with notes)Laurent Haug
 
2017: tendances technologiques et impact sur les entreprises
2017: tendances technologiques et impact sur les entreprises2017: tendances technologiques et impact sur les entreprises
2017: tendances technologiques et impact sur les entreprisesLaurent Haug
 
How to best prepare your kids for the future?
How to best prepare your kids for the future?How to best prepare your kids for the future?
How to best prepare your kids for the future?Laurent Haug
 
Five exciting fields for entrepreneurs in 2015
Five exciting fields for entrepreneurs in 2015Five exciting fields for entrepreneurs in 2015
Five exciting fields for entrepreneurs in 2015Laurent Haug
 
Comments on the Strategy of the Federal Council for an Information Society i...
Comments on the Strategy of the Federal Council for an Information Society i...Comments on the Strategy of the Federal Council for an Information Society i...
Comments on the Strategy of the Federal Council for an Information Society i...Laurent Haug
 
What role for foundations in a world of radical change?
What role for foundations in a world of radical change?What role for foundations in a world of radical change?
What role for foundations in a world of radical change?Laurent Haug
 
Digital banking trends 2014
Digital banking trends 2014Digital banking trends 2014
Digital banking trends 2014Laurent Haug
 
La survie par l'innovation (TEDx Reims, 22 Nov 2013)
La survie par l'innovation (TEDx Reims, 22 Nov 2013)La survie par l'innovation (TEDx Reims, 22 Nov 2013)
La survie par l'innovation (TEDx Reims, 22 Nov 2013)Laurent Haug
 
Retail bank of the future
Retail bank of the futureRetail bank of the future
Retail bank of the futureLaurent Haug
 
Surviving the digital revolution
Surviving the digital revolutionSurviving the digital revolution
Surviving the digital revolutionLaurent Haug
 
Looking into the future
Looking into the futureLooking into the future
Looking into the futureLaurent Haug
 
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitale
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitaleLes réseaux sociaux, point de bascule vers une nouvelle révolution digitale
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitaleLaurent Haug
 
Feedback Lift@home
Feedback Lift@homeFeedback Lift@home
Feedback Lift@homeLaurent Haug
 
Interfacing Innovation
Interfacing InnovationInterfacing Innovation
Interfacing InnovationLaurent Haug
 
Les 10 prochaines années de la révolution numérique?
Les 10 prochaines années de la révolution numérique?Les 10 prochaines années de la révolution numérique?
Les 10 prochaines années de la révolution numérique?Laurent Haug
 
Lift conference, story and lessons learned
Lift conference, story and lessons learnedLift conference, story and lessons learned
Lift conference, story and lessons learnedLaurent Haug
 

More from Laurent Haug (18)

Showcase of the world's top meetings and how to innovate like them
Showcase of the world's top meetings and how to innovate like themShowcase of the world's top meetings and how to innovate like them
Showcase of the world's top meetings and how to innovate like them
 
From suppliers to enablers, a new era for IT teams (slides with notes)
From suppliers to enablers, a new era for IT teams (slides with notes)From suppliers to enablers, a new era for IT teams (slides with notes)
From suppliers to enablers, a new era for IT teams (slides with notes)
 
2017: tendances technologiques et impact sur les entreprises
2017: tendances technologiques et impact sur les entreprises2017: tendances technologiques et impact sur les entreprises
2017: tendances technologiques et impact sur les entreprises
 
How to best prepare your kids for the future?
How to best prepare your kids for the future?How to best prepare your kids for the future?
How to best prepare your kids for the future?
 
Five exciting fields for entrepreneurs in 2015
Five exciting fields for entrepreneurs in 2015Five exciting fields for entrepreneurs in 2015
Five exciting fields for entrepreneurs in 2015
 
Comments on the Strategy of the Federal Council for an Information Society i...
Comments on the Strategy of the Federal Council for an Information Society i...Comments on the Strategy of the Federal Council for an Information Society i...
Comments on the Strategy of the Federal Council for an Information Society i...
 
What role for foundations in a world of radical change?
What role for foundations in a world of radical change?What role for foundations in a world of radical change?
What role for foundations in a world of radical change?
 
Digital banking trends 2014
Digital banking trends 2014Digital banking trends 2014
Digital banking trends 2014
 
La survie par l'innovation (TEDx Reims, 22 Nov 2013)
La survie par l'innovation (TEDx Reims, 22 Nov 2013)La survie par l'innovation (TEDx Reims, 22 Nov 2013)
La survie par l'innovation (TEDx Reims, 22 Nov 2013)
 
Retail bank of the future
Retail bank of the futureRetail bank of the future
Retail bank of the future
 
Surviving the digital revolution
Surviving the digital revolutionSurviving the digital revolution
Surviving the digital revolution
 
Looking into the future
Looking into the futureLooking into the future
Looking into the future
 
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitale
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitaleLes réseaux sociaux, point de bascule vers une nouvelle révolution digitale
Les réseaux sociaux, point de bascule vers une nouvelle révolution digitale
 
Feedback Lift@home
Feedback Lift@homeFeedback Lift@home
Feedback Lift@home
 
Interfacing Innovation
Interfacing InnovationInterfacing Innovation
Interfacing Innovation
 
Les 10 prochaines années de la révolution numérique?
Les 10 prochaines années de la révolution numérique?Les 10 prochaines années de la révolution numérique?
Les 10 prochaines années de la révolution numérique?
 
Lift conference, story and lessons learned
Lift conference, story and lessons learnedLift conference, story and lessons learned
Lift conference, story and lessons learned
 
Web 2.0
Web 2.0Web 2.0
Web 2.0
 

Things I will tell my kids if they become entrepreneurs

  • 1. 9 Things I will tell my kids if they become entrepreneurs
  • 2. 11 Disclaimer:
 There is no playbook for startups
  • 3. 13 Things I will tell my kids if they become entrepreneurs Idea Team Fundraising Execution Market Competition Money & Risk Success Tools
  • 5. 15 Somebody somewhere already had your idea. Don’t waste too much time thinking you’re a genius
  • 6. 16 Your idea is 1% of success.
 
 Google’s key idea (pagerank) was published as a public paper in 1998
  • 7. 17 Execution > idea Jeff Bezos was not the only person trying to sell books on the internet. He just executed better and faster.
  • 8. 18 Team > idea A great team will pivot out of a bad idea
  • 9. 19 Product > idea How you implement an idea is more important than the idea itself
  • 10. Startup = idea + execution + product + team + luck 20
  • 11. 21 Talk about your idea to as many people as possible You will get feedback, challenges, referrals, unexpected connections
  • 12. 22 Great ideas have lonely childhoods. The more disruptive your idea, the less people will understand it.
  • 13. 23 Good ideas can look terrible at the beginning ex: Facebook was a social network for moneyless students
  • 15. 25 Don’t worry too much about your company’s name. You grow a name.
 What does Amazon, Google or Apple mean anyway.
  • 17. 27 Every new technology is an opportunity: look for gaps between how things have been done and how they can be done
  • 18. 28 Every asleep industry is an opportunity: do things incumbents can’t or won’t do because the economics don’t make sense to them, or because technically they can’t.
  • 19. 29 Every fringe user is an opportunity: go after those who are already behaving like everybody will behave in the future
  • 20. 30 Crisis are full of opportunities Necessity is the mother of invention (and entrepreneurship). Great startups are born all the time
  • 22. 32 “It’s not the customer's job to know what they want”
 Steve Jobs
  • 23. 33 “If I had asked people what they wanted,
 they would have said faster horses.”
 Henry Ford
  • 24. 34 Finding balance in feedback vs vision In absence of vision rely on feedback
 With a clear vision you can ignore feedback
  • 25. 35 Conscious feedback (survey) < unconscious feedback (data) What people say they do < what people really do
  • 26. 36 Friends & family might not give you truthful feedback Beware of asking your friends whether they would pay for your service. They will all say yes, until you ask for their credit card number.
  • 28. 38 How many founders? 1 founder hard
 2-3 co-founders best
 4+ co-founders complicated
  • 29. 39 manager ≠ leader You need leaders and managers, and usually can’t be both. Make sure you and your co-founders complement each other.
  • 30. 40 If you’re not comfortable giving equity to someone, they shouldn’t be a co-founder
  • 31. 41 Clarify everything (cap table, salaries) on day one, especially if you’re working with friends
  • 32. 42 Define on day one what happens if a co-founder leaves
  • 34. 44 No need to know everything. Surround yourself with people who know what needs to be known. 
 You are the head coach, not the star player.
  • 35. 45 Founders duties: vision, fundraising, evangelisation, hiring and managing
  • 37. 47 Paul Graham: “People can become formidable, but it’s hard to predict who” Recruiting is one of the hardest thing there is.
  • 38. 48 First employees are as important as co-founders
  • 39. 49 Bad recruits can kill your project in the early days
  • 40. 50 Hire people who are better than you
  • 41. 51 Hire people who you would feel comfortable reporting to
  • 42. 52 Choose employees like you choose your friends
  • 43. 53 Go for attitude over experience vice.com recruits people coming out of schools with no experience, because they have not been formatted by how things are done elsewhere, and will want to prove themselves
  • 44. 54 What you need to succeed in startups is not an expertise in startups.
 It’s an expertise in clients
  • 45. 55 Hire people who have options Good people will always have multiple options on the table. Convince them that you provide the best way to spend their precious time. People with options are not dependent on you as an employer, and will be more truthful
  • 46. 56 Look for people with no ego getting in the way
  • 47. 57 Retaining is less expensive than recruiting
  • 48. 58 Have an extremely high bar, hire slowly
  • 49. 59 Use trial periods for what they are: trial periods
  • 50. 60 Fire people who are bad are their jobs, create politics, are negative
  • 51. 61 Fire fast You will always take too much time to fire your first employee
  • 52. 62 Beware when you become a trophy employer. You will start attracting people who want to help themselves more than they want to help your project
  • 53. 63 Money is just one factor in employee motivation Others: experience, meaning, impact, network, etc
  • 54. 64 4 things that lead to better performance: Fairness: knowing that you're being paid a reasonable amount for your work so that money no longer becomes an issue.
 Autonomy: controlling events in your work life by choosing what you want to do and when you want to do it.
 Mastery: excelling at a craft that you enjoy and being recognized as a master by peers that you respect.
 Purpose: feeling that what your work is helping other people and changing the world in a positive way. http://www.inc.com/geoffrey-james/the-true-secret-of-employee-motivation.html
  • 56. 66 You are your most important ressource. Take care of yourself.
  • 57. 67 Behind every entrepreneur is a solid partner / family / assistant
  • 58. 68 Seek support from people who have been / are entrepreneurs Your friends working at large companies won’t be able to relate to what you will go through.
  • 60. 70 Never ask investors to sign NDAs Sends a message you don’t trust them. Don’t send your pitch to people you don’t trust in the first place
  • 61. 71 Raise only what you need, as late as possible
  • 62. 72 Be honest about your past. Good investor will say “if you’re smart, those mistakes you made won’t happen again with my money”
  • 63. 73 Dumb investor: money
 Smart investor: money + network + visibility + experience
  • 64. 74 Fundraising is a milestone, not a success
  • 65. 75 Be confident, not arrogant. When asked how he recognises good founders, this is what Y Combinator president Sam Altman says: “Good founders become more humble as they get more successful”
  • 68. 78 A startup CEO’s challenge is to define what’s the Most Important Thing (MIT)
  • 69. 79 You can’t decide how long it’s going to take They say it’s usually 10 years
  • 70. 80 Do every possible job, especially the client facing ones The founder of Craigslist is still doing user support. Steve Jobs was famous for randomly answering clients’ complains.
  • 71. 81 Focus is one of the most important thing there is
  • 72. 82 Opportunistic ≠ strategic You can either pursue every opportunity - in which case you’re not really deciding where you’re going - or have a clear strategy and reject opportunities that don’t fit in. Opportunities will take you somewhere fast, strategy will take you somewhere far.
  • 73. 83 Employee effort ≠ entrepreneur effort Running 16h a day working for yourself is less tiring than spending 8h on a chair doing a job you hate
  • 75. 85 Either you fail, or growth becomes your number one problem
  • 76. 86 “In many ways the startup journey is a downhill spiral of the CEOs quality of life by adding constraints - users, customers, investors, etc.”
 Noam Bardin, Founder, Waze
  • 77. 87 Let people control the ressources and priorities. 
 Let them know how success is measured
  • 78. 88 Make people feel like they are in startups inside a larger organization
  • 79. 89 Recreate diversity inside teams (designers + writers + programmers)
  • 80. 90 Make sure people don’t have to grow into leadership roles Large companies are filled with specialists who got promoted to management positions while having no such skills.
  • 82. Peter Thiel: “You want to be the last mover, not the first” Google is the last search engine. Facebook is the last social network (for now at least). 92
  • 83. 93 Find a small market inside which you can have a monopoly Amazon started with books, expanded to commerce in general. Lending club started with peer to peer loans, now expands to lending in general. Uber started with taxis, will expand to everything related to transportation.
  • 84. 94 There are more opportunities now than ever (finance, health, insurance, industry, transportation, logistics). The digital revolution is just starting.
  • 85. 95 Don’t be ahead of your time. Answer a simple question: “why now?”
  • 87. 97 Competition means there is a market Rejoice!
  • 88. 98 Worry about a competitor only when they have a superior product
  • 89. 99 Don’t worry about competition from big companies
 They are not reactive, slow, and complicated.
  • 90. 101 “Google/Facebook/Amazon/Apple could do this in 5 minutes” True. Just didn’t happen with Airbnb, Uber, Zenefits, Dropbox, Snapchat, Square, Pinterest, Spotify, Jawbone, Box, Lending Club, Evernote, Eventbrite, etc
  • 91. 102 “Google/Facebook/Amazon/Apple will launch a similar service and kill you” Google buzz (2010) to compete with Twitter (2006) = shut down
 Google Knol (2008) vs Wikipedia (2001) = shut down
 Google+ (2011) vs Facebook (2004) = partial shut down
 Google keep (2013) vs Evernote (2008) = 10M vs 100M+ users
 Facebook Slingshot (2014) vs Snapchat (2011) = sling-what?
 Amazon Wallet (2014) vs Square (2009) = shut down
  • 92. 103 Even young companies can get complacent quickly
 (Skype should have been Whatsapp)
  • 93. 104 “No candle-maker has become a bulb manufacturer, no carriage-maker has become a car producer, and the post office did not invent the email.”
 Marc Giget 
 http://perspectives.pictet.com/2013/06/19/interview-with-prof-marc-giget/ Radical innovation rarely comes from incumbents
  • 94. 105 The real problem is standing out
  • 95. 106 Build the right media mix
  • 96. 107 Evolve your mix over time Paid Owned Earned t = 0 Paid Owned Earned t = 1 Paid Owned Earned t = 2
  • 97. 108
  • 99. 110 People who don't pay you will treat you like shit
 People who pay a lot will show a lot of respect
  • 100. 111 Don’t disregard money. Money is a form of validation.
  • 101. 112 Money can’t buy happiness.
 But it can buy freedom to pursue your projects
  • 102. 113 Entrepreneurs have more job security than employees The 85k employees company I was working for in 2001 shut down in one week because 20 guys had shredded some papers in Houston. As an entrepreneur, I can work on week-ends, call my contacts and ask for business. Employee does not control anything. Entrepreneur does.
  • 103. 114 21st century job security = network + reputation
  • 107. 118 Money is a consequence, never the objective
  • 108. 119 Zuckerberg could have sold Facebook 500 times. His motivation is not money. Facebook has had countless offers: an unnamed investor offered $10 million in June 2004, Friendster was interested in a purchase, Google offered to buy or partner in the summer of 2004, Viacom offered $75 million in March 2005, Myspace wanted to buy in spring 2005, News Corp (Myspace's parent company) wanted to in January 2006, Viacom came back in 2005, NBC was also interested soon after, Viacom again made an offer of $1.5 billion in 2006, Yahoo offered $1 billion in June 2006, AOL also considered $1 billion soon after, Yahoo came back again at the end of 2006, and finally Google offered $15 billion in 2007. http://www.zdnet.com/article/mark-zuckerberg-was-planning-to-sell-facebook-in-july-2004/
  • 109. 120 Media buzz is completely disconnected from success Journalists just don’t have time to look at the real numbers.
  • 110. 121 People always underestimate the role of luck
  • 111. 122
  • 112. 123 Life is a marathon, not a sprint
  • 113. 124 The only way to last is to be ethical and respectful
  • 114. 125 Compromising with your values is dangerous
  • 115. 126 You won't be good when you go against what you like
  • 116. 127 Sometimes you win, sometimes you learn
  • 117. 128 Good decisions come from experience
 Experience comes from bad decisions
  • 118. 129 The point is the journey
  • 120. 131
  • 121. 132
  • 122. 133 Gain Creators Describe how your products and services create customer gains. How do they create benefits your customer expects, desires or would be surprised by, including functional utility, social gains, positive emotions, and cost savings? Do they… Create savings that make your customer happy? (e.g. in terms of time, money and effort, …) Produce outcomes your customer expects or that go beyond their expectations? (e.g. better quality level, more of something, less of something, …) Pain Relievers Copy or outperform current solutions that delight your customer? (e.g. regarding specific features, performance, quality, …) Make your customer’s job or life easier? (e.g. flatter learning curve, usability, accessibility, more services, lower cost of ownership, …) Create positive social consequences that your customer desires? (e.g. makes them look good, produces an increase in power, status, …) Do something customers are looking for? (e.g. good design, guarantees, specific or more features, …) Fulfill something customers are dreaming about? (e.g. help big achievements, produce big reliefs, …) Produce positive outcomes matching your customers success and failure criteria? (e.g. better performance, lower cost, …) Help make adoption easier? (e.g. lower cost, less investments, lower risk, better quality, performance, design, …) Rank each gain your products and services create according to its relevance to your customer. Is it substantial or insignificant? For each gain indicate how often it occurs. Describe how your products and services alleviate customer pains. How do they eliminate or reduce negative emotions, undesired costs and situations, and risks your customer experiences or could experience before, during, and after getting the job done? Do they… Produce savings? (e.g. in terms of time, money, or efforts, …) Make your customers feel better? (e.g. kills frustrations, annoyances, things that give them a headache, …) Fix underperforming solutions? (e.g. new features, better performance, better quality, …) Put an end to difficulties and challenges your customers encounter? (e.g. make things easier, helping them get done, eliminate resistance, …) Wipe out negative social consequences your customers encounter or fear? (e.g. loss of face, power, trust, or status, …) Eliminate risks your customers fear? (e.g. financial, social, technical risks, or what could go awfully wrong, …) Help your customers better sleep at night? (e.g. by helping with big issues, diminishing concerns, or eliminating worries, …) Limit or eradicate common mistakes customers make? (e.g. usage mistakes, …) Get rid of barriers that are keeping your customer from adopting solutions? (e.g. lower or no upfront investment costs, flatter learning curve, less resistance to change, …) Rank each pain your products and services kill according to their intensity for your customer. Is it very intense or very light? For each pain indicate how often it occurs. Risks your customer experiences or could experience before, during, and after getting the job done? Products & Services List all the products and services your value proposition is built around. Which products and services do you offer that help your customer get either a functional, social, or emotional job done, or help him/her satisfy basic needs? Which ancillary products and services help your customer perform the roles of: Buyer (e.g. products and services that help customers compare offers, decide, buy, take delivery of a product or service, …) Co-creator (e.g. products and services that help customers co-design solutions, otherwise contribute value to the solution, …) Transferrer (e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Products and services may either by tangible (e.g. manufac- tured goods, face-to-face customer service), digital/virtual (e.g. downloads, online recommendations), intangible (e.g. copyrights, quality assurance), or financial (e.g. investment funds, financing services). Rank all products and services according to their importance to your customer. Are they crucial or trivial to your customer? Gains Describe the benefits your customer expects, desires or would be surprised by. This includes functional utility, social gains, positive emotions, and cost savings. Which savings would make your customer happy? (e.g. in terms of time, money and effort, …) What outcomes does your customer expect and what would go beyond his/her expectations? (e.g. quality level, more of something, less of something, …) How do current solutions delight your customer? (e.g. specific features, performance, quality, …) Pains Customer Job(s) Describe negative emotions, undesired costs and situations, and risks that your customer experiences or could experience before, during, and after getting the job done. What does your customer find too costly? (e.g. takes a lot of time, costs too much money, requires substantial efforts, …) What makes your customer feel bad? (e.g. frustrations, annoyances, things that give them a headache, …) How are current solutions underperforming for your customer? (e.g. lack of features, performance, malfunctioning, …) What are the main difficulties and challenges your customer encounters? (e.g. understanding how things work, difficulties getting things done, resistance, …) What negative social consequences does your customer encounter or fear? (e.g. loss of face, power, trust, or status, …) What risks does your customer fear? (e.g. financial, social, technical risks, or what could go awfully wrong, …) What’s keeping your customer awake at night? (e.g. big issues, concerns, worries, …) What common mistakes does your customer make? (e.g. usage mistakes, …) What barriers are keeping your customer from adopting solutions? (e.g. upfront investment costs, learning curve, resistance to change, …) Rank each pain according to the intensity it represents for your customer. Is it very intense or is it very light.? For each pain indicate how often it occurs. Describe what a specific customer segment is trying to get done. It could be the tasks they are trying to perform and complete, the problems they are trying to solve, or the needs they are trying to satisfy. What functional jobs are you helping your customer get done? (e.g. perform or complete a specific task, solve a specific problem, …) What social jobs are you helping your customer get done? (e.g. trying to look good, gain power or status, …) What emotional jobs are you helping your customer get done? (e.g. esthetics, feel good, security, …) What basic needs are you helping your customer satisfy? (e.g. communication, sex, …) Besides trying to get a core job done, your customer performs ancillary jobs in different roles. Describe the jobs your customer is trying to get done as: Buyer (e.g. trying to look good, gain power or status, …) Co-creator (e.g. esthetics, feel good, security, …) Transferrer (e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Rank each job according to its significance to your customer. Is it crucial or is it trivial? For each job indicate how often it occurs. Outline in which specific context a job is done, because that may impose constraints or limitations. (e.g. while driving, outside, …) What would make your customer’s job or life easier? (e.g. flatter learning curve, more services, lower cost of ownership, …) What positive social consequences does your customer desire? (e.g. makes them look good, increase in power, status, …) What are customers looking for? (e.g. good design, guarantees, specific or more features, …) What do customers dream about? (e.g. big achievements, big reliefs, …) How does your customer measure success and failure? (e.g. performance, cost, …) What would increase the likelihood of adopting a solution? (e.g. lower cost, less investments, lower risk, better quality, performance, design, …) Rank each gain according to its relevance to your customer. Is it substantial or is it insignificant? For each gain indicate how often it occurs. strategyzer.com The Value Proposition Canvas Value Proposition Customer Segment The makers of Business Model Generation and Strategyzer Copyright Business Model Foundry AG Produced by: www.stattys.com
  • 124. 135
  • 125. 136 “The best way to predict the future is to invent it”. Alan Kay
  • 126. 137 Thank you: Sam Altman, how to start a startup
 http://startupclass.samaltman.com/ Hugh MacLeod, cartoons drawn on the back of business cards
 http://gapingvoid.com/ Strategyzer, helping CEOs operate like surgeons
 http://www.strategyzer.com