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Startups Dead Horse Beating

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Some thoughts on entrepreneurship for Masters students at HEC Entrepreneurship / Master: why not to start a business, some supposedly good ideas if you do, how to get up and running fast.
By Laurent Kretz / http://laurentk.com

Published in: Education, Technology, Sports

Startups Dead Horse Beating

  1. Startups’ Dead <br />Horse Beating<br />Stating the obvious about startups<br />Laurent Kretz| @laurentk<br />
  2. contact<br />laurentkretz<br />twitter : @laurentk<br />email : laurentk@gmail.com<br />web : laurentk.com<br />
  3. Why me???<br />
  4. Why me???<br />Zucks, Dorseys, Jobs, …. => 1 in a million<br />
  5. Why me???<br />Me, you, them, 999,999 others …. => the rest<br />
  6. what i could talk about…<br /><ul><li>what i’ve done so far
  7. you don’t wanna start a company
  8. supposedly good ideas
  9. go build something</li></li></ul><li>who are you??<br />
  10. me: suitsexperience<br />Grenoble<br />Paris<br />New York<br />
  11. me: sneakers experience<br />20052008<br />2010<br />CloserWorld<br />(fail)<br />(win)<br />(in progress)<br />
  12. a few words on submate<br />discover people and things to do in your areas<br />
  13. don‘tstart a startupsomerules of thumb…<br />
  14. don‘tevengetstart(up)ed<br />rule of thumb: <br />youwillfail.<br />100 people in the room > 10 projects > no funding<br />
  15. don‘tevengetstart(up)ed<br />
  16. don‘tevengetstart(up)ed<br />99% of the startups are in the valley ….. of death<br />
  17. don‘tevengetstart(up)ed<br />
  18. don‘tevengetstart(up)ed<br />rule of thumb: <br />if yousucceed, youwon’tberich<br />trust me, go work for McKinsey, Deloitte or Morgan Stanley<br />
  19. don‘tevengetstart(up)ed<br />150,000€<br />go be a banker in new york or london, youcouldmakethisnextyear<br />
  20. don‘tevengetstart(up)ed<br />launchyour startup, thisiswhatyou’llearn in the next 3 years<br />
  21. don‘tevengetstart(up)ed<br />rule of thumb: <br />every single stepis the hardest<br />market > team > product > funding > revenues > …<br />
  22. don‘tevengetstart(up)ed<br />rule of thumb: <br />steepestlearningcurve<br />everydayis a new test with new rules and a new jury<br />
  23. don‘tevengetstart(up)ed<br />regular job learningcurve<br />
  24. don‘tevengetstart(up)ed<br />Escher, Relativity, 1953<br />startup life learningcurve<br />
  25. don‘tevengetstart(up)ed<br />rule of thumb: <br />it‘sjustbad (luck)<br />1,000 people have the sameidea<br />> 100 willwork on it<br />> 10 willbuild a product<br />> 1 willsucceed<br />=> why??<br />
  26. don‘tevengetstart(up)ed<br />rule of thumb: <br />executioniskey<br />slow execution, wrongproblem, <br />not the shoulders, not the right place<br />
  27. don‘tevengetstart(up)ed<br />go startwhereyourmarketis<br />
  28. don‘tevengetstart(up)ed<br />
  29. don‘tevengetstart(up)ed<br />analyse yourmarket & settlewhereit’s the easiest<br />
  30. don‘tevengetstart(up)ed<br />To sum up…<br />- youwillfail<br />- you’llbepoor<br />- everystepwillbe the hardest<br />- you’lllearnnothing<br />- cause your chance<br />
  31. stillhere?so put out yourA-game<br />
  32. supposedly good ideas<br />be 1001% committed<br />no day-job, no boy/girlfriend, no hours, …<br />
  33. supposedly good ideas<br />getyourstufftogether, in order<br />idea > team > prototype > tests > MVP > traction > funding<br />
  34. supposedly good ideas<br />= failoften, <br />failfast<br />don‘twaste time, money and effort <br />try to fail, test new things, you have nothing to lose<br />
  35. supposedly good ideas<br />beprepared, staystrong<br />you’re a visionaryproductguy? you‘llspendyour time chasing money, customers, users, employees, facingNOs<br />
  36. supposedly good ideas<br />be confident<br />nobodyunderstandswhatyou’redoing & will tell youwhat to do <br />
  37. supposedly good ideas<br />be confident (bis)<br />everyoneknowsbetter & *will* tell youwhat to do <br />
  38. supposedly good ideas<br />oh, and …..<br />be cool, you’llfail<br />bis repetita<br />
  39. supposedly good ideas<br />To sum up…<br />- becommited<br />- put structure in yourprocess<br />- try to fail<br />- be patient, strong & confident<br />- beaware of your fate<br />
  40. now, go buildsomething(it’seasy, really)<br />
  41. < build /><br />simple value proposition<br />beunderstood (users, customers, investors and yourmother)<br />
  42. < build /> # value prop<br />Your files, anywhere, instantly.<br />sloth?<br />
  43. < build /> # value prop<br />Tell your friends where you are.<br />vanity? pride?<br />
  44. < build /> # value prop<br />Save money<br />envy? greed?<br />
  45. < build /> # value prop<br />self explanatory<br />lust(!)<br />
  46. < build /> # value prop<br />best value proposition = 1 of the 7 deadlysins<br />from Dave McClure, Startup Viagra<br />
  47. < build /><br />launch as soon as possible<br />submate: 6 months. secretpoke: 1 month. fastfwdme: 1 week<br />
  48. < build /><br />“<br />if you’re not ashamed by your first realease, you’vereleasedtoolate<br />“<br />Reid Hoffman, LinkedIn<br />
  49. < build /><br />iterate, iterate, …<br />ittakes an afternoon to change an MVP <br />forget long brainstorming sessions, and go test<br />
  50. < build /> # iterate<br />go lean<br />
  51. < build /><br />berealistic on your agenda<br />trust the 90-90 rule: <br />90% of the code = 90% of the time & last 10% = 90% of the time<br />
  52. < build /><br />think mobile first<br />facebook mobile users are 2x more active than non-mobile users<br />
  53. < build /><br />use a platform<br />facebook, twitter, twilio, foursquare, …. : <br />they have the users, they have the servers<br />
  54. < build /> #use-platforms<br />built on Twilio’s API<br />raised $1M in 1st few months<br />
  55. < build /> #use-platforms<br />built on smart phone gps, twitter and facebook for sharing<br />worth $500M to $1B<br />
  56. < build /> #use-platforms<br />hashable started on twitter<br />
  57. < build /><br />go sellsomethingnow!<br />sell, sell, sell<br />remember: bill gates sold BASIC before building it<br />
  58. < build /><br />learn to code<br />ruby on rails iseasy, senchatouch for mobile apps, …<br />if you’re a bizguy, savesome cash and equity!<br />
  59. < build /><br />me, 2 monthsago<br />
  60. < build /><br />me, 1 monthago<br />
  61. < build /><br />fastfwdme , mvp in a week: web, mobile, sharing, …<br />
  62. < build /><br />fastfwdme , couple weekslater<br />
  63. < build /><br />To sum up…<br />- targetlowesthanging banana<br />- launchasap & iterate<br />- plan carefully<br />- think mobile and platforms<br />- go sellsomething<br />- learn to code<br />
  64. questions?<br />
  65. contact<br />laurentkretz<br />twitter : @laurentk<br />email : laurentk@gmail.com<br />web : laurentk.com<br />

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