Startup myths and realities

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

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Startup myths and realities

  1. 1. 5 / 31 / 2013!STARTUP MYTHS!AND REALITIES!Benjamin Joffe!PLUSEIGHTSTAR
  2. 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. 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. 4. “In a startup,
no facts exist
inside the building,
only opinions.”!Steve Blank!MAKE SOMETHING PEOPLE WANT
  5. 5.    IT  TAKES  A  VILLAGE  TALK  TO  EVERYONE!  (Advisors,  Investors,  Partners,  Team,  Friends,  Family…)  
  6. 6. GOOD  IDEAS  BAD  IDEAS  GOOD  IDEAS  THAT  LOOK  BAD  BAD  IDEAS  THAT  LOOK  GOOD  STARTUPS  ARE  HERE  
  7. 7. Someone  had  THE  SAME  IDEA  before  you  different  bme,  different  place,  different  people  =  different  results?  
  8. 8. INNOVATION  does  not  maGer  to  (most)  customers  What  maers  is  what  they  can  do  with  it  
  9. 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. 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. 11. Benjamin Joffe!•  13 years in Asia!•  Founder, +8*!•  Co-Founder, Cmune!•  Mentor, 500 Startups!•  Angel investor!•  Speaker, Columnist!
  12. 12. THANKS!!Benjamin Joffe!benjamin@plus8star.com ! ! ! !!PLUSEIGHTSTARwww.plus8star.com!

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