Launching a startup is hard. Prepare to pivot, iterate, and pray.

1. LAUNCHING A
STARTUP OR
FOUNDING A
COMPANY?
SIX THINGS THAT YOU NEED TO KNOW

2. OVERNIGHT SUCCESS IS A MYTH
1

3. NO
TRACTION
ROVIO SPENT 8 YEARS WORKING ON MULTIPLE GAMES
AND WAS CLOSE TO BANKRUPTCY

4. THEN IT HIT BIG WITH ANGRY BIRDS, WHICH WENT ON TO
BECOME THE BEST SELLING IOS GAME EVER
OVER 1.7B
DOWNLOADS

5. PREPARE FOR MULTIPLE ITERATIONS AND
NEAR DEATH EXPERIENCES

6. PAY ISN’T GUARANTEED
2

7. MOST STARTUPS DON’T HAVE ENOUGH TO PAY THEIR
TEAM A PROPER WAGE, IF ANYTHING AT ALL

8. YOU WILL OFTEN HAVE TO MAKE AGREEMENTS TO WORK
IN EXCHANGE FOR SHARES AND EQUITY

9. IN ONE SHORT YEAR
PETS.COM EARNED JUST
OVER $600,000 IN
REVENUE, BUT SPENT A
LITTLE OVER 11 MILLION
DOLLARS IN ADVERTISING
BUT I LEARNED
A LOT
SUCCESS ISN’T GUARANTEED, THERE’S ALWAYS A CHANCE
THAT YOU COULD END UP WITH NOTHING

10. DON’T GET YOUR HOPES UP
3

11. CUSTOMER VALIDATION = HARD
FINDING COFOUNDERS = HARD
RAISING MONEY = HARD

12. THERE’S A BIG DIFFERENCE BETWEEN
SOMEONE SAYING THEY’RE GOING TO DO
SOMETHING AND ACTUALLY DOING IT
EXPECT DISSAPPOINTMENT
EXPECT VOLATILITY

13. EVEN IF A DEAL FALLS THROUGH, IT’S NOT THE END OF THE WORLD, SOMETHING
EVEN BETTER COULD BE WAITING JUST AROUND THE CORNER

14. DO IT FOR THE RIGHT REASONS
4

15. THE THRILL OF COMPETITION
THE DESIRE FOR ADVENTURE
THE JOY OF CREATION
THE DESIRE TO ACHIEVE MEANING
UNDERSTAND WHAT DRIVES YOU

16. “ABOUT FOUR MONTHS AGO, I RAN OUT OF CASH,”
ELON MUSK WROTE IN A COURT FILING DATED FEB 23
WITH A MARKET CAP OF $19B (AUG 30)
THE JURY IS STILL OUT ON TESLA, BUT IT
IS CLEAR ELON MUSK WILL SEE HIS
VISION THROUGH HIGHS AND LOWS

17. Do it for the right reasonsACCEPT THAT YOUR CONTRARIAN VIEWS ARE WHAT
MAKES YOU AN ENTREPRENEUR
AND SEE VALUE WHERE OTHERS DO NOT

18. OVERCOME YOUR FEAR OF FAILURE
5

19. MOST START-UPS FAIL
MOST NEW PRODUCTS ARE NOT SUCCESSFUL
YET THE STORY OF PERSEVERANCE, CREATIVE GENIUS, AND HARD WORK PERSISTS

20. MITIGATE YOUR RISK WITH KNOWLEDGE
SELF EDUCATE, BUILD CONFIDENCE, PREPARE

21. FAILURE ISN’T HOLDING YOU BACK
FEAR OF FAILURE IS
IGNORE YOUR DOUBTS

22. IT’S A LIFE CHANGING EXPERIENCE
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23. BEING AN ENTREPRENEUR IS CHOOSING
YOURSELF AND NOT WAITING TO BE PICKED

24. OPEN YOUR MIND BUT STAY GROUNDED

25. YOUR OPPORTUNITY IS NOT TO HAVE YOUR RESUME
PICKED FROM A PILE BUT TO LEAD
PICK YOURSELF

26. STAY HUNGRY
STAY FOOLISH
Peter Sobotta
www.linkedin.com/in/psobotta
- STEVE JOBS