The document outlines 20 key lessons for entrepreneurs, emphasizing the importance of perseverance, understanding the market, and the need for passion over profit. It highlights that successful implementation is crucial, along with the value of networking and making informed decisions. Additionally, it encourages continuous learning and adaptability in business.

1. “TIMING, PERSEVERANCE, AND TEN YEARS
OF TRYING WILL EVENTUALLY MAKE YOU
LOOK LIKE AN OVERNIGHT SUCCESS.”
+BIZ STONE
CO-FOUNDER, TWITTER

2. 20 Lessons
FROM
Month 12

3. 1. Know The WHOLE Business

4. Count Off 1-10

5. Everybody raise your hand

6. If you’re not lucky #7…
please drop your hand

7. 9 out of 10
Startups Fail

8. “IDEAS ARE EASY. IMPLEMENTATION IS
HARD.”
+ GUY KAWASKI
FOUNDER, ALLTOP

9. 2. It’s NOT About The Money

10. There aren’t
parachutes in
startups.

11. Passion > Profits

12. “CHASE THE VISION, NOT THE MONEY, THE
MONEY WILL END UP FOLLOWING YOU.”
+ TONY HEISH
CEO, ZAPPOS

13. 3. Define Your Market

14. You can’t please
everyone.
You are not all
things to all
people.

15. “WHAT’S WINNING? WHERE AM I GOING TO
PLAY TO WIN? HOW AM I GOING TO WIN
WHERE I PLAY? WHERE ARE MY CORE
COMPETENCIES THAT WILL ENABLE ME TO
WIN WHERE I PLAY? WHAT SYSTEMS +
MEASURES ARE GOING TO HELP ME
EXECUTE MY STRATEGIES?”
+ A.G. LAFLEY
CEO, P&G

16. 4. Don’t go it alone

17. Piggybacking

18. 5. Money isn’t power.
Networks are power.

19. “that guy”

20. 6. Define Your Marketing Budget

21. 5, 10, 15

22. 7. Rowing the Boat

23. Know Your
Weaknesses

24. Life in the
Cloud

25. 8. Pareto Principle

26. Time
Vacuums

27. 9. Get a Board

28. Powered by
Dog Food

29. 10. Be Ready to Burn the Business
Plan

30. Psychic
Powers

31. “ENTREPRENEURIAL BUSINESS
FAVOURS THE OPEN MIND. IT FAVOURS
PEOPLE WHOSE OPTIMISM DRIVES
THEM TO PREPARE FOR MANY POSSIBLE
FUTURES, PRETTY MUCH PURELY FOR
THE JOY OF DOING SO.”
+ RICHARD BRANSON
CEO, VIRGIN

32. 11. There is No Such
Thing as Business as Usual

33. Getting
Knocked Out

34. 12. Emotionless Decision Making

35. Red Pill or
Blue Pill?

36. “YOUR WORK IS GOING TO FILL A
LARGE PART OF YOUR LIFE AND
THE ONLY WAY TO BE TRULY
SATISFIED IS TO DO WHAT YOU
BELIEVE IS GREAT WORK. AND THE
ONLY WAY TO DO GREAT WORK IS
TO LOVE WHAT YOU DO.”
+ STEVE JOBS
CEO, APPLE

37. 13. Right Size

38. How far are
you willing to
grow?

39. 14. Earnings Report = Autopsy Report

40. What You’ve Done
Isn’t as Important as
What You Have Yet
To Do.

41. 15. You Aren’t The Business

42. Spending vs.
Investing
[insert awful stock image here]

43. 16. Hard Decisions Are Always Hard

44. Hard Decisions
Don’t Get Easier

45. 17. Make Money While You
Sleep

46. 18. Let Good People Do Good Work

47. 19. Read EVERY Damn Day

48. 20. Always Keep a Bottle of Bourbon

49. “THE WAY TO GET STARTED IS TO
STOP TALKING ABOUT IT AND
START DOING IT.”
+ WALT DISNEY
FOUNDER, DISNEY

50. I HOPE
THIS WAS
A GOOD
EXPERIENCE

51. QUESTIONS?

52. LionAndPanda.com