Have You Got What It Takes?
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Startup Secrets presents a lecture on whether or not you've got what it takes to found a startup! Learn strategies for growing with and navigating your company through the beginning stages.
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Have You Got What It Takes?
- 1. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Have You Got What It Takes? startupsecrets.com
- 2. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Workshops Full descriptions of each at startupsecrets.com 1. What’s Your Roadmap to Success? 2. Building a Compelling Value Proposition 3. Turning Products into Companies 4. Culture, Mission and Vision 5. Hiring A+ Talent 6. Game-Changing Business Models 7. Go to Market Strategies 8. Getting Behind the Perfect Investor Pitch 9. Funding Strategies to go the Distance 10. Have You Got What It Takes? 11. Mastering Mutual Mentorship
- 3. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? 3 Where does this all fit? Vision (Market) Startup Roadmap Enduring Company Value Proposition People Team Execution Cultural Consistency The Founder It Starts With YOU
- 4. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Technology platform is here Lower cost barriers Faster time to launch More accelerators and mentors Better ability to test product market fit Does it mean you should just jump in and startup? 4 Context
- 5. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? A Question for You What does success look like to you? • Lifestyle? • Fame? • Power? • Money? • Other? 5
- 6. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Founder’s Dilemmas – Rich vs. King Most entrepreneurs want to get rich AND run the show Tough to have both money AND power… • To make a lot of money on a venture means getting financial resources to capitalize on opportunities in front of you. Tradeoff is loss of control. • To remain in charge you need to retain equity. This means fewer financial resources to fuel your venture. If you don’t figure out which matters more to you, you’ll wind up being neither rich nor king 6
- 7. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Reality of What’s Involved “I want to change the world.” • Pressure • Sacrifice (not if you’re passionate) • Money “Rent and Ramen” Uncertainty • years to outcome: 7 to 10 yrs. ~ thousands: 1 funding ~ 1 in 10 breakouts (Anecdotal: only 45 “Unicorns” in the past decade) 7
- 8. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? The Path to Success 8
- 9. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? What will yours be? 9 The Roadmap to Success startupsecrets.com Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? Creation
- 10. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? What will yours be? • Expect the unexpected! 10 The Roadmap to Success Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? CreationOutlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs. Leverage? Re-creation Startup Euphoria
- 11. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? What will yours be? • Expect the unexpected! Longer, harder, maybe even bigger 11 The Roadmap to Success Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? CreationOutlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs. Leverage? Re-Creation Startup Euphoria
- 12. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? BREAK -through -out Get Used to the UN-game 12 UNexplored UNdefinedUNexpected UNcertainty
- 13. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Playing the UN-game My 5 watchwords: REALITY, CLARITY, HUMILITY, CREDIBILTY, CERTAINTY • Reality Confront it head on, shine a spotlight on it to get… • Clarity Do everything you can to get people to fully understand the situation, problem, opportunity • Humility Show humility with customers, partners, employees, investors, media, etc. first by listening before jumping to conclusions / answers • Credibility Establish what have you learned and then move on fast to … Build credibility by delivering improvements before promising anything • Certainty Confirm it’s turning things around from the outside in – check with customers etc. Expect it to be fleeting if you’re growing fast! 13
- 14. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? But Founders Are Often UNconventional
- 15. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Genius? Thomas Edison 15 In our opinion: being right isn’t always as important as being practical, or enabling others
- 16. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Genius? He was right… 16
- 17. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Why Are You Doing This? Inspired? • Change the world Meeting a need? • Personal or market? Addressing a pain point? • Scratching an itch? • Healing a wound? • Positively motivated? Or just to prove someone wrong? Fun or Fundamental? 17
- 18. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Unconventional Founders Are usually: • FUN AND FUNdamentally driven The combination of BOTH fuels them for the UN-game 18
- 19. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Question 19 What would you choose to do if today was your last day of work?
- 20. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Timing When do you think is the right time to become an entrepreneur? Right out of school, college? After you’ve got some real work experience? After you’ve been in a startup? If you’ve worked your way up a corporation? Whenever?! Is it age related? 20
- 21. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? The Age-Old Argument: Youth vs. Experience 21 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0-24 25-34 35-44 45-54 55+ Age of U.S. Tech Entrepreneurs at Time of Funding
- 22. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? • Youth • Ignorance is bliss • Unaware = unlimited • Open mind = open to possibilities • less to lose • Experience • Confidence • Stronger networks • Deeper pockets • also more to lose 22 The Age-Old Argument: Youth vs. Experience
- 23. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Networks and Relationships Cultivate, Curate your network Attract, Select, Grow people Find mentors The number one relationship: • Your potential customer 23
- 24. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Shoe Leather Customer intimacy • Vital in product development, support, etc. 24
- 25. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Career path … so how do I gain that experience?
- 26. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Career Paths for Founders 26 PeopleSoft Outcome Founder(s) Relevant Prior Experience David Duffield Aneel Bhusri $9.5B Yahoo, Infoseek Michael Baum, Rob Das, Erik Swan $3B PayPal, Socialnet.com Reid Hoffman$7.8B Odeo, Audioblog, Pyra Labs, Blogger Jack Dorsey, Evan Williams, Biz Stone, Noah Glass $31.6B
- 27. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Big Company vs. Startup Experience You’ve been incredibly successful at Global Enterprises • Does that set you up for success as an entrepreneur? In our opinion…NO! If you want startup experience • Go and work in… A STARTUP! Find a mentor within the startup 27
- 28. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Outliers 10,000 Hours • 3 hours a day for a decade Deep Expertise 28 Onshape
- 29. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? A Tale of Two Cities Deep Expertise 29 Onshape On The Job
- 30. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Stages Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability 30 One size fits all?
- 31. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Stages 31 Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability Increasing VALUE DecreasingRISK Innovator Entrepreneur Builder Operator Enabler
- 32. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? YOU Are Your Biggest Investor VCs, investors, advisor • Invest some of their time • Some of their money • Part of their portfolio You invest • Your life • Your reputation • And there is only ONE of you to invest It takes • Dedication • Focus 32
- 33. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Innovation and Entrepreneurship Don’t set out to create a billion-dollar company Set out to solve a multi “billion-dollar problem” MINDFUL of what it takes to build an enduring company 33
- 34. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? info@startupsecrets.com
- 35. Proprietary and ConfidentialProprietary and Confidentialstartupsecrets.comHave You Got What It Takes? Have You Got What It Takes? startupsecrets.com
Editor's Notes
- For (target customers—beachhead segment only) Who are dissatisfied with (the current market alternative) Our product is a (new product category) That provides (key problem-solving capability). Unlike (the product alternative), We have assembled (key whole product features for your specific application). Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- For (target customers—beachhead segment only) Who are dissatisfied with (the current market alternative) Our product is a (new product category) That provides (key problem-solving capability). Unlike (the product alternative), We have assembled (key whole product features for your specific application). Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- Customer problem or need
- Customer problem or need