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

1. Startups’ Dead Horse Beating Stating the obvious about startups Laurent Kretz| @laurentk

2. contact laurentkretz twitter : @laurentk email : laurentk@gmail.com web : laurentk.com

3. Why me???

4. Why me??? Zucks, Dorseys, Jobs, …. => 1 in a million

5. Why me??? Me, you, them, 999,999 others …. => the rest

7. you don’t wanna start a company

8. supposedly good ideas

10. me: suitsexperience Grenoble Paris New York

11. me: sneakers experience 20052008 2010 CloserWorld (fail) (win) (in progress)

12. a few words on submate discover people and things to do in your areas

13. don‘tstart a startupsomerules of thumb…

14. don‘tevengetstart(up)ed rule of thumb: youwillfail. 100 people in the room > 10 projects > no funding

15. don‘tevengetstart(up)ed

16. don‘tevengetstart(up)ed 99% of the startups are in the valley ….. of death

17. don‘tevengetstart(up)ed

18. don‘tevengetstart(up)ed rule of thumb: if yousucceed, youwon’tberich trust me, go work for McKinsey, Deloitte or Morgan Stanley

19. don‘tevengetstart(up)ed 150,000€ go be a banker in new york or london, youcouldmakethisnextyear

20. don‘tevengetstart(up)ed launchyour startup, thisiswhatyou’llearn in the next 3 years

21. don‘tevengetstart(up)ed rule of thumb: every single stepis the hardest market > team > product > funding > revenues > …

22. don‘tevengetstart(up)ed rule of thumb: steepestlearningcurve everydayis a new test with new rules and a new jury

23. don‘tevengetstart(up)ed regular job learningcurve

24. don‘tevengetstart(up)ed Escher, Relativity, 1953 startup life learningcurve

25. don‘tevengetstart(up)ed rule of thumb: it‘sjustbad (luck) 1,000 people have the sameidea > 100 willwork on it > 10 willbuild a product > 1 willsucceed => why??

26. don‘tevengetstart(up)ed rule of thumb: executioniskey slow execution, wrongproblem, not the shoulders, not the right place

27. don‘tevengetstart(up)ed go startwhereyourmarketis

28. don‘tevengetstart(up)ed

29. don‘tevengetstart(up)ed analyse yourmarket & settlewhereit’s the easiest

30. don‘tevengetstart(up)ed To sum up… - youwillfail - you’llbepoor - everystepwillbe the hardest - you’lllearnnothing - cause your chance

31. stillhere?so put out yourA-game

32. supposedly good ideas be 1001% committed no day-job, no boy/girlfriend, no hours, …

33. supposedly good ideas getyourstufftogether, in order idea > team > prototype > tests > MVP > traction > funding

34. supposedly good ideas = failoften, failfast don‘twaste time, money and effort try to fail, test new things, you have nothing to lose

35. supposedly good ideas beprepared, staystrong you’re a visionaryproductguy? you‘llspendyour time chasing money, customers, users, employees, facingNOs

36. supposedly good ideas be confident nobodyunderstandswhatyou’redoing & will tell youwhat to do

37. supposedly good ideas be confident (bis) everyoneknowsbetter & *will* tell youwhat to do

38. supposedly good ideas oh, and ….. be cool, you’llfail bis repetita

39. supposedly good ideas To sum up… - becommited - put structure in yourprocess - try to fail - be patient, strong & confident - beaware of your fate

40. now, go buildsomething(it’seasy, really)

41. < build /> simple value proposition beunderstood (users, customers, investors and yourmother)

42. < build /> # value prop Your files, anywhere, instantly. sloth?

43. < build /> # value prop Tell your friends where you are. vanity? pride?

44. < build /> # value prop Save money envy? greed?

45. < build /> # value prop self explanatory lust(!)

46. < build /> # value prop best value proposition = 1 of the 7 deadlysins from Dave McClure, Startup Viagra

47. < build /> launch as soon as possible submate: 6 months. secretpoke: 1 month. fastfwdme: 1 week

48. < build /> “ if you’re not ashamed by your first realease, you’vereleasedtoolate “ Reid Hoffman, LinkedIn

49. < build /> iterate, iterate, … ittakes an afternoon to change an MVP forget long brainstorming sessions, and go test

50. < build /> # iterate go lean

51. < build /> berealistic on your agenda trust the 90-90 rule: 90% of the code = 90% of the time & last 10% = 90% of the time

52. < build /> think mobile first facebook mobile users are 2x more active than non-mobile users

53. < build /> use a platform facebook, twitter, twilio, foursquare, …. : they have the users, they have the servers

54. < build /> #use-platforms built on Twilio’s API raised $1M in 1st few months

55. < build /> #use-platforms built on smart phone gps, twitter and facebook for sharing worth $500M to $1B

56. < build /> #use-platforms hashable started on twitter

57. < build /> go sellsomethingnow! sell, sell, sell remember: bill gates sold BASIC before building it

58. < build /> learn to code ruby on rails iseasy, senchatouch for mobile apps, … if you’re a bizguy, savesome cash and equity!

59. < build /> me, 2 monthsago

60. < build /> me, 1 monthago

61. < build /> fastfwdme , mvp in a week: web, mobile, sharing, …

62. < build /> fastfwdme , couple weekslater

63. < build /> To sum up… - targetlowesthanging banana - launchasap & iterate - plan carefully - think mobile and platforms - go sellsomething - learn to code

64. questions?

65. contact laurentkretz twitter : @laurentk email : laurentk@gmail.com web : laurentk.com