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Lessons from
an
entrepreneur
Fábio Póvoa
May/14
 Fábio
 Lean startup
 Thoughts on being an
entrepreneur Things I know to be true
 A word on traction, scale & smart
money Q&A
Fábio Póvoa
Lean startup
 A document that your investors make you write
that they don’t
 A place to collect guesses
 A template for you to look like everyone else
 Builds increasingly false sense of
certainty
 Raise money -> now execute as
planned
 Learn the hard way that
customers … suck
No one – aside from VCs and the former Soviet
Union – requires 5 year plans to forecast a
series of unknowns.
Plans are generally a piece of fiction, and
conceiving them is almost always a waste of
time.
Business plans for startups do NOT
SURVIVE first contact with customers.
“Everybody has a plan until they get punched in the
mouth”
Startups are not
smaller versions
of large
companies.
A startup is a temporary organization
designed to search for a repeatable,
scalable and profitable business
model.
Lean Canvas
“A pivot is a change in
STRATEGY without a
change in VISION.”
Art
and/or
method ?
Can entrepreneurship be
taught ?
Wrong question and mindset.
Entrepreneurship is so
f*** hard that it shall
be...
… learned !!
So you (think you) are/wannabe
an…
…
entrepreneur
?
Customers are not
God.
God
forgives.
 Solve a problem, a pain. Even
yours !
 Impact, meaningfullness
 “There’s gotta be a better way”
 Trends, technologies, changes
 Your skills + innovation +
an unmet mkt need
 Enjoy the ride
Solve a problem, a pain
Enjoy the ride
Impact, meaninfullness
“There’s gotta be a better way”
Trends, technologies, changes
Your skills + innovation + an unmet mkt need
Custom projects x scalable
prod/serv/platform
Needs -> requirement ->
common features
Recurring
Revenue$
Kiss
Fight for
productivity
.
Show up!
Growth f***ing matters!
Financing stages
Do you believe in
angels ?
You?
• Money
• Strategy
• industry specific knowledge
• entrepreneurial path
• product and tech expertise
• Networking
• Brand: certificate
• Leads / high level intro
• Fundraising effort
• Build a relationship
• Don’t ask for money: ask for hel
• Give back: dealflow
• Show traction
• Reveal strategy
• Highlight differentiation
• Send regular progress report
fabio@povoa.com
Lessons from an entrepreneur

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