The document discusses five misconceptions that can hinder startup success, emphasizing the importance of understanding market needs, effective marketing, and building relationships. It highlights that simply creating a great product or securing funding does not guarantee success, and stresses the significance of thorough market research and user experience. Ultimately, it encourages entrepreneurs to focus on solving real problems rather than falling for common pitfalls.

1. l@missrogue | @tctotem | #startuplies
The 5 Lies That Will Kill
Your Startup Dreams
by Tara Hunt

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7. l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/

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the 5 lies I believed

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1. build
awesome stuff
+ they will come

11. @missrogue
case study
product:
subscription model

12. @missrogue
“Subscription services
are a fad.”
BEFORE
“The market isn’t big
enough.”
“We don’t invest in high
costs with low margins.”
“Women don’t need this
service.”

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https://www.youtube.com/watch?v=0XnzfRqkRxU
~10million views

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“What a brilliant idea!”
AFTER
“Best tampon ad in the
history of the world.”
“What [revenue] took me
a month, I now do in an
hour.”

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“My tiny company that had been limping along released a video. And the
video exploded...Suddenly I had a flood of orders and received an
outpouring of support in the form of emails from women and girls around
the world.”
Naama Bloom, CEO HelloFlo

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marketing is important
(and marketing is more than you think)

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the customer path to use/
purchase

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where is the marketing problem?
AWARENESS RESEARCH DECISION USE RE-USE REFER LOVE
Do they
know you
exist?
Can they
find you
when they
are looking?
How do you
stack up
against the
competition?
What’s the
user
experience?
How
frequently
would
people use
your product
Is there a
reason that
people
would share/
recommend?
Do your
users fall in
love?
PR, WOM,
ads
SEO, SEM Reviews
Product*,
customer
service
Usage/
demand
Sharability/
Growth
Hacking
Community
We were in
the wrong
places, not
building
relationships
with the
right people.
Our SEO
was pretty
decent, but
we didn’t
have any
budget for
SEM.
Very few
reviews.
Most people
were raving
about
Pinterest
and
Shopstyle.
Took us a
while, but
we finally
got to a
great user
experience.
Too late…
The
frequency
for
searching
for specific
fashion
items too
rare.
People did
share when
they found
and used us.
A few did.
But we
didn’t build
the
community
we should
have.

19. l@missrogue | @tctotem | #startuplies
2. build stuff
people need +
they will come
https://www.flickr.com/photos/ep_jhu/3308079338

20. l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/28291679@N06/4039684475/
The market is saturated with
products, apps, and services. It’s
no longer about building
something that people need. It’s
about building something that
people love. That’s really hard.

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product
market

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market research is
essential

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market research 101
Start with core assumptions. Here are a few:
1. a target customer (not everyone): Ours was “women
who love fashion + shop online”
2. the problem you are solving: Ours was “Shopping for
fashion is frustrating. Too much choice + not enough
personalization.”
3. knowledge of the current ‘solutions’ + why they don’t
measure up: Ours was Shopstyle + that it doesn’t account
for personal style and doesn’t include non-affilate shops

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http://www.talkingtohumans.com/
Talking to Humans
by Giff Constable.
BUY IT.

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market research 101
Now, challenge those assumptions with real research:
1. walk a day in your customer’s shoes (go through the
exercise of buying something or using something)
2. find a way to observe how people actually solve the
problem
3. ask people (strangers - not friends) who have just gone
through the exercise about their experience
http://www.talkingtohumans.com/

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3. you’ll figure out your
business model later

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how do you figure out
your business model?

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http://www.businessmodelgeneration.com/

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steve blank’s edits:

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also:
0
250000
500000
750000
1000000
year 1 year 2 year 3 year 4
users profit
be realistic here

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4. press = success

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55 articles about
Buyosphere in major
publications.
traffic generated?
(negligible - don’t believe the hype)

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5. raising money
= success
https://www.flickr.com/photos/togawanderings/5899676716

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raising money was
our biggest downfall.

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$$ stole our focus
https://www.flickr.com/photos/chicanerii/4410122852
l@missrogue | @tctotem | #startuplies

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$$ made us lazy
l@missrogue | @tctotem | #startuplies

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$$ took us off track
l@missrogue | @tctotem | #startuplies

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we weren’t
entrepreneurs. we were
fundraisers.
(and we aren’t alone)

43. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/kylaborg/9639740284

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entrepreneurialism is
heartbreaking.

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entrepreneurialism is
exhausting.

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entrepreneurialism is
hard work.

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entrepreneurialism is
NOT heroic.

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entrepreneurialism is
about making.

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entrepreneurialism is
about solving.

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entrepreneurialism is
about growing.

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entrepreneurialism is
ultimately rewarding.
(if you are doing it right)

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don’t fall for the lies.
l@missrogue | @tctotem | #startuplies

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make your own path
l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/mlinksva/4086886707

54. l@missrogue | @tctotem | #startuplies
thank you!
Tara Hunt
Director, Audience Development
Entrepreneur-forever
tara@tarahunt.com
tara.hunt@totem.tc
tarahunt.com / totem.tc
@missrogue
l