Living Up The Startup Dilemma
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Transcript of Living Up The Startup Dilemma
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Living UpThe Startup Dilemma
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6 ThingsYou Need To Start
1 2 3
4 5 6
People Idea Plan
$$$$ Turn Idea Into Product
Managing Evolution
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A TeamYou Need To Build
Domain ExpertiseTeam with smart skills
Let meetings be there quite oftenNon business types are loved more
Product development team delivers certainly better
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ThinkLike An Investor
What’s the problem?Define a solution
Will customers really care?Yes they will. Design their solution
Why win?Because you’re here to make a difference
Gross characteristics of financial forecastDon’t focus on profits, make a good product, revenues will
follow you
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ThinkLike An Investor
What’s the problem?Define a solution
Will customers really care?Yes they will. Design their solution
Why win?Because you’re here to make a difference
Gross characteristics of financial forecastDon’t focus on profits, make a good product, revenues will
follow you
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There’s literally no original idea left to ‘build something new’
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BUT
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There’s must be a better way always and ‘there you make a difference’
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Depth of Critical Thoughts
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Depth of Critical Thoughts
Should Revolve Around Your Business
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Measure The D
epth of Business Situation
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Basic rules of business# of competitorsDepth of value-addWhat are customer options?
Measure The D
epth of Business Situation
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Basic rules of business# of competitorsDepth of value-addWhat are customer options?
Know relevant modelsWhat are competitive models?What are historical models?Why have predecessor technologies failed?
Measure The D
epth of Business Situation
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Basic rules of business# of competitorsDepth of value-addWhat are customer options?
Know relevant modelsWhat are competitive models?What are historical models?Why have predecessor technologies failed?
Know your own modelWhat are you betting on?How soon does it have to work?What’s important to your success?
Measure The D
epth of Business Situation
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Business Plan Remains A Catalyst To Test The People
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RaisingMoney
Angels, Friends, and Family
Govt. grants of various kinds
Venture CapitalMany different flavors and tastes
Tradeoff between dilution and time
How much do you need to get to the next milestone?
$$$
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GettingEarly
Get revenue, ‚traction‛, start selling
Customer satisfaction more important that product and technology
Build customer relationships and customer feedback loop
Make mistakes early and cheaply
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Build Domain Expertise
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Become ADomain Expert
Focus on success of customer—every decision should be weighed against this
Listen to customers—Fine line between vision and passion, and being stubborn
All startups are in the service business
More things liable to change than stay constant
Everyone sells
Be the voice of the customer
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Sell The Vision, Plan To Struggle
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Vision&
Struggle
2X Rule: Everything takes twice as long and costs twice as much
Sales learning curve
Be realistic about valuation milestones
Raise more money; relax about valuation
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Reality Check
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Too Scared To Get FailedBut WHY?
Good intentions…but it is a slippery slope
It isn’t supposed to be comfortable
What culture do you want to establish?
It is okay to be small for awhile
What do you really need?
Minimum now vs. cash crunch
Growth and progress are not linear
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Few Good Things:The Real Menu
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Few Good Things:The Real Menu
Invest in Culture EarlyInvest in ‚team‛ values: balance, support, communication, shared values, collaborative, flexible job descriptions
Promote OpennessConsistent values + clear priorities simplifies management
Managing The CubiclesCommunicate goals and objectives, Share successes and failures, Enroll people; Encourage debate
Knowing What You’re Good AtFocus on your strengths, Complement yourself, Focus outward
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A Great Product is NothingIt’s Pure Wine
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It’s An Execution Play
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Build Useful ProductsBuild Great Companies
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Share Your Thoughts On Startup CultureDrop a line: [email protected]