Don't become an entrepreneur unless you are insane
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The document discusses the challenges and realities of entrepreneurship, emphasizing that startups often fail due to lack of customers rather than product issues. It stresses the importance of passion, commitment, and the right team composition while preparing for a tough journey filled with potential failures. Additionally, it advises prospective entrepreneurs to embrace failure as a learning opportunity and highlights the demanding nature of the entrepreneurial lifestyle.
Don't become an entrepreneur unless you are insane
- 1. Don‘t become an entrepreneur Unless you are insane Iserlohn, December 2012
- 2. Who wants to start a startup? Or has just started?
- 3. manuel koelman | dutch entrepreneur | living in cologne | currently working on getcontext.de and MailFred.de | practical philosopher | involved with piratesummit.com | interested in agile, lean and productivity | business angel | ecommerce guy | startup mentor | caotina lover | traveler | cheese addicted | proud father
- 4. PIRATES WHY I DO WHAT I DO?
- 5. "Entrepreneurship is throwing yourself off a cliff and building a plane on the way down." Reid Hoffman, Founder of LinkedIn
- 6. Are you a pirate? That thrill of your first hire, when you’ve convinced some other crazy soul to join you in your almost certainly doomed project. The high from raising venture capital and starting to see your name mentioned in the press. The excitement of launch and…gulp…customers! and the feeling of truly learning something useful, you’re just not sure what it is, when the company almost inevitably crashes and burns. - Mike Arrington, Techcrunch
- 7. Who still wants to do a startup?
- 8. You will fail. I have.
- 9. Startup = Experiment Startups act in an environment of extreme uncertainty.
- 10. Why do startups fail? Rarely because the product doesn’t work. Usually because there are no customers.
- 11. What does failure mean?
- 12. The companies I founded: farbquadrat talential getContext ?
- 13. Failure is not the enemy. Fear of failure is. Not learning is. And not trying. And not listening. And…
- 14. ENTREPRENEURSHIP = MONEY & STATUS NOT.
- 15. Chances are you will make less money than your friends. Assuming your friends have “normal” jobs.
- 16. You get no respect. And no fancy cars, hotels etc.
- 17. Get out of your comfort zone. Successful startups aren’t build by fat and happy people.
- 18. PASSION THE FOUNDATION.
- 19. Passion ≠ Market. Just to be clear: It should be Your Passion = Chosen Market.
- 20. What are you passionate about?
- 21. Chances are you can build a business around your passion. It may not be easy, but at least it’s fun.
- 22. DNA YES, I DO BELIEVE THERE IS SOMETHING LIKE FOUNDERS DNA.
- 23. Probably more accurate than you’d think.
- 24. Entrepreneurs are obsessed. It’s a survival strategy for tough times. There will be tough times. Be prepared.
- 25. PARTNERS IT‘S HARDER TO FIND A CO-FOUNDER THAN YOU THINK.
- 26. Picking a co-founder is like picking a husband/wife. A co-founder is not an employee.
- 27. You will fight. Just like in a marriage.
- 28. Tech guy Product guy Sales guy Which one are you? In a tech startup it is a good idea to have all three of these roles (not necessarily three different people) in the founding team. And no, you don’t need a strategy guy nor a CFO.
- 29. Commitment. Especially the founding team. If you are not committed why would anybody else be?
- 31. Some – not necessarily smart – examples of commitment: Invest your own money. If you are stupid: Invest ALL your money. Be scrappy with everything. Pay your employee’s salary first. Pay yourself what’s left: Usually nothing. Consequently: Eat (very) cheap. Have the team work in your apartment. Better yet: Sleep in your office. Don’t go on vacation for years. Enjoy the 7-day work week. Go networking if you are not working.
- 32. Your social life will be over. Be ready to disappoint friends and family.
- 34. Beware! Entrepreneurship is like a drug.
- 35. Never ever ever ever give up.
- 36. Don’t stop creating. Shutting down one idea just means you have more time to focus on the next one.
- 37. Enjoy the rush.
- 38. ? Any questions
- 39. Find me around the net Websites @manuelkoelman www.getcontext.de www.leanentrepreneur.com fb.com/koelman www.23moments.com de.linkedin.com/in/koelman