Uploaded byBenjamin Joffe
Startup myths and realities
This document discusses startup myths and realities through a series of quotes and observations from experienced entrepreneurs and investors. It begins by defining a startup as a company that is confused about its product, customers, and business model. It notes that startups require intense focus over a short period to achieve high productivity gains. The document emphasizes talking to many advisors, focusing on traction over ideas, and checking the right metrics to measure growth. It concludes by introducing the author and his background founding companies and mentoring startups in Asia.
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Startup myths and realities
- 1. 5 / 31/ 2013! STARTUP MYTHS! AND REALITIES! Benjamin Joffe! PLUS EIGHT STAR
- 2. WHAT IS A STARTUP? “It is a company confused about: -‐ What its product is -‐ Who its customers are -‐ How to make money. When confusion stops, it becomes a real business.” Dave McClure 500 Startups Source: hGp://www.paulgraham.com/wealth.html This plus scale!
- 3. Source: hGp://www.paulgraham.com/wealth.html “Instead of working for forty years, you work as hard as you possibly can for four.” Paul Graham Y Combinator HOW TO MAKE WEALTH HOURS x FOCUS x TALENT = 10~100x PRODUCTIVITY
- 4. “In a startup, nofacts exist inside the building, only opinions.”! Steve Blank! MAKE SOMETHING PEOPLE WANT
- 5. IT TAKES A VILLAGE TALK TO EVERYONE! (Advisors, Investors, Partners, Team, Friends, Family…)
- 6. GOOD IDEAS BAD IDEAS GOOD IDEAS THAT LOOK BAD BAD IDEAS THAT LOOK GOOD STARTUPS ARE HERE
- 7. Someone had THE SAME IDEA before you different bme, different place, different people = different results?
- 8. INNOVATION does not maGer to (most) customers What ma'ers is what they can do with it
- 9. TRACTION is #1 but WHICH NUMBERS? X signups last week How many this week? Do they do the one thing you want? How many are back this week?
- 10. To Remember! • Workon what you like! • Work with people you like! • It’s a marathon (with some sprints)! • Learn what you need! • Check the right numbers! • Traction trumps (almost) everything!
- 11. Benjamin Joffe! • 13years in Asia! • Founder, +8*! • Co-Founder, Cmune! • Mentor, 500 Startups! • Angel investor! • Speaker, Columnist!
- 12. THANKS!! Benjamin Joffe! [email protected] !! ! !! PLUS EIGHT STAR www.plus8star.com!