Download - Marc Nager StartupDay 2011 Speech
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The shit that no one talks about
@MarcNager
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A few things first...
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Define Startup
People2 x Idea = Startup
Note: Enterprise = Business Model (Startup) > 0$
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What comes first, the team or the idea?
Your Your IdeaIdea
Team Team IdeaIdea
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Validation
Who’s problem are you solving?
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It’s not all about $$
Funding ≠ Success
Only 16 percent of the fastest-growing and most successful companies in the US had venture financing
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Do you have full Commitment?
diff btw. co-founder and an employee“...oh yeah, i have a developer working for me.”
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Have all of these?
TeamValidation
Commitment
Let’s go....
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Welcome to the Real World
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Startup101A few things to not F-up
1. Work/Life Balance2. Company Culture
3. Mentors4. Legal
5. Accounting
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Work/Life Balance
Working long hours doesn’t mean you are working smart
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Culture
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Advisors/MentorsThe early believers
1. Find people that care2. Be strategic
3. Bad advice can kill you4. Your job isn’t to impress them
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Legal1. “Don’t incorporate a hobby”
2. No lawyer should charge for advice3. You get what you pay for
4. Don’t Sign NDAs5. TMs come later
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Founders Documents
1. You need a lawyer2. Keep it simple
3. You MUST have an operating agreement
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Structure
3 Main Types: LLC, S-Corp, C-Corp
LLC/S-Corp - If you WILL NOT take fundingC-Corp - If you WILL take funding
~$2,500 for basic filingsBuild a relationship. You will need them
again.
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Accounting
Money is never an easy topic...
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Accounting
1. Know your REAL burn rate2. An annual budget
3. Accounting System4. Know your runway
Do-s
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AccountingDon’t-s
1. Operate on a CASH basis2. Use your personal accounts
3. Fall behind4. Hire a FT person until economics of time make
sense
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QuickBooks up and running
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Documentation
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Taxes & FilingsSOOO MANY!
State, City, Federal, other...
DON’T BE LATE! Make a system of reminders
Put it on the wall!
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Other things...
Practice your pitch! Assume you suck
You will have shitty daysTrack the metrics that matter
Don’t talk to all the big guys firstAct bigger than you are
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At the end of the day...
PivotStealth
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The people that matter will judge you by what you DO, not by what you talk about.