Thinking about a start-up? You may want to reconsider.
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Transcript of Thinking about a start-up? You may want to reconsider.
![Page 1: Thinking about a start-up? You may want to reconsider.](https://reader036.fdocuments.net/reader036/viewer/2022062512/55499decb4c905a6758b4b32/html5/thumbnails/1.jpg)
LAUNCHING A STARTUP OR FOUNDING A
COMPANY?
SIX THINGS THAT YOU NEED TO KNOW
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OVERNIGHT SUCCESS IS A MYTH1
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NO TRACTION
ROVIO SPENT 8 YEARS WORKING ON MULTIPLE GAMES AND WAS CLOSE TO BANKRUPTCY
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THEN IT HIT BIG WITH ANGRY BIRDS, WHICH WENT ON TO BECOME THE BEST SELLING IOS GAME EVER
OVER 1.7B DOWNLOADS
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PREPARE FOR MULTIPLE ITERATIONS AND NEAR DEATH EXPERIENCES
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PAY ISN’T GUARANTEED2
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MOST STARTUPS DON’T HAVE ENOUGH TO PAY THEIR TEAM A PROPER WAGE, IF ANYTHING AT ALL
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YOU WILL OFTEN HAVE TO MAKE AGREEMENTS TO WORK IN EXCHANGE FOR SHARES AND EQUITY
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IN ONE SHORT YEAR PETS.COM EARNED JUST
OVER $600,000 IN REVENUE, BUT SPENT A LITTLE OVER 11 MILLION
DOLLARS IN ADVERTISING
BUT I LEARNED A LOT
SUCCESS ISN’T GUARANTEED, THERE’S ALWAYS A CHANCE THAT YOU COULD END UP WITH NOTHING
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DON’T GET YOUR HOPES UP3
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CUSTOMER VALIDATION = HARDFINDING COFOUNDERS = HARDRAISING MONEY = HARD
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THERE’S A BIG DIFFERENCE BETWEEN SOMEONE SAYING THEY’RE GOING TO DO
SOMETHING AND ACTUALLY DOING IT
EXPECT DISSAPPOINTMENTEXPECT VOLATILITY
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EVEN IF A DEAL FALLS THROUGH, IT’S NOT THE END OF THE WORLD, SOMETHING EVEN BETTER COULD BE WAITING JUST AROUND THE CORNER
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DO IT FOR THE RIGHT REASONS4
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THE THRILL OF COMPETITION
THE DESIRE FOR ADVENTURE
THE JOY OF CREATION
THE DESIRE TO ACHIEVE MEANING
UNDERSTAND WHAT DRIVES YOU
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“ABOUT FOUR MONTHS AGO, I RAN OUT OF CASH,” ELON MUSK WROTE IN A COURT FILING DATED FEB 23
WITH A MARKET CAP OF $19B (AUG 30) THE JURY IS STILL OUT ON TESLA, BUT IT
IS CLEAR ELON MUSK WILL SEE HIS VISION THROUGH HIGHS AND LOWS
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Do it for the right reasonsACCEPT THAT YOUR CONTRARIAN VIEWS ARE WHAT MAKES YOU AN ENTREPRENEUR
AND SEE VALUE WHERE OTHERS DO NOT
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OVERCOME YOUR FEAR OF FAILURE5
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MOST START-UPS FAILMOST NEW PRODUCTS ARE NOT SUCCESSFUL
YET THE STORY OF PERSEVERANCE, CREATIVE GENIUS, AND HARD WORK PERSISTS
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MITIGATE YOUR RISK WITH KNOWLEDGESELF EDUCATE, BUILD CONFIDENCE, PREPARE
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FAILURE ISN’T HOLDING YOU BACKFEAR OF FAILURE IS
IGNORE YOUR DOUBTS
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IT’S A LIFE CHANGING EXPERIENCE6
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BEING AN ENTREPRENEUR IS CHOOSING YOURSELF AND NOT WAITING TO BE PICKED
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OPEN YOUR MIND BUT STAY GROUNDED
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YOUR OPPORTUNITY IS NOT TO HAVE YOUR RESUME PICKED FROM A PILE BUT TO LEAD
PICK YOURSELF
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STAY HUNGRYSTAY FOOLISH
Peter Sobottawww.linkedin.com/in/psobotta
- STEVE JOBS