Inside the mind of startup entrepreneur

inside the mind of a STARTUP ENTREPRENEUR So you have an idea. Do you have what it takes to capitalize on it? Startups are fast paced, small and ever-adaptive, and carry a great deal of risk for the participants. Often they're built around the vision of only one or two people. These founders must be mentally indefatiguable, steadfast believers in their product, and able to stay one step ahead L because, after all, you're not the only one with an idea. (2) types of there are business leaders Transactional Transformational -This breed shifts the paradigm -Including, but not limited to, startup founders and etrepreneurs -But when the founders ARE the management... -These leaders excel in well established businesses -Integrate well within a pre-established system -When they go to lunch, they complain about the management. they are left to deal with ? He/she is responsible for putting up a confident front in public, but does their idea really stand out? Doubt Bankruptcy Founders often invest everything they have in their own idea, with no guarantee there will be a return. Loneliness They are the management, at the top of the food chain, and their position alters others' interactions with them. Lost money, wasted time, and a ruined reputation are just the beginning. What about the personal blow of having your idea unequivocably rejected? Fear of Failure - Inescapeable .and if things do go south, your workers can find other jobs. You, on the other hand, are tied to a three year building lease, remaining property, debt and the like. Situation But as a group, founders play by their own rules. an elevated, expansive mood grandiose Many founders are {hypomanic fanatically believing in their own ideas. little need for sleep racing thoughts And, when the going gets rough, many founders can do it all (ideally they should be able to do the following...) DEVELOP ANALYTICS MARKETİNG res.leng checkP Design a splash page - Write code Build a server Develop and track a funnel - Make decisions off cohort tracking Become a Google analytics expert - Write a blog post - Deliver a keynote presentation - Build contacts Conduct customer interviews - Scale - Assemble an email blast - Network Segment a market LEGAL Recruit & Train SALES - Understand a term sheet Comprehension of technical writing - Train an intern - Hire 'A' players Replace 'B' players - Cold call C level executives - Amiability, patience, and tact FINANCIAL WRITING +/0 RAISE MONEY Analyze a balance sheet - Make a budget. - Eloquent enough to convey a point - Knowledgeable enough to write a novel -...ignore a budget Balance the books Bootstrap Build an advisory board - Tell an invester they've lost all their money - Command a board room PERSONAL - Lead - Follow - Find a mentor - Stay up 36 hours straight (or more) But seriously, - Act alone Stay creative don't take us at our word. Observe the mindset of the best. "I never took a day off in my twenties. Not one." Bill Gates, Co-founder, Microsoft G) "You may think using Google is great, but I still think it's horrible." Larry Page, Co-founder, Google meet me "If you're not making mistakes then you're not making decisions." Catherine Cook, Founder, MeetMe "I mean the real story is actually probably pretty boring, right? We just sat at computers for six years and coded." Mark Zuckerberg, Founder, Facebook "I'm convinced that about half of what separates the successful entrepreneurs from the un-successful ones is pure perserverance.' Steve Jobs, Co-founder, Apple But as many founders know, even this is often not enough.. 75% of startups (3 in 4) end up failing, with 30% being complete failures. Ideally, (even the founders lose equity and everything is sold off to pay creditors) things should evolve something like this. 1| Inspiration Concept Prototype A) Bootstrap (using the time, money and expertise of the founders) 2 B) Angel investors (single investors that believe in the idea) C) Venture capital (mentorship, feedback, and incubator opportunities) 3 Beta Launch Feedback Public Launch s C A L E 5 Have an exit plan.- potential pitfalls - Not knowing the product/market fit. - Most startups fail not from product development, but from lack of consumer interest. - Wasting money on premature scaling. - Renegotiating share of business. - No exit plan (without clear direction the game is already lost). - Conclusion - 182 venture capital-funded businesses raised $20.6 billion in 2012. The potential payoffs are huge. have what it takes to make your idea global? Do you brought to you by topmanagementdegrees.com [citations] [1] http://www.forbes.com/sites/theyec/2013/05/10/5-things-founders-dont-talk-about/ [2] http://onstartups.com/tabid/3339/bid/91227/Startup-Psychology-Why-Awareness-Is-Awesome.aspx [3] http://www.nytimes.com/2010/09/19/business/19entre.html?pagewanted=all [4] http://prezi.com/nfvyxijdmj7v/startup-lifecycle-by-fred-destin/ [5] http://www.bizjournals.com/sanjose/blog/2012/09/most-startups-fail-says-harvard.html?page=all [6] http://socialwayne.com/tag/startups/ [7] http://images.fastcompany.com/upload/blueprint.png [8] http://thenextweb.com/insider/2013/01/07/mo-money-less-funds-182-us-based-vc-funds-raised-20-6b-in-2012-most-since-2008/ [9] http://www.lifed.com/50-of-the-most-inspiring-startup-quotes-from-successful-entrepreneurs [10] http://www.businessinsider.com/how-larry-page-came-to-run-google-2012-12?op=1 created by Dylan Orlady