marc nager startupday 2011 speech
Post on 30-Jun-2015
238 Views
Preview:
DESCRIPTION
TRANSCRIPT
The shit that no one talks about
@MarcNager
A few things first...
Define Startup
People2 x Idea = Startup
Note: Enterprise = Business Model (Startup) > 0$
What comes first, the team or the idea?
Your Your IdeaIdea
Team Team IdeaIdea
Validation
Who’s problem are you solving?
It’s not all about $$
Funding ≠ Success
Only 16 percent of the fastest-growing and most successful companies in the US had venture financing
Do you have full Commitment?
diff btw. co-founder and an employee“...oh yeah, i have a developer working for me.”
Have all of these?
TeamValidation
Commitment
Let’s go....
Welcome to the Real World
Startup101A few things to not F-up
1. Work/Life Balance2. Company Culture
3. Mentors4. Legal
5. Accounting
Work/Life Balance
Working long hours doesn’t mean you are working smart
Culture
Advisors/MentorsThe early believers
1. Find people that care2. Be strategic
3. Bad advice can kill you4. Your job isn’t to impress them
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
Founders Documents
1. You need a lawyer2. Keep it simple
3. You MUST have an operating agreement
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.
Accounting
Money is never an easy topic...
Accounting
1. Know your REAL burn rate2. An annual budget
3. Accounting System4. Know your runway
Do-s
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
QuickBooks up and running
Documentation
Taxes & FilingsSOOO MANY!
State, City, Federal, other...
DON’T BE LATE! Make a system of reminders
Put it on the wall!
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
At the end of the day...
PivotStealth
The people that matter will judge you by what you DO, not by what you talk about.
top related