startup tips for entrepreneurs part i

STARTUP TIPS FOR ENTREPRENEUR

PART ITRUNG NGUYEN @SIBERIAVN• PRODUCT MANAGER OF PROJECT LANA

• FORMER SENIOR INVESTMENT ANALYST OF IDG VENTURES VIETNAM

• CO-FOUNDER OF LAUNCH – VIETNAM INTERNET START-UP COMMUNITY

“Entrepreneurship Is About Those Who Dare To Dream The Dreams And Are Hungry And Foolish Enough To Try And Make Their Dreams Come True”

BEING AN ENTREPRENEUR IS BEING EXTREME… ARE YOU SURE ?

[1] START BY A DESIRE TO SOLVE A PROBLEM

IT’S A MUST OR A NICE?

WHO GONNA NEED IT?

HOW BIG IS THAT?

How Well Can You Solve?

Aspirin Vitamin Candy

HOW YOU MAKE MONEY ?

What motivate Customer to Pay

You?

Can You Monetize?

FREEMIUM VS. PREMIUM

AFRAID OF LOSING YOUR MEAL?

FIND SUSTAINABLE COMPETITIVE ADVANTAGE

BEING THE FIRST MOVER, AGILE, AND FAST ARE NECESSARY TO SURVIVE, BUT….

Not sufficient to succeed!

PEOPLE CAN COPY EVERYTHING FROM YOU EXCEPT …

[2] JUST GREAT IDEAS?

A dime a dozen!

IDEAS ARE …

NO ONE CAN MAKE THE NEXT ZAPPOS BY JUST READING A BOOK !

[3] EXECUTION IS EVERYTHING

IDEA IS JUST A MULTIPLIER

No Execution = $1Weak Execution = $1000So-so Execution = $10,000Good Execution = $100,000Great Execution = $1mBrilliant Execution = $10m

Awful Idea = -1Weak Idea = 1So-so Idea = 5Good Idea = 10Great Idea = 15Brilliant Idea = 20

XExecution is everything!

FOCUS - SUPER FOCUS

Solve One Problem And solve it Really Really Well

[4] A DREAM TEAM

A+ PLAYERS IS NOT ENOUGH

A+ TEAM IS THE MOST IMPORTANT!

Why Is Your Team the Best to Execute This Idea?

BUT DON’T JUST DREAM

[F]INALLY

FIND THINGS YOU DON’T KNOW

“Where most entrepreneurs fail is on the things they don’t know they don’t know.”– VinodKhosla

JUST REMEMBER1. Find Product – Market Fit

2. Gather A Players

3. Build A+ Team

4. Focus to solve problems really really well

5. Your barrier-to-entry are your customers

“STAY HUNGRY, STAY FOOLISH!” - STEVE JOBS

Life is 20% What Happens to You and 80% How You Deal With It

MORE ABOUT THISAuthor

• James Vuong

• VP, Investment & Technology - IDG Ventures, Vietnam

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