Thursday, October 14, 2010

Mark Suster @ Stanford ETL #StartupLessons #daily notes

#Lessons on starting a company

#Lessons learned from Mark (and my comments THE:)
You don't to have to be a genius to start a business.
You just need to get started.
You need to be passionate about it.
You need to do research (basic monetization)
Get a prototyp built
Assemble a diverse team
Dilution comes before you start -> start on your own (THE: I totally disagree. Its too much work and no fun)
Make sure tech is part of your DNA (THE: find the right cofounder)
Don't raise too much capital (THE: raise from family and friends)
Start Lean
You can go fat later in life
Why the 'fail fast' mantra must fail
Don't raise money from friends and family maybe you will fail. (THE: raise from frinds and family and make the risk clear)
You need an anchor investor, after that, all will follow.
Ship your product
Test monetization early
The sausage factory is never pretty, inside of every startup is chaos
Have fun with what you do and play it like a game.
Sell early 10m exits are not a failure

#advise on branding
Name dosn't box you in a corner (not to smal specific market)
Be careful about words that mean something else

#Beeing a VC is a fun life
Beeing an entrepreneur is a roller coaster
Beeing an Entrepreneur is a nature skill
Beeing an CEO is a chief psychologist
Biggest challenge in every company is people
Hire fast, fire fast (its an ongoing process)

#criterias to invest
70% team 30% market
Product skills
more on

My Todos
#a check peer forum shared notes
#a check Formspring
#a add to your CV early businesses and fails
#a read the Blackswan blog
Follow @tseelig

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