The steps required to starting a business.
Building a team & culture
Protecting intellectual property
How to fund a business
How to select a business structure
Product fit
● 55% of business owners say the motivation to start their own business was to be
their own boss.
● 30.7 Million small businesses in USA
● 1.5 Million Jobs & 64% of new jobs created by small business
● 80% of small businesses survive the first year. – SBA
● 50% of small businesses survive five years. – SBA
● 29% failure was due to running out of money. – CB Insights
● 42% lack of a market need. – CB Insights
Why Would You Want to be an Entrepreneur?
Product Market Fit
Offering something that a group of people needs and there’s enough people in that
group to provide sustainable growth for your business.
“Being in a good market with a product that can satisfy the market.” -Marc Andreessen
,Where you start and where you end up are usually different
You may have the best product in the world but:
● There are no customers
● Your team can’t execute
● You have the right product but the wrong market
● You can’t get the message out
● Customers leave
What To Do If It Is Not Working?
● Talk to your customers
● Understand their pain points
● Experiment with new ideas
● Iterate
● Hustle
● Do things that are not “scalable”
● Founders were in California
● Majority of the listing were in New York City
● Flew to NYC and talked to their customers
● Learned the site was clunky and not intuitive
● Realized the images used in the listing were poor quality
● Realized they were not meeting the needs of the people
listing and the people renting
, Product Market Fit: Reality
● It does not always work
● It takes time
● First to market does not always matter
● You will iterate many times
● The market will tell you when you are having success
● It is hard!
How Do You Know When You Are Achieving “Product Fit”
● People are buying it
● People are talking about the product or service and telling their friends.
● You are making $$$
● The market is pulling it
You have an idea, a target market and a business plan
Now What?
Foundation
● Founder
● Team
● Culture
● Company structure
● Entity
● Startup capital
● Intellectual property
Co-Founder?
● Similar core values
● Trust
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