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99 tips, rules and truths on starting, running, marketing and financing a startup

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1 Who do you wanna be? Dig deep down and ask yourself. What makes you happy?

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2 Don’t sacrifice your life to make a living What are you willing to do for the rest of your life? What are your dreams? Do it now! Don‘t postpone living to retirement. The journey is the reward.

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3 Visualize your very last day Live with fewer regrets. Be courageous not chicken-hearted. People expect to regret actions, but they actually regret inaction. Failure = learning.

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4 If today were the last day of your life, would you want to do what you are about to do today? StartupBootcamp | Matthias Kandeler | Chart 4


5 Trust yourself It doesn‘t matter how or what anyone else thinks. The only person who can stop you is yourself.

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6 Escape your comfort zone Don‘t make excuses. Fight your weaker self, every day!

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7 Stop Waiting For The Right Time Ideas come cheap, but without taking the next step they fade away. To have an impact, continuously ask yourself “Now What?” and take action.

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8 You miss every shot you don‘t take Take your chances. Just do it.

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9 Disempower your fears Nothing to fear but fear itself. Rationalize „abstract fear“ of the unknown into „tangible fear“. Go to zero, visualize steps from worst-case to recovery.

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10 Visualize success and the steps towards it The best predictors of success is believing that you will succeed.

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11 Ignore the naysayers Don‘t take No for an answer. Yes, you can.

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12 Be 100% committed The chance favors the committed mind. Serendipity is where the magic happens.

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13 You Don’t Need All The Answers Don‘t overdue preperation. Everything that you really need to know you will learn along the way.

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14 The best way to predict the future is to create it Identify tomorrow‘s opportunities. Don‘t fix yesterday‘s problems with yesterday‘s products.

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15 What's old is new again Whatever the problem, it has probably been solved already in a different field.

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16 Become a nitpicker Study everyday situations with an eye towards improving them.

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17 Scratch your own itch To find a challenge worthy of your time, look no further than the points of friction in your own life.

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18 Kill early, start fresh Don‘t give up early.

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19 Remember: Teams win, not ideas

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20 Don‘t keep your idea secret Nobody will steal it. The gain of massive quality feedback compensates the low risks of copycats. You are likely to be ahead anyway.

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21 Stop waisting time ‌ with writing business plans or building that one killer feature first. Get (it) out now!

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22 Speak to many mentors, but don‘t do what they tell you Ignorance is bliss

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23 Develop a relentless bias towards action Knowing what you should be doing is just the first step and knowledge is just talk until it is translated into action.

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24 Find the one thing that only you do Our brand is the only _____ that _____

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25 Think big, start small, scale fast

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26 Go top down, ignore details Like drawing a face go from general to detail.

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27 Divide & conquer Complex problems seem to be unsolveable. Slice it into pieces and conquer one at a time.

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28 It’s better to be first than it is to be better Position yourself as the product category leader. Adding features later to match newcomers is easier than displacing the position of the first product.

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29 Kick ass fast Entering a new market being faster than competition can be your only advantage. Run between the legs of the big players.

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30 It‘s not about small beating big, it’s about fast beating slow Adapting quicker than the competition is your best chance at winning.

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31 Fix time and budget, flex scope You’ll never fit all three. Never throw more time or money at a problem, just scale back the scope.

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32 It‘s a problem when it‘s a problem Don’t waste time on problems you don’t have yet. Stay focused on top priorities.

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33 Break stupid rules Ignore the rules and come up with a better solution. Ask for forgiveness not for permission.

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34 Don‘t avoid making mistakes – avoid repeating them Take risks, fail and learn fast. Failure is the source of improvement and success.

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35 Don’t compete, dominate Put your attention to your customers, not to your competitors. Choose leading instead of following the herd.

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36 Work your butt off There is no way around hard work, no shortcut to success.

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37 Work smarter not harder Avoid stress that kills performance. Limit information flow, avoid distractions, preserve a positive mental and physical state, protect your time, leave space.

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38 There is no work-life-balance When you love what you do it will be part of life. No need to balance but integrate.

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39 Delegate or die Make yourself as unnecessary as possible for the day-to-day operations of your business. Your business can only grow as fast as you delegate.

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40 Don‘t micro manage Build culture

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41 Get things done Unfinished tasks are blocking your mental capacities and are the source of most stress. Close open loops to release energy.

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42 Celebrate completed tasks A „Done Wall“ makes progress transparent. Success is the strongest motivator.

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43 Create a “Not-To-Do� List Avoid time wasting tasks and distractions by explicitly banning them.

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44 Stand-up meetings only You can‘t fall asleep standing.

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45 Hire only people who are better than yourself The bozo explosion: B players hire C players, C players hire D players, ‌

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46 Hire candidates with failures and successes You don‘t want eels. Setbacks show that a candidate is not afraid to take risks, and has likely learned some valuable lessons along the way.

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47 3 for V1.0 Fast learning generalists vs. die-hard specialists

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48 Choose best skills, not best friends

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49 Hire slow, fire fast You are what you eat.

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50 Don‘t tolerate bad performance It‘s unfair

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51 Money can‘t buy passion and performance Performance-related payments are a myth.

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52 Remote staff requires intense leadership

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53 Job stretch Good candidates wanna grow. People looking for positions matching their skills are expensive (extrinsically motivated).

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54 People don‘t want products They want their problems solved, their dreams realized, and peace of mind.

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55 Read between the lines Henry Ford built cars, not faster horses.

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56 Follow your customers not your competitors The Oregon experiment

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57 Start from the market and think backwards

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58 What can we sell to the customer?

How can we help solving the customers problems?

How can we reach the customer?

Which channels do the customers prefer?

How do we get the customers money?

For which values are customers willing to pay?

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59 Fake it ‘til you make it First prove your assumptiones then build the product, service or process.

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60 Not embarrassed with V1.0? You waited too long! Get it out in the hands of the users and learn.

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61

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Quelle: cubbybrain.com


62 Get out of the building Watch your customers use your product. See the world from their perspective.

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63 Reduce to the max Cut off what‘s not essential. Every new feature dilutes the core value and experience of your product.

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64 Agitate customer’s pain – then offer relief People are more likely to act to avoid pain than to get gain.

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65 Only 5 left sells better than buy 1 get 2 The threat of loss is more motivating than the promise of gain.

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66 Customers are not necesseraly users If you are not paying something, you are not the customer.

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67 Customers prefer specialists You can‘t serve them all. Stay specialized, don‘t grow to a generalist. Focus on lead customers of a fragment. You can‘t serve them all.

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68 Don't ask customers what they can pay – tell them Customers will always offer a low figure. The optimal price is one that is accepted with some initial resistance.

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69 Who comes for the price will leave for the price You cannot build relationships with discount buyers. They buy your price not your quality of work.

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70 Don‘t get stuck in the penny gap The demand curve is not linear at prices close to zero.

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71 Customer service is an investment, not a cost In most businesses the majority of revenue comes from returning customers

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72 Wanna sell to craftsmen? Become a craftsman!

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73 PR is good, but not the truth So it‘s not a metric worth measuring.

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74 Quick vs. best solution Speed vs. perfectionism. Solving a problem quick is often more important and a better use of resources as problem and solution are likely to evolve over time.

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75 What would MacGyver do? When you are small, find creative solutions with the limited resources that are available right now.

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76 What would MacGyver do? When you are small, find creative solutions with the limited resources that are available right now.

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77 Raise more money than you actually need Your business plan is outdated the day you finish it. Don‘t take that risk.

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78 There is a lot of money Banks, business angels, venture capital, strategic investors

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79 Check investors accurately Investment strategy, industry focus, track record, industry know-how, contact network, references, portfolio, fund size

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Venture Capital

+ brings high attention – requires high attention

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80


Venture Capital

+ brings a lot of cash – costs a lot of cash

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81


Venture Capital

+ enables big projects – is a big project itself

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82


Venture Capital

+ raises your speed – predefines your speed

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83


Venture Capital

+ enables acquisitions – forces your acquisition

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84


Venture Capital

+ opens new options – limits your options

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85


Venture Capital

86 in Mio. EUR

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Quelle: Jahresstatistik 2009 des BVK e. V.


87

Venture Capital 2011

+68% 28bn $ Highest since 2000

5,9bn $

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-23%

Lowest since 2000

0,64bn $

EU

D

Quelle: BA Panel, VC Panel, Wiwo 2012


88

The decade of decay for European VCs 1600

700 400 100

Angel Networks StartupBootcamp | Matthias Kandeler | Chart 88

Quelle: EIF 2012

VC Funds


Business Angels

Ex-CEOs, Managers 97% male Avg. age 50 Private assets > 5 mâ‚Ź StartupBootcamp | Matthias Kandeler | Chart 89

Quelle: EIF 2012

89


90 Angels fill the gap 5,000 (mostly silent) business angels in Germany invest 300 mâ‚Ź p.a. in tickets of 25-100 kâ‚Ź per deal

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Quelle: EIF 2012


91

Angels Angel investments Investment volume

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EU 75,000 2,800 3-5 bn€

Quelle: EIF 2012

US 260,000 62,000 20 bn €


92 Angels do it for the fun And for returns.

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Quelle: EIF 2012


93 Angels bring smart money Direct corelation between industry expertise and success.

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94 Angels are ‚close‘ On average they get 17 business plans p.a. and finance 5%.

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Quelle: EIF 2012


95 The one-hour-distance-rule Angels invest in their vicinity (40% of companies in 1h reach, 60% in 3h reach)

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96 Caution: Angels can be devils So can VCs.

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97 Pitch all investors at once You‘ll get your terms at the same time, can compare them and choose the best deal. The threat of compeition gives you a lot of negotiation power.

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98 Enjoy these investor reportings Regularly writing about your priorities and goals forces you to focus your attention on them.

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99 Life is to short to work at a boring company – build your own!

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www.startupbootcamp.de

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99 tips