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Startup Myths

Startup Myths. Zach Shulman Managing Partner, Cayuga Venture Fund Associate Director, Entrepreneurship and Innovation Institute at Johnson. Myth: Being your own boss means flexibility Truth: Being your own boss means you have no free time.

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Startup Myths

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  1. Startup Myths Zach Shulman Managing Partner, Cayuga Venture Fund Associate Director, Entrepreneurship and Innovation Institute at Johnson

  2. Myth: Being your own boss means flexibilityTruth: Being your own boss means you have no free time

  3. Myth: Being your own boss means I can set my own salaryTruth: Being your own boss means you might have no regular salary

  4. Myth: A startup is a constant uphill battleTruth: It is an endless roller coaster

  5. Myth: You need an exit strategyTruth: You need a business that will scale

  6. Myth: Starting a company = building a productTruth: A product is not a company b/c of the other 50% to deal with (recruiting, space, team management, fund raising, taxes, insurance, bank accounts……)

  7. Myth: You need $$ to start a businessTruth: You need an opportunity, creativity, resourcefulness and tons of willpower

  8. Myth: You need a written business plan to raise $$Truth: You need a business model to raise $$

  9. So, you need a product/service that you can provide at a price that gives you a profit

  10. Myth: Growth rulesTruth: Profit rules

  11. Myth: Stealth = awesomely coolTruth: Public wins the race b/c of customer driven iteration

  12. Myth: Finding the solution to the problem is the hard partTruth: Finding a problem that the customer cares about is the hardest part by far

  13. Myth: I need a product before I can start talking to customersTruth: Always be selling to and informing your customers; some customers like to be a part of the building process

  14. Myth: You know your product best and know what is best for your productTruth: Only the customer knows

  15. Said another way: It is not about your great idea, it is all about your customer

  16. Myth: I don’t need a marketing plan b/c the product will sell itselfTruth: Marketing rules; know the customer

  17. Myth: I can rely on government grant programsTruth: Bull@#$%

  18. Myth: Hiring smart people is enoughTruth: Hire Rockstars

  19. Myth: Conflict is badTruth: Conflict moves the ball when handled properly

  20. Myth: You can learn “startup” in a book or blogTruth: You learn “startup” by doing

  21. Myth: Great startups happen overnightTruth: “Twitter was an overnight success that took 5 years” Biz Stone

  22. Myth: Verbal is OK!Truth: Verbal is Worthless

  23. Myth: I need to enter a market with no competitorsTruth: If no one is making money doing it, you probably won't either

  24. Myth: I have first mover advantage because I thought of it first!Truth: Most misapplied business advantage ever

  25. Myth: I'll quit my job and start the business as soon as I get the fundingTruth: If you're not willing to commit, why would investors?

  26. Myth: You need a NDA for advisors and investorsTruth: Ask for it and you lose credibility

  27. Myth: VC's give you moneyTruth: VC's invest money

  28. Myth: Taking outside capital is the holy grailTruth: Only take outside capital if you really need it

  29. Myth: I've got a great idea for a business, I'll just hire some cheap engineers in India to code itTruth: You need key technical talent in house

  30. Myth: We don't need a business person on the team yetTruth: You won't be a business until you do

  31. Myth: As a business guy/girl, you dont need to know the technical sideTruth: you need to understand, not necessarily build, the ins/outs of your product so you can speak intelligently about your business

  32. Myth: Contacts are everythingTruth: Execution is everything

  33. Thanks!zjs2@cornell.edu

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