STARTUP: FROM THE IDEA TO SUCCESS. PART 1

INTERVIEW WITH RAY GARCIA BY EDOARDO FACCHINI

FOUNDING YOUR STARTUP

INTRODUCTION

• THIS IS AN INTERVIEW THAT I MADE TO RAY GARCIA, EXECUTIVE MANAGER WITHIN START-UP VENTURES

• IN THIS FIRST PART HE SPEAKS ABOUT FOUNDING A STARTUP

• THE INTERVIEW IS ALSO ON MY WEBSITE

DESTROY A MITH: ARE STARTUP FOUNDERS REALLY CASH RICH?

Start founders are frugal for money, all cash goes into building a business.

AN MBA MAKES SOMEONE A BETTER ENTERPRENEUR?

No, but it helps, otherwise you have to learn it by making mistakes.

HOW DOES ONE GO ABOUT STARTING A BUSINESS?

Find a product people want to buy and sell it at a margin that makes a profit.

THE BEST ADVICE FOR A FIRST-TIME CEO?

Forget about being CEO, the title is meaningless, focus on the business

I HAVE NO MONEY, I QUIT MY JOB FOR LOVE OF ENTERPRENEURSHIP, HOW CAN I SUSTAIN MYSELF IN THE MEANTIME?

Get a job if you cannot afford to start a business and sustain not making an income for at least 18 months.

WHAT IS THE DIFFERENCE BETWEEN STARTUP FOUNDER AND ENTREPRENEUR?

Entrepreneurs is a broader term, startup founders is only one of many kinds of entrepreneurs

IS IT TOO LATE FOR A 4X YEARS OLD MAN TO START A BUSINESS WITH A HOPE OF GETTING RICH? IS THERE AN AGE WHEN YOU ARE TOO OLD TO START?

Start a business at any age when you can afford it or you have to in order to make money.

WHICH IS THE ROLE OF PASSION IN STARTING BUSINESS? WHAT SHOULD I DO, IF I AM TRYING TO BUILD A STARTUP I AM NOT PASSIONATE ABOUT?

Business is about making money, forget about passion.

WHEN BUILDING MY STARTUP, SHOULD I GO TO BED LATE OR WAKE UP EARLY?

Both, do what you have to succeed.

HOW DO ANGEL/SEED ROUND INVESTORS LOOK AT FOUNDERS WHO ARE INVOLVED IN TWO STARTUPS AT ONCE?

They do not waste time with them, focus on one business until it makes money.

WHAT CAN FOUNDERS DO BEFORE THEIR STARTUP LAUNCH TO PREPARE IN ADVANCE?

Save money and learn about everything.

HOW SHOULD EQUITY BE SPLIT BETWEEN FOUNDERS, (EARLY/LATE) EMPLOYEES, CONSULTANTS AND INVESTORS WHEN THE COMPANY IS BOOTSTRAPPED?

It is all negotiable and depends on too many factors.

WHO I AM• Edoardo Facchini: i help companies to understand

customer requirements, design solutions tailored on them, present their product and train customer, partner, employees.

• I train also about networking issues (Cisco CCNA and IT Essential) and deliver customized training on telecom issues.

DO YOU WANT TO KNOW MORE? CONTACT ME• mail: edoardo@bandwin.net

• website: www.bandwin.net

• Linkedin: http://linkedin.com/in/edoardofacchini

• Twitter (@BandWinBW): https://twitter.com/BandWinBW