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Tips & Tricks for 1 Tips & Tricks for 1 st st Timers Timers Ishay Green Ishay Green
Tips & Tricks for 1Tips & Tricks for 1stst Timers TimersIshay GreenIshay Green
ScopeScope
Things I think you should pay attention to
in order to avoid fucking up your first startup
YOUR LIFEYOUR LIFE
11
Your LifeYour Life
Your family is an obstacle on your way to
becoming rich…
Your LifeYour Life
… and don’t get me started on marriage and
children
Your LifeYour Life
NOT!
Your LifeYour Life
Your new startup is just an episode in your life’s
journey
Your LifeYour Life
Are having 100 Million dollars at the age of 45
worth missing your youth?
CO-FOUNDERSCO-FOUNDERS
22
Co-FoundersCo-Founders
Finding good partners is more difficult than raising capital for a
lousy Idea
Co-Founders - IntegrityCo-Founders - Integrity
Integrity is #1 quality
Co-FoundersCo-Founders
Work with your co-founders for a while,
reach significant understandings and put
them in writing
Co-Founders - IntegrityCo-Founders - Integrity
Identify the partners’ weaknesses
Co-FoundersCo-Founders
Divide work and responsibility.
Trust your partners
THE IDEATHE IDEA
33
The IdeaThe Idea
Revolution VS
Evolution
The IdeaThe Idea
Stay in your domain of expertise
The IdeaThe Idea
Know everything there is to know about the
idea space
The IdeaThe Idea
Research; talk to as many non-believers as
possible
The IdeaThe Idea
Don't be too secretive, ideas are trivial
compared with their execution
The IdeaThe Idea
Prepare a short executive summary
presenting your vision
The IdeaThe Idea
Don’t expect to raise $1M with a shitty paper written in bad Ingleesh
The IdeaThe Idea
Challenge yourself by picking a goal that will
stretch your capabilities and determination to
their limit
The IdeaThe Idea
If you are 100% certain it can be done, you are
probably not far enough ahead of the competition
The IdeaThe Idea
Make sure that your startup is not built over
a loop hole
THE TEAMTHE TEAM
44
The TeamThe Team
Startups cannot afford any spare heads
(Lean & Mean)
The TeamThe Team
If someone doesn't deliver, let them go
The TeamThe Team
Recruit the core people on a trust basis
The TeamThe Team
Don't hire good developers
The TeamThe Team
Aim for a positive and
optimistic team (You cannot afford more then
one downer)
EXECUTIONEXECUTION
55
ExecutionExecution
Never Under Estimate the Power Of Denial
ExecutionExecution
Be, and stay involved
ExecutionExecution
Do not work around the clock – You end up waking
the following morning with the same ideas you
had the day before..
ExecutionExecution
“Brick walls are there to stop the people who don’t want it badly
enough”(Randy Pauch)
ExecutionExecution
Work like you're a startup, design like
you're Microsoft
ExecutionExecution
Use best-of-breed tools, do not reinvent the
wheel
ExecutionExecution
Invest in proper framework, it pays for itself down the road
ExecutionExecution
Be dynamic, re-factor and rewrite!
ExecutionExecution
Think minimal
ExecutionExecution
Perfection is achieved, not when there is nothing
more to add, but when there is nothing left to
take away. (Antoine de Saint-Exupery)
ExecutionExecution
Beware of minimal
ExecutionExecution
Study your competition and adjust your product in order to beat them in
every aspect
ExecutionExecution
Talk to potential customers from day 1
ExecutionExecution
Technological crisis is part of the game. When
overcoming it, it is called IP.
ExecutionExecution
Accept the fact that uncertainty, doubt and
anxiety will dog you
BUSINESS PLAN & FINANCEBUSINESS PLAN & FINANCE
66
Finance & Business PlanFinance & Business Plan
Plan everything. Review it with a lot of people
Finance & Business PlanFinance & Business Plan
Before you refuse funding – think thrice
Finance & Business PlanFinance & Business Plan
Currency – Plan for the worst
(Unimaginable but… 1 USD might worth less than 4 shekels one day!!)
Finance & Business PlanFinance & Business Plan
Always pay attention to the fuel gauge
LEGALLEGAL
77
LegalLegal
Think of the legal aspects of your startup – There are many illegal
ways to make money(If you are interested talk to me after the presentation)
LegalLegal
Think of the legal aspects of your startup – There are many illegal
ways to make money(If you are interested talk to me after the presentation)
INSIGHTSINSIGHTS
88
General Startup InsightGeneral Startup Insight
Startup has no memory
General Startup InsightGeneral Startup Insight
Startup valuation is fluid
General Startup InsightGeneral Startup Insight
Find your gurus(I am available)
General Startup InsightGeneral Startup Insight
Beware of name droppers
Last Slide….Last Slide….
Take it easy!Hysteria makes you act
stupid
Thanks!
