Honest Advice on Starting a Company

Title: Honest Advice on Starting a Company
Date: 2010-10-13
Speaker: Mark Suster (Serial Entrepreneur)
Link: Entrepreneurial Thought Leaders
 
There is not a right answer for everybody.
People get crippled by the idea phase.
99.9% of successful startups are not Google.
You have to get started.
Being an entrepreneur is not sexy. It is not for everybody.
Have the conviction to see it through.
Choose something you are passionate about.
Assemble a diverse team.
We tend to hang out with people that are kind of like us.
Get outside of your box.
You are paid a premium to take the first leap.
Just because a model has worked does not mean the model does work.
Make sure you have founder vesting.
You need to have tech in your DNA if you want to build a tech company.
You give up options if you raise too much too quickly.
There are times when fat (company size) is okay.
Your name should be your URL.
If you’re building a product you need multiple channels.
Be careful about words that mean something else.
Avoid the three F’s (friends, family, and fools) when raising money.
Raise V.C. money when you really think you want to go on a rocket ship.
Raising venture capital is worst than marriage. You can’t get divorced from your venture capitalist.
Spend time getting to know your V.C. before taking investment from them.
The best way to get access (to V.C.s) is other entrepreneurs.
You need to get an anchor investor (to raise V.C.).
No matter how rich you are you like a deal.
Get your product out the door. Show you can ship.
Test monetization early.
Fail fast does not produce big results.
Whatever it is that you want to do–make it a part of your life.