This document discusses common lies and misconceptions about startups. It notes that starting a company is incredibly difficult, challenging, and will involve long hours, rejection, low pay, and self-doubt. Founders are not truly their own bosses, as success depends on finding product-market fit before running out of funding. Raising money does not guarantee success and the startup world is not purely meritocratic. True entrepreneurs are driven by passion, not just money or fame, and their work moves innovation forward despite facing an uphill and uncertain path. Overall, the document aims to prepare new founders for the realities of starting a company in a realistic yet still optimistic tone.

1. lies, damned lies
and startups
by: tara ‘missrogue’ hunt

2. who am I and why I’m
qualified to talk about
this stuff:
• co-founder + CEO
Buyosphere.com
• been raising $$ for
>1yr
• raised $200k F&F
• believed the hype
• lived in SF for 4yrs
• made a crapload of
mistakes already
• serial entrepreneur
(but first startup)

3. lie #1
the cake is a lie.

8. there is no cake,
dude.

9. startups are hard.

10. startups are really hard.

11. startups are really fucking hard.

12. startups are heartbreaking.

13. startups are soul crushing.

14. startups are life shortening.

15. why?
• you will work longer hours
• you will face rejection daily
• you will be paid peanuts (if anything
at all)
• everyone will think you are crazy
• there will be MANY days that you doubt
yourself and everything you are doing.

17. the entrepreneurial venn
desire to
delusional A change the
status quo
D
C B
audacity
A. those that go postal
B. dictators
C. serial killers
D. startup entrepreneurs

18. lie #2
you are your own boss

19. a week in the life
of a startup founder

20. monday

21. tuesday

22. wednesday

23. thursday

24. friday

25. saturday
http://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/

26. sunday

27. fact:
you will wake up in a
puddle of your own sweat
several nights a week
because you realize you are
completely fucked.

28. how to deal:
1. know that you will be rejected.
2. understand that you will underestimate the
number of times you will be rejected and how
long it will take you to raise $$. (insert
completely fucked night sweats here)
3. ask rejectors for feedback (REAL feedback)
4. ignore most of said feedback* but not all of it
5. seek mentors and allies (note: this is the most
important point I make this entire
presentation)
* knowing what to ignore is not easy

29. you are not alone.

30. it takes conviction
http://www.businessinsider.com/pandora-vc-2010-7

31. three freakin
hundred!!!!

32. take note:
all of this is BEFORE
you give away a portion
of your company to
investors...

33. lie #3
raising money means
success

34. raising money =
becoming someone
else’s bitch
$$ af ter all
it IS their

35. success=
find your product/market
fit before you run out of
money.
T. IS. ALL.
THA

36. get creative with
funding!

38. it’s cute for kids,
sad for grownups.

39. “Paul Graham only invested in us, when he heard about the Obama O's
story. And he figured, well these guys are like really creative,
smart entrepreneurs; they'll probably change their idea.”
AirBnB Founder, Brian Chesky

40. Question I ask myself
every single day:
what are my Obama O’s?

41. alt. funding ideas
• Friends & Family - your network is stronger than you
know (we raised $192,000)
• Go lean - how can you pare down your operations and
personal lifestyle? Do it early. Lower the burn.
• Hold a fundraiser - make it awesome. Indiegogo?
Profounder? Kickstarter?
• Sell your stuff on eBay - It’s a short term
sacrifice.
• Make $$ in your free time - Pixazza, TaskRabbit,
TaskHire, AirBnB, Kindle, deliver pizza (Alfred from
Zappos did this), etc. (make it simple, mindless
tasks)
• Take out a loan! Nobody will own you.

42. earning the CEO badge:
Your ONLY job is to keep
the company going until you
find product/market fit.
ONLY job.*
Your
* Okay, that AND 10 gabillion other things. But this is the most important.

44. tips on finding
product/market fit...
• solve the right problem (http://uxmag.com/strategy/
you-are-solving-the-wrong-problem)
• research and seek outside opinion (advisors are
key)
• eat your own dogfood...taste it! yeah, it sucks,
right?
• limit your market
• get outside of your bubble
• don’t commit suicide...hang in there!

45. Are you ready to
make the ultimate
sacrifice? nly one
ther e is o
a nswer

46. lie #4
the startup world is a meritocracy

47. it’s not just about
working hard.
(though there is hard work involved)

48. there is nothing
fair about this
path.

49. both brilliant +
both contributed SO
much to science
tesla died broke edison died rich

50. and what of those
with better ideas
but without resources
who weren’t heard
at all?

51. 1880s or 2010s, this
hasn’t really
changed.

52. you can do
EVERYTHING right and
still die broke.

53. I know. I’m a real
downer.

54. but true entrepreneurs
aren’t in it for the fame
and fortune, are we?
hope fo r both)
(th ough we

55. q: so why are we
doing this again?

56. a: fuck if I know.

57. but here I am.
and I can’t imagine doing
ANYTHING else.
it’s an unhealthy, but
beautifully necessary
obsession.

58. because without us crazy,
delusional people who do
this the world would be a
boring, stagnant place.

59. thank you for being
crazy, audacious
dreamers. xo

60. Tara
(@missrogue)
Hunt
ceo/co-founder, Buyosphere
tara@buyosphere.com
514-679-2951
www.buyosphere.com
www.horsepigcow.com