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Entrepreneurship 101

An Entrpreneurship 101 class.

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Entrepreneurship 101

  1. 1. Entrepreneurship 101 Hampus Jakobsson @hajak
  2. 2. 0. The absolute basics: Why and Why not?
  3. 3. “The most dangerous risk of all - the risk of spending your life not doing what you want on the bet you can buy yourself the freedom to do it later.” - Randi Komisar
  4. 4. economical bankruptcy emotional/relational/ health bankruptcy trying too little and therefore becoming bitter becoming an asshole ONLY THINGS YOU CAN FAIL AT
  5. 5. Solve a problem worthy of you
  6. 6. 1. What do you need? Money Time (Team) (Great if you can code) (Soon you really need this) Money
  7. 7. PROBLEM SOLUTION WAIT! Don’t work in the future (but live there!) DISCOVER PRODUCT SCALE
  8. 8. 2. How? 2.1. Find a problem
  9. 9. 2. 2.1 How to find a problem - You have one! (Founder-Product fit) - Ask a lot of people (LinkedIn, etc) - Join a startup
  10. 10. WAIT!If I hear the word business plan I will explode! PLAN: QUESTION: VISION: 2 weeks 2 month 2 years
  11. 11. 2. 2.1 How to find a problem - You have one! (Founder-Product fit) - Ask a lot of people (LinkedIn, etc) - Join a startup
  12. 12. 2. 2.2 What kind of problem? - Common problem - find the need easily - Painful problem - people will help you
  13. 13. 2. 2.3 How to understand a problem - Don’t talk about your solution. Never do. - Ask people about their day. - How do they solve X today? - Have they tried other solutions? What was good? - What was the last time it failed. What happened? - Challenge if it really is a problem. - Try to kill your idea. - Distill what the problem really is.
  14. 14. WAIT!Ask for help! www.malmostartups com @malmostartups .
  15. 15. 2. 2.3 Deliver crap - You want to kill you own idea. What is the core assumption/problem that you can prove wrong? - In two weeks deliver a “solution”. - Your goal is pain: retention and interaction. Not growth. - Iterate. Iterate. Iterate. - Stop if: problem proven wrong or you hate it.
  16. 16. 2. 2.4 Zoom out - CAC and LTV. No, gut feel as a proxy. - The plan, remember? - 2 years, 2 months, 2 weeks - Look at your hypothesises - talk about them
  17. 17. Ideal situation 100 people using your product all the time.
  18. 18. 3. How to raise money?
  19. 19. 3. 3.1 Bootstrap
  20. 20. 3. 3.2 Grants - Vinnova - ALMI - LUIS
  21. 21. 3. 3.3 Angels - Find people who care about your problem - You should like them and they should add value - Include them in the discussion (bi-weekly update) - People usually invest 100-300k SEK - When you have one you can usually syndicate 2-4
  22. 22. What turns angels off 1. Founders are unlikable or dishonest 2. Outsourced core competencies 3. Founding team owns <90% 4. Not understanding the market (“if we get 1% of the world market…”) or how to get the product to market (“we’ll post on hackernews or do a kickstarter…”) 5. Not really wanting to solve real scalable problems or themselves invested in it
  23. 23. WAIT!But venture capital? Massive waste of your time probably.
  24. 24. 3. 3.3 Angels - what do you need? - To care about a relevant problem - Users that use the “product”/prototype - A team that can do things (not consultants) - To be likeworthy, honest, and ambitious - A path - no, not a business plan!
  25. 25. What would you do even if you weren’t paid? And what would you be proud if you did? What could you dedicate your life to?
  26. 26. Hustle Perfection is the enemy Focus on learning Have fun Be likeable.
  27. 27. The best way to learn is to be part of a startup.
  28. 28. Thanks! Hampus Jakobsson @hajak

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An Entrpreneurship 101 class.

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