How to grow your startup to the next level

practical insights on running a startup

#dffestival@bernardjhuang

who?

Bernard Huang

Distro team at 500 Startups

Co-founder at Mushi Labs

#dffestival@bernardjhuang

which level?

● fundamentals○ business model○ market size○ customer acquisition

your startup fundamentals

grow to the next level● advice for growth○ ask for help○ always be hustling○ persistence

your startup fundamentals

fundamentals#businessmodel

#marketsize

#customeracquisition

#businessmodel

How’re you going to make monies?

“we’ll figure our business model out later...

NO, figure it out now”

$20 (high end)

We take: 10%

$20*10% = $2

#businessmodel

Rough calculations are fine when starting.

#marketsizeHow many paid coaching sessions do we need to stay alive?

$10k / $2 = 5,000 per month

And how many do we think there are total?

NOT THAT MANY!!!

“either have a large # of people who will pay $”

“or a few # of people who will pay $$$$”

#customeracquisition

Where are you going to find your first customers?

“validate the channel / tactic and close your first customers

ASAP.”

#customeracquisition

Sleep better at night knowing people already bought.

“morale and momentum are the lifeblood of your startup”

grow to the next level #askforhelp

#alwaysbehustling

#persistence

“no one initially cares about what you’re working on”

#askforhelp

Your friends, family, and fools will be your first traction.

“tell everyone you know what you’re working on”

Your friends want to hear from you, take the initiative.

#askforhelp

“a lot of asking will be a waste of time, but you never know”

Don’t be a dick. Be respectful of everyone’s time & interests.

#askforhelp

The world provides.

#askforhelp

The world provides.

#askforhelp

#alwaysbehustling

#alwaysbehustling

Even if you try to tell the world, it’s going to be uphill.

#alwaysbehustling

Don’t stop following up until someone says NO.

#alwaysbehustling

Even if you piss some people off along the way :(

“learn what works by learning what doesn’t work”

(2007 - 2010) Online poker

(2010 - 2011) Dickey’s BBQ restaurant

(2011) snapsolve.com

(2011) zonted.com

(2011 - 2013) Mosec, Mobile Secretary

#persistence

(2013) Food by People

(2013 - 2015) 42Floors?

(2015) GameRunners

(2015) BakeCalc

(2016 - ?) Mushi Labs?

#persistence

“Keep on keeping on, startup is a journey”

#dffestival

@bernardjhuang