LAUNCHING A STARTUP OR FOUNDING A

COMPANY?

SIX THINGS THAT YOU NEED TO KNOW

OVERNIGHT SUCCESS IS A MYTH1

NO TRACTION

ROVIO SPENT 8 YEARS WORKING ON MULTIPLE GAMES AND WAS CLOSE TO BANKRUPTCY

THEN IT HIT BIG WITH ANGRY BIRDS, WHICH WENT ON TO BECOME THE BEST SELLING IOS GAME EVER

OVER 1.7B DOWNLOADS

PREPARE FOR MULTIPLE ITERATIONS AND NEAR DEATH EXPERIENCES

PAY ISN’T GUARANTEED2

MOST STARTUPS DON’T HAVE ENOUGH TO PAY THEIR TEAM A PROPER WAGE, IF ANYTHING AT ALL

YOU WILL OFTEN HAVE TO MAKE AGREEMENTS TO WORK IN EXCHANGE FOR SHARES AND EQUITY

IN ONE SHORT YEAR PETS.COM EARNED JUST

OVER $600,000 IN REVENUE, BUT SPENT A LITTLE OVER 11 MILLION

DOLLARS IN ADVERTISING

BUT I LEARNED A LOT

SUCCESS ISN’T GUARANTEED, THERE’S ALWAYS A CHANCE THAT YOU COULD END UP WITH NOTHING

DON’T GET YOUR HOPES UP3

CUSTOMER VALIDATION = HARDFINDING COFOUNDERS = HARDRAISING MONEY = HARD

THERE’S A BIG DIFFERENCE BETWEEN SOMEONE SAYING THEY’RE GOING TO DO

SOMETHING AND ACTUALLY DOING IT

EXPECT DISSAPPOINTMENTEXPECT VOLATILITY

EVEN IF A DEAL FALLS THROUGH, IT’S NOT THE END OF THE WORLD, SOMETHING EVEN BETTER COULD BE WAITING JUST AROUND THE CORNER

DO IT FOR THE RIGHT REASONS4

THE THRILL OF COMPETITION

THE DESIRE FOR ADVENTURE

THE JOY OF CREATION

THE DESIRE TO ACHIEVE MEANING

UNDERSTAND WHAT DRIVES YOU

“ABOUT FOUR MONTHS AGO, I RAN OUT OF CASH,” ELON MUSK WROTE IN A COURT FILING DATED FEB 23

WITH A MARKET CAP OF $19B (AUG 30) THE JURY IS STILL OUT ON TESLA, BUT IT

IS CLEAR ELON MUSK WILL SEE HIS VISION THROUGH HIGHS AND LOWS

Do it for the right reasonsACCEPT THAT YOUR CONTRARIAN VIEWS ARE WHAT MAKES YOU AN ENTREPRENEUR

AND SEE VALUE WHERE OTHERS DO NOT

OVERCOME YOUR FEAR OF FAILURE5

MOST START-UPS FAILMOST NEW PRODUCTS ARE NOT SUCCESSFUL

YET THE STORY OF PERSEVERANCE, CREATIVE GENIUS, AND HARD WORK PERSISTS

MITIGATE YOUR RISK WITH KNOWLEDGESELF EDUCATE, BUILD CONFIDENCE, PREPARE

FAILURE ISN’T HOLDING YOU BACKFEAR OF FAILURE IS

IGNORE YOUR DOUBTS

IT’S A LIFE CHANGING EXPERIENCE6

BEING AN ENTREPRENEUR IS CHOOSING YOURSELF AND NOT WAITING TO BE PICKED

OPEN YOUR MIND BUT STAY GROUNDED

YOUR OPPORTUNITY IS NOT TO HAVE YOUR RESUME PICKED FROM A PILE BUT TO LEAD

PICK YOURSELF

STAY HUNGRYSTAY FOOLISH

Peter Sobottawww.linkedin.com/in/psobotta

- STEVE JOBS