Top Ten Lies of Entrepreneurs
Transcript of Top Ten Lies of Entrepreneurs
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com
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11Our projections areconservative.
Our projections areconservative.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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22 IDC says our marketwill be $50 billion by
2003.
IDC says our marketwill be $50 billion by
2003.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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33 Amazon.com will signour contract next week.Amazon.com will sign
our contract next week.
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44 Key employees willjoin us as soon as we
get funded.
Key employees willjoin us as soon as we
get funded.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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55 We have first-moveradvantage.
We have first-moveradvantage.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
66 Several VCs arealready
interested.
Several VCs arealready
interested.
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77 Oracle is too slowto be a threat.
Oracle is too slowto be a threat.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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88 We’re glad thebubble has burst.
We’re glad thebubble has burst.
Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
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Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
Our patents make ourbusiness defensible.Our patents make ourbusiness defensible.99
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Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs
All we have to do isget 1% of the market.All we have to do is
get 1% of the market.0011
Top Ten Lessons of PRTop Ten Lessons of PR
Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com
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11 Create buzz,not inkCreate buzz,not ink
The Top Ten Lessons of PRThe Top Ten Lessons of PR
Q. Secret to PR?A. Create a great product
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22 Be one thing to allpeopleBe one thing to allpeople
The Top Ten Lessons of PRThe Top Ten Lessons of PR
Macintosh = ease of useAmazon = booksVolvo = safety
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33 Position, don’t bepositionedPosition, don’t bepositioned
The Top Ten Lessons of PRThe Top Ten Lessons of PR
Before: “Incubator”After: “Venture capital investment bank”
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44 CascadeCascade
The Top Ten Lessons of PRThe Top Ten Lessons of PR
• Execs• Directors and advisors• Employees• Web site• Press releases• Collateral
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The Top Ten Lessons of PRThe Top Ten Lessons of PR
• Press conferences• Launch parties• Press releases• Press kits
Cut the crapCut the crap55
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The Top Ten Lessons of PRThe Top Ten Lessons of PR
66 Make friends beforeyou need themMake friends beforeyou need them
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77 Block and tackleBlock and tackle
The Top Ten Lessons of PRThe Top Ten Lessons of PR
• Return phone calls• Answer email• Never lie
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88 Read then pitch,don’t pitch then readRead then pitch,don’t pitch then read
The Top Ten Lessons of PRThe Top Ten Lessons of PR
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The Top Ten Lessons of PRThe Top Ten Lessons of PR
Shoot bullets, notpelletsShoot bullets, notpellets99
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1010 Be a “source”Be a “source”
The Top Ten Lessons of PRThe Top Ten Lessons of PR
The War for TalentThe War for Talent
Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com
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11 Recruit 24 X 7 Recruit 24 X 7
The War for TalentThe War for Talent
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22 Kiss a lot of frogs Kiss a lot of frogs
The War for TalentThe War for Talent
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33 Use all yourweapons
Use all yourweapons
The War for TalentThe War for Talent
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44 Trust your gutTrust your gut
The War for TalentThe War for Talent
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55 Sell all thedecision makers
Sell all thedecision makers
The War for TalentThe War for Talent
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66 Recruit outsidethe lines
Recruit outsidethe lines
The War for TalentThe War for Talent
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77 Wait to compensateWait to compensate
The War for TalentThe War for Talent
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88 Pay for what you getPay for what you get
The War for TalentThe War for Talent
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99 End with theoffer letter
End with theoffer letter
The War for TalentThe War for Talent
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Never assumeyou’re done
Never assumeyou’re done0011
The War for TalentThe War for Talent
Biz Dev 101Biz Dev 101Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com
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11 Ensure that themiddle and bottom
like the deal
Ensure that themiddle and bottom
like the deal
Biz Dev 101Biz Dev 101
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22 Build fromstrength, not tocover weakness
Build fromstrength, not tocover weakness
Biz Dev 101Biz Dev 101
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33 Find a championFind a champion
Biz Dev 101Biz Dev 101
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44 Cut a win-windeal
Cut a win-windeal
Biz Dev 101Biz Dev 101
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55 Find a lawyer whowants to do–not
prevent–business
Find a lawyer whowants to do–not
prevent–business
Biz Dev 101Biz Dev 101
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“This is what I want to do,now keep me out of jail.”
“This is what I want to do,now keep me out of jail.”
66 Establish the rightlegal framework
Establish the rightlegal framework
Biz Dev 101Biz Dev 101
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77 Put an “out” clausein the deal
Put an “out” clausein the deal
Biz Dev 101Biz Dev 101
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88 Explain it to awoman
Explain it to awoman
Biz Dev 101Biz Dev 101
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Don’t expect peopleto do something that
you wouldn’t do
Don’t expect peopleto do something that
you wouldn’t do99Biz Dev 101Biz Dev 101
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• Drive a German car• Have a goatee• Use cologne• Wear Armani
• Drive a German car• Have a goatee• Use cologne• Wear Armani
Don’t form analliance with people
who . . .
Don’t form analliance with people
who . . .0011Biz Dev 101Biz Dev 101
Garage.com StoryGarage.com Story
Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com
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ProblemProblem
SerialSerial “How do I get to moreinvestors at once?”
RegionalizedRegionalized
ClosedClosed
“How do I get investorsoutside of my region?”
Raising venture capital is inefficient
“How do I get past thereceptionist?”
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Garage.com ProcessGarage.com Process
Find• Over the transom• Referrals
Fix• 4-6 week process• Personalized• Hands on
Fund• Shotgun• Rifle• VCs, corps, angels
Follow• Sustain relationship• Increase value• Follow-on investments
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Startups
What We Offer StartupsWhat We Offer Startups
• Access to capital• Business model
development
• Recruiting• Alliance and customer
sourcing• Roadshow prep• Interim management• Buzz and PR
Benefits forStartupsSoftware
Semi-conductors
LifeSciences
Hardware
Telecommunications& wireless
Tools & Infrastructure
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Investors
VentureCapitalists
CorporateInvestors
AngelInvestors
What We Offer InvestorsWhat We Offer Investors
Benefits forInvestors
• Pre-screened deal flow• Investor networks
• Additional bandwidth
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Funded Deals To DateFunded Deals To Date
Over $200M raised
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Investors in ClientsInvestors in Clients
Includes firms that have invested in follow-on roundsIncludes firms that have invested in follow-on rounds which were not in all cases arranged by Garage.com Securities, Inc. which were not in all cases arranged by Garage.com Securities, Inc.
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Bootcamp for StartupsBootcamp for Startups
International Trade CenterWed and Thu$645 with flyer, $795 without
International Trade CenterWed and Thu$645 with flyer, $795 without
• Raising venture capital• Business models• Roadshow prep• Exit paths• Buzz and PR
• Raising venture capital• Business models• Roadshow prep• Exit paths• Buzz and PR