startup tips for entrepreneurs part i
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STARTUP TIPS FOR ENTREPRENEUR
PART ITRUNG NGUYEN @SIBERIAVN• PRODUCT MANAGER OF PROJECT LANA
• FORMER SENIOR INVESTMENT ANALYST OF IDG VENTURES VIETNAM
• CO-FOUNDER OF LAUNCH – VIETNAM INTERNET START-UP COMMUNITY
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“Entrepreneurship Is About Those Who Dare To Dream The Dreams And Are Hungry And Foolish Enough To Try And Make Their Dreams Come True”
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BEING AN ENTREPRENEUR IS BEING EXTREME… ARE YOU SURE ?
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[1] START BY A DESIRE TO SOLVE A PROBLEM
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IT’S A MUST OR A NICE?
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WHO GONNA NEED IT?
HOW BIG IS THAT?
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How Well Can You Solve?
Aspirin Vitamin Candy
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HOW YOU MAKE MONEY ?
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What motivate Customer to Pay
You?
Can You Monetize?
FREEMIUM VS. PREMIUM
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AFRAID OF LOSING YOUR MEAL?
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FIND SUSTAINABLE COMPETITIVE ADVANTAGE
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BEING THE FIRST MOVER, AGILE, AND FAST ARE NECESSARY TO SURVIVE, BUT….
Not sufficient to succeed!
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PEOPLE CAN COPY EVERYTHING FROM YOU EXCEPT …
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[2] JUST GREAT IDEAS?
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A dime a dozen!
IDEAS ARE …
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NO ONE CAN MAKE THE NEXT ZAPPOS BY JUST READING A BOOK !
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[3] EXECUTION IS EVERYTHING
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IDEA IS JUST A MULTIPLIER
No Execution = $1Weak Execution = $1000So-so Execution = $10,000Good Execution = $100,000Great Execution = $1mBrilliant Execution = $10m
Awful Idea = -1Weak Idea = 1So-so Idea = 5Good Idea = 10Great Idea = 15Brilliant Idea = 20
XExecution is everything!
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FOCUS - SUPER FOCUS
Solve One Problem And solve it Really Really Well
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[4] A DREAM TEAM
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A+ PLAYERS IS NOT ENOUGH
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A+ TEAM IS THE MOST IMPORTANT!
Why Is Your Team the Best to Execute This Idea?
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BUT DON’T JUST DREAM
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[F]INALLY
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FIND THINGS YOU DON’T KNOW
“Where most entrepreneurs fail is on the things they don’t know they don’t know.”– VinodKhosla
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JUST REMEMBER1. Find Product – Market Fit
2. Gather A Players
3. Build A+ Team
4. Focus to solve problems really really well
5. Your barrier-to-entry are your customers
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“STAY HUNGRY, STAY FOOLISH!” - STEVE JOBS
Life is 20% What Happens to You and 80% How You Deal With It
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MORE ABOUT THISAuthor
• James Vuong
• VP, Investment & Technology - IDG Ventures, Vietnam
Speaker
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• siberia.posterous.com
• @siberiavn