tofi vision&ideas 13/01/2015: michael hyatt
TRANSCRIPT
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Random Thoughts on Getting Started
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20 Mile March
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“Good Ideas”
• PAIN - Fall in love with the Problem • Where there us Mystery there is Margin. • Ask family and friends? Ummm……. • What secret do you know ?...and most will disagree • X and Y Axis….. • Uber and future cash flows …. • You will Pivot. Fail fast and pivot faster….. • Investors look for - Market, People and Product. • A good deal can raise a round in a day
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Think like an investor
• How do I get out? • Investors invest in people who can pull it off in a great market. • Build it and they will come. You will likely die. • Worried…..No clients and hearing about eyeballs • Smart Money counts, but there’s not much of it. People around you
should of made payroll. Have you tried their Rolodex? • VC’s must give out money – they have pressure too! • We want to see some lean success…..Min Viable Product?
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• Diet, Sleep and Exercise
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Thank you
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I am hearing..….
1. Not going lean…..Min Viable Product? 2. “need to raise 1m-1.5m in next 6 months” 3. No clients and hearing about eyeballs 4. Hope is a strategy 5. No Math! 6. Everyone has the smartest coder….. 7. Lots of “Advisors” and won’t pay much for
good ones
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Raising Money is Hard
• World is awash in cash – but that normalization is changing. • Money finds good deals • A good deal can raise a round in a day • Many terms sheets never close • Raising Money is an Art not a Science • Don’t take money from people you don’t want to be stuck at an airport with
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