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Startup Myths. Zach Shulman Managing Partner, Cayuga Venture Fund Associate Director, Entrepreneurship and Innovation Institute at Johnson. Myth: Being your own boss means flexibility Truth: Being your own boss means you have no free time.

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startup myths

Startup Myths

Zach Shulman

Managing Partner, Cayuga Venture Fund

Associate Director, Entrepreneurship and Innovation Institute at Johnson

myth being your own boss means flexibility truth being your own boss means you have no free time
Myth: Being your own boss means flexibilityTruth: Being your own boss means you have no free time
slide3
Myth: Being your own boss means I can set my own salaryTruth: Being your own boss means you might have no regular salary
slide6

Myth: Starting a company = building a productTruth: A product is not a company b/c of the other 50% to deal with (recruiting, space, team management, fund raising, taxes, insurance, bank accounts……)

slide7
Myth: You need $$ to start a businessTruth: You need an opportunity, creativity, resourcefulness and tons of willpower
slide12

Myth: Finding the solution to the problem is the hard partTruth: Finding a problem that the customer cares about is the hardest part by far

slide13

Myth: I need a product before I can start talking to customersTruth: Always be selling to and informing your customers; some customers like to be a part of the building process

slide14
Myth: You know your product best and know what is best for your productTruth: Only the customer knows
slide16
Myth: I don’t need a marketing plan b/c the product will sell itselfTruth: Marketing rules; know the customer
slide21
Myth: Great startups happen overnightTruth: “Twitter was an overnight success that took 5 years” Biz Stone
slide23
Myth: I need to enter a market with no competitorsTruth: If no one is making money doing it, you probably won\'t either
slide24
Myth: I have first mover advantage because I thought of it first!Truth: Most misapplied business advantage ever
slide25
Myth: I\'ll quit my job and start the business as soon as I get the fundingTruth: If you\'re not willing to commit, why would investors?
slide28
Myth: Taking outside capital is the holy grailTruth: Only take outside capital if you really need it
slide29

Myth: I\'ve got a great idea for a business, I\'ll just hire some cheap engineers in India to code itTruth: You need key technical talent in house

slide31

Myth: As a business guy/girl, you dont need to know the technical sideTruth: you need to understand, not necessarily build, the ins/outs of your product so you can speak intelligently about your business

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