VCs like acquisitions as much as IPOs because the acquiring companies often can rationalize paying large multiples over the current valuation of the startup. Steve Blank More Quotes by Steve Blank More Quotes From Steve Blank People talk about getting lucky breaks in their careers. I’m living proof that the “lucky breaks” theory is simply wrong. You get to make your own luck... The world is run by those who show up…not those who wait to be asked. Steve Blank careers running graduation Greatest risk is not development of new product, but development of customers and markets Steve Blank new-products risk development A startup is a temporary organization designed to search for a repeatable and scalable business model. Steve Blank blank models organization Unless you have tested the assumptions in your business model first, outside the building, your business plan is just creative writing. Steve Blank creative writing firsts There are no facts inside the building so get the hell outside. Steve Blank hell building facts The world is run by those who show up not those who wait to be asked. Steve Blank running graduation inspirational Startups are painful, stressful and at times demoralizing. You need to be a true believer in the vision of what you are doing. You need to passionate about it and love what you’re doing. If you don’t, there is no way you can sustain the hours, stress and disappointment. There’s no way you’re going to be able to convince investors, customers and most importantly recruit a world-class team if you not building something you think is going to change the world. Steve Blank stress team disappointment Startups don’t fail because they lack a product; they fail because they lack customers and a profitable business model. Steve Blank profitable-business models failing You need to ask yourself, ‘Where do you want to work: startups, mid-size or large companies?’ If you find yourself debating the ‘startup versus large company’ choice you’ve already chosen the big company. Entrepreneurship isn’t a career choice it’s a passion and obsession. Steve Blank passion careers choices Build and they will come’ is not a strategy, it’s a prayer. Steve Blank blank strategy prayer The company that consistently makes and implements decisions rapidly gains a tremendous, often decisive, competitive advantage. Steve Blank advantage gains decision Disruption on the first day always looks like a toy. Steve Blank toys looks firsts A business model describes how your company creates, delivers and captures value. Steve Blank company capture models In a startup no facts exist inside the building, only opinions. Steve Blank building opinion facts We now know that something between 85 and 90 percent of most software product features are unwanted and unneeded by customers. That is an enourmous ammount of waste of time and money that ends up on the floor. Steve Blank wasting-time waste ends Essentials of how to do a startup do not include writing a business plan Steve Blank plans essentials writing No Plan Survives First Contact With Customers Steve Blank blank contact firsts At the end of the day, you can decide whether you want to be an employee with a great attendance record, getting promoted to ever better titles and working on interesting projects - or whether you want to attempt to do something spectacular - this be or do should be a question you never stop asking yourself - for the next 20 years, and beyond. Steve Blank the-end-of-the-day years interesting My advice was to start a policy of making reversible decisions before anyone left the meeting or the office. In a startup, it doesn't matter if you're 100 percent right 100 percent of the time. What matters is having forward momentum and a tight fact-based data/metrics feedback loop to help you quickly recognize and reverse any incorrect decisions. That's why startups are agile. By the time a big company gets the committee to organize the subcommittee to pick a meeting date, your startup could have made 20 decisions, reversed five of them and implemented the fifteen that worked. Steve Blank data what-matters business When you're gone would you rather have your gravestone say, 'He never missed a meeting.' Or one that said, 'He was a great father.' Steve Blank balance gone father
