Entrepreneurship is Awesome Entrepreneurs please Stop wasting people's time !!! Entrepreneurship is Awesome It's the best time in the history of the world to be an entrepreneur because : 1- Costs are falling in all industries. 2- Barriers are being destroyed. 3- Disruption and chaos are everywhere. Why build a startup? Only entrepreneurship combines these three elements: 1- Change the world 2- Build an organization of lasting value 3- Make customers' lives better What is a startup? • A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty. • Nothing to do with size of company, sector of the economy, or industry. • Startup = Experiment Entrepreneurship is Management : • Our goal is to create an institution, not just a product. • Traditional management practices fail. • Need practices and principles geared to the startup context of extreme uncertainty. • Not just for "tow guys in a garage" The Pivot - What do successful startups have in common? - They started out as digital cash PDAs, but evolved into online payments for eBay. - They started building BASIC interpreters, but evolved into the world's largest operating systems monopoly. - They were shocked to discover their online games company was actually a photo-sharing site. - Pivot : change directions but stay grounded in what we've learned. Speed Wins - If we can reduce the time between pivots, We can increase our odds of success Before we run out of money.