From: http://www.bizjournals.com

Startup Grind is a community that mentors, educates and connects entrepreneurs from 200 chapters in 85 countries. It was the brainchild of Derek Andersen, and like practically all things entrepreneurial, it was started in Silicon Valley and has spread across the globe.

Startup Grind’s sixth-annual international convention took place last month in Redwood, California, and if you wanted to get a sense of where the world of entrepreneurship was going, that was the place to be.

There were more than 3,000 entrepreneurs with a smattering of professional service providers and investors. The attendees were mostly 35 and under from places such as Argentina, Bulgaria, Malaysia, Ireland, France, Italy, Sudan, Russia, Germany, Sweden, England and all over the U.S.

1. Nothing is Original

Whatever idea you have, someone else on the planet has thought about it as well and there is room for more than one if the product/service fills a need and is better than what is out there.

2. Business Plans

Still needed as a road map, but shouldn’t be followed literally because things are constantly in a state of change. In fact, whatever you are thinking at the beginning is probably wrong, but you will learn what you need to make a success after 12 months of operations.

3. Raising Capital

This can take six months to a year, so don’t wait until your product is perfect to start interviewing investors.

4. Financials

Investors are looking for 12 months to 18 months of cash flow statements.

5. Managing Cash

When you get the big check, don’t go crazy hiring people, getting Class A office space, or buying the latest technology. Live as frugally as you can.

6. Investors

Interview investors. You want to make sure you get investors that not only can put money in, but can challenge the founders thinking, help recruit quality employees, and open doors. Don’t take money just because it is offered. Investors are like spouses. Make sure your thinking is aligned.

7. Best Product Doesn’t Always Win Championships

The product has to be compelling, but it doesn’t have to be perfect. It has to be easy enough to use that others recommend it.

8. Competitive Technological Advantage

Nice to have, but not a must-have as evidenced by so many such travel, beer, wine, email, pizza, etc. It’s about having a quality product, easy access, and users who are referring it to others without the need to buy ads.

9. Teammates

Don’t accept mediocrity. Everyone has to be a superstar at what they do. Only recruit the best. Do whatever it takes to get them on board. Treat them like owners. It really is about hiring people as smart as or hopefully smarter than you.

10. Brand

No amount of advertising will make your product or service into a brand. You become a brand because you are good at something and people flock to you like Uber for getting a ride, Facebook for online social interaction, and The Cheesecake Factory for awesome cheese cake. What they all have in common is practically no advertising. People know who they are by reputation.

11. Ivy League Not Required

From my teaching at Wharton, Temple University, Drexel University, Rowan University, and Rutgers, the difference between the students at elite schools like Wharton and state schools is not the level of intelligence, but ambition. The students at the elite schools are looking to start global companies solving global problems. They are in an environment where the faculty and other students dream big.

12. Advisory Board

Every venture capitalist and angel investor encouraged the companies to have advisory boards so they wouldn’t feel alone, would have someone to challenge their thinking, and could make introductions to investors and strategic partners.

13. Scalable

Most investors said they typically look at 2,000 companies and invest in 10 to 20. They all want scalable businesses that solve a problem, that minimally can go national (but preferably international), and would provide a minimum return of 15 percent annually.

14. Resiliency

All of the entrepreneurs who spoke said that their original plan had to be modified numerous times and that they got through the tough times by believing in their mission.
Networking. Get out of your office, meet people, listen to other people’s ideas, and don’t be afraid to ask for advice.

15. Networking

Get out of your office, meet people, listen to other people’s ideas and don’t be afraid to ask for advice.