startup challenges
What separates successful entrepreneurs from unsuccessful ones?
According to Steve Jobs, about half of what separates successful entrepreneurs from non-successful ones is pure perseverance. Entrepreneurship is extremely demanding, requiring around 18-hour workdays, seven days a week during the early stages of a company. Jobs emphasizes that without genuine passion for an idea, problem, or wrong that you want to right, most people will give up when faced with the inevitable rough moments. This passion fuels the perseverance necessary to endure the challenges of building a business, making it essential for entrepreneurial survival.
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MASTER MINDSET
06:57 - 08:05
What challenges did Brian Chesky face when pitching Airbnb to angel investors?
Brian Chesky encountered significant rejection when seeking angel investment for Airbnb. Out of approximately 15 angel investors he approached, nearly half didn't even reply to his emails. Among those who responded, many rejected the concept, claiming it didn't fit their investment thesis despite being consumer internet companies, or stating the market wasn't big enough. One investor simply wasn't excited about the travel category. The challenges culminated in a particularly awkward meeting with angel investor Mike Maples, where Chesky arrived without a presentation deck, planning to showcase their newly launched website. Unfortunately, the website didn't work during the meeting, leaving Chesky struggling to explain the concept for an hour while the investor had difficulty understanding the vision.
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Greylock
12:49 - 14:11
What are the key tips for starting an IT company?
Thomas Preston-Werner, co-founder of GitHub, emphasizes three essential tips for starting an IT company. First, start something - anything - because you'll never succeed without taking that initial step. He advocates trying multiple ideas, citing that GitHub was his '17,000th idea.' Second, be careful about building the right team. Most companies fail not because of bad products but because teams fall apart. Having co-founders rather than employees creates equal relationships critical for long-term success. Third, build something people actually want. No amount of marketing can trick people into buying something they don't need.
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Rishav Raj Jain
01:59 - 06:22
What is essential for entrepreneurial success according to Steve Jobs?
According to Steve Jobs, passion and perseverance are essential for entrepreneurial success. He believes that about half of what separates successful entrepreneurs from unsuccessful ones is pure perseverance. Without genuine passion for your idea or problem you're trying to solve, you won't have the necessary determination to overcome the challenges. Jobs emphasizes that building a startup is extremely demanding—an '18 hour day, seven days a week' commitment that consumes your life. The entrepreneurial journey contains many rough moments where most people give up. Unless you're truly passionate about your venture, you won't survive the inevitable hardships and will likely abandon your efforts before achieving success.
Watch clip answer (01:08m)
MASTER MINDSET
06:57 - 08:05