Top 11 Startup Lessons Learned TEC 2010

Last week marked the end of our Second Annual Summer TEC Internship program at True.

As our 15 summer interns leave to go back to their respective universities, we asked them for the top three lessons they took away from their summer experiences.  We have included their top 11 startup lessons learned below:

1. Success = [cash / (burn rate * time it takes to iterate)]

2. Entrepreneurs must be optimistic. It is about having confidence not only in yourself, but also inspiring it in others as well.

3. Ideas are cheap, it is ALL about the people.

4. You are in charge of your future. Don’t ever be nervous to approach someone to ask them a question. You are your biggest supporter, and you should embrace that.

5. people = valuable asset –> people = culture —> culture = valuable asset

6. It’s extremely unrealistic that you can perfect an idea in isolation.

7. I think the most important thing I learned was that everything is about people. People make your company; people help you; people are fun. You should respect and listen to people and always try to meet new people.

8. If you aren’t embarrassed by your product when you ship it, you took too long.

9. It is all about the hustle and rising to the occasion.

10. Iterate, iterate, iterate.

11. Learn to embrace failure. The only true failure in life is not trying at all. If you don’t try because you fear failure, than that in itself is a failure.