going from idea to operations - an entrepreneur's journey

GOING FROM IDEATO OPERATIONSAn Entrepreneur's Journey

ENJOY THE RIDE

Presentation slides (links, videos, etc.) will be available after the talk

WHAT WE’RE TALKING ABOUT

● I have a business idea● How do I turn it into a successful

company?

WHY THIS IS IMPORTANT

● Many different methodologies● Each focuses on single piece of puzzle● Need big picture view to guide decisions

HOW WE’RE GOING TO DO IT

● Don’t reinvent the wheel (no new methodologies)

● Aggregate existing best practices● “Framework is a real or conceptual

structure intended to serve as a support or guide for the building of something that expands the structure into something useful.” (whatis.techtarget.com/definition/framework)

OUR DESTINATION

● Commercialized product or service● Complete & accurate Business Plan● Fully vetted business model● Fully operational company

Interupt me anytime for questions & comments

WHERE ARE THE STICKING POINTS?

● Making the commitment● Where do I start?● How do I make the time?● How do I structure it?● How do I get funding?● How do I promote it?● Who would buy it?

OUR JOURNEY

CONTEXT

Lean Startup Methodology

WE'RE GOING TO FOCUS ON...

● List of of "things to keep in mind"● Keeping it simple● Breaking down hurdles● The big picture

WHAT IT CAN DO FOR YOU

● Minimize overwhelm & headaches● Easy-to-manage chunks● A starting point for each chunk● Bridge gaps to continue momentum● Prevent duplicate effort (each block builds

on previous ones)● Save time & money● Faster to market

WHAT IT CAN'T DO

● Replace existing paradigms or methodologies (it simply aggregates them)

● Provide a detailed process● Be a one-size-fits-all● The work

RECORDLeave a Trail of Breadcrumbs

KEEP A BUSINESS JOURNAL (!)

GOAL: JOURNAL PACKAGE

● One entry for each work day● What did you learn today?● What did you accomplish today?● How will you build on accomplishments?● Review it frequently● Can be written or video (YouTube private)

STAGE 1: IDEATELay the Foundation

GET YOUR DUCKS IN A ROW

GOAL: PEACE OF MIND

● How long will it take?● Create a startup budget● Create a startup goal (number or event)● Can you pay for startup expenses?● Household bills covered during startup?● What is your "Why"? (motivator)

WRITE DOWN YOUR BEST GUESSES

GOAL: LIST OF HYPOTHESES

● The business model canvas (blogs.hbr.org/2013/05/a-better-way-to-think-about-yo)

SNAPSHOT YOUR IDEA

● What is your product?● Who are your customers?● How will you deliver the product?● How will you connect with customers?● How will you generate revenue?● What important resources do you need?● What partnerships do you need?● What are the critical delivery activities?● What are the costs?

FIND YOUR ACCOMPLICES

GOAL: TEAM PACKAGE

● Document co-founder roles● Is your family on the same page?● List potential Board of Directors● Who will be on your Advisory Board?● Administrative service providers?

(accountant, etc.)

STAGE 2: DISCOVERFind a Product-Market Fit

PROVE OR DISPROVE YOUR GUESSES

GOAL: PROFITABLE BUSINESS MODEL

● Nail down your business model canvas● udacity.com/course/ep245 ● Can start here

WARNING: DON'T GET BURIED

Gist:● Be a "student" not a "salesman"● Searching for what {you don't know}2

● Ask "live" customers (100+)● Validate you are solving their problem● Demonstrate they will pay you● Ensure market is large enough*● Keep it simple...

via: FundersAndFounders.com

STAGE 3: UNDERPINDefine the Company's Core Functions

THE WAY YOU DO THINGS

GOAL: CULTURE PLAN

● Do you want to instill a specific culture?● How will you empower employees?● How will you train employees?● How will you develop leaders?● Will you encourage "20% time" projects?● Internal culture aligned w/ external brand?● ZapposInsights.com

WHY CUSTOMERS GIVE YOU MONEY

GOAL: PRODUCT ROADMAP

● Expand on Validation results● Is your product fully documented?● How will your product improve over time?● How will you innovate?● Will you offer additional products?● Are there complementary partners?● Can you create "packaged offerings"?

UNDERSTAND YOUR BUYER(S)

● Create customer personas● blog.hubspot.com/blog/tabid/6307/bid/33491/Everything-Marketers-

Need-to-Research-Create-Detailed-Buyer-Personas-Template.aspx

GOAL: CUSTOMER EMPATHY

CLOSE SALES, DELIVER THE GOODS

GOAL: SALES & DELIVERY PLAN

● Expand on Validation results● Do you need a dedicated sales team?● Do you need a dedicated support team?● In-house staff or outsourced?● How will you process sales?● What payment methods will you support?● What are your payment terms?● How is the product delivered?● How will after-sale support be provided?

BUILD YOUR (FORTIFIED) CASTLE

GOAL: ENTITY & ASSET PLAN

● Benefit corporation?○ en.wikipedia.org/wiki/Benefit_corporation

● Or will you use an LLC, S-Corp, C-Corp, etc?○ http://goo.gl/lqrR1 (AzCommerce.com)

● Do you have an asset protection plan?○ Lodmell.com

● Filing a trademark, copyright or patent?○ http://goo.gl/S2qGx (Uspto.gov)

● Are you aware of all tax regulations?○ http://goo.gl/JzruD (AzCommerce.com)

STAGE 4: ASSEMBLEPut the Puzzle Together

GET, KEEP & GROW CUSTOMERS

Score.org SteveBlank.com Expand on Validation results

GOAL: MARKETING PLAN

HIRE & FIRE

GOAL: PERSONNEL PLAN

● What are the job descriptions?● How will you attract candidates?● How will you qualify candidates?● What will you ask during interviews?● Do you have specific personality needs?● Certification or degree requirements?● ZapposInsights.com

BENEFIT THE COMMUNITY

GOAL: CONTRIBUTION PLAN

● Do you want to give back?● How will you engage in your community?● Financial donations?● Community service?● Who will you donate to?● Sale-based contributions?

○ e.g. Toms.com ● Staff-wide or corporate level only?

WORKING ENVIRONMENT

GOAL: WORKSPACE PLAN

● Do you need manufacturing facilities?● Where will the workspaces be?● Easy access to needed resources & staff?● Do you want a specific "feel" in the office?● Will you support telecommuting?● Will you require specific "in office" hours?● Will you buy or lease the office? furniture?● How will you stock office supplies?

STAGE 5: SCALEDrop the Hammer

GET OUT OF THE WAY

GOAL: BUSINESS PLAN

● Roll it all into the coveted Business Plan● Create an operational org. chart● Hire a CEO or go Owner/Operator?● Hand over the Business Journal Package● You've built an effective business system● Let the system do its thing● Enjoy the ride!

RECAP

One Final Ingredient...

Action

"Do today what others are unwilling to do, and you'll get the things others can't have tomorrow."

~Jordan Belfort

TO BE CONTINUED...http://10xnation.co