Going From Idea to Operations - An Entrepreneur's­ Journey
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Going From Idea to Operations - An Entrepreneur's­ Journey

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Starting a business involves planning, execution and making many key decisions. But how do you keep track of all the moving parts? ...

Starting a business involves planning, execution and making many key decisions. But how do you keep track of all the moving parts?

Join us for an simple guide to starting your own business, 15 steps to go from idea stage to fully a operational company - including a streamlined way to write the business plan.

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Going From Idea to Operations - An Entrepreneur's­ Journey Presentation Transcript

  • 1. GOING FROM IDEA TO OPERATIONS An Entrepreneur's Journey
  • 2. ENJOY THE RIDE Presentation slides (links, videos, etc.) will be available after the talk
  • 3. WHAT WE’RE TALKING ABOUT ● I have a business idea ● How do I turn it into a successful company?
  • 4. WHY THIS IS IMPORTANT ● Many different methodologies ● Each focuses on single piece of puzzle ● Need big picture view to guide decisions
  • 5. 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)
  • 6. OUR DESTINATION ● Commercialized product or service ● Complete & accurate Business Plan ● Fully vetted business model ● Fully operational company Interupt me anytime for questions & comments
  • 7. 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?
  • 8. OUR JOURNEY
  • 9. CONTEXT Lean Startup Methodology
  • 10. WE'RE GOING TO FOCUS ON... ● List of of "things to keep in mind" ● Keeping it simple ● Breaking down hurdles ● The big picture
  • 11. 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
  • 12. 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
  • 13. RECORD Leave a Trail of Breadcrumbs
  • 14. KEEP A BUSINESS JOURNAL (!)
  • 15. 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)
  • 16. STAGE 1: IDEATE Lay the Foundation
  • 17. GET YOUR DUCKS IN A ROW
  • 18. 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)
  • 19. WRITE DOWN YOUR BEST GUESSES
  • 20. GOAL: LIST OF HYPOTHESES ● The business model canvas (blogs.hbr. org/2013/05/a-better-way-to-think-about-yo)
  • 21. 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?
  • 22. FIND YOUR ACCOMPLICES
  • 23. 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.)
  • 24. STAGE 2: DISCOVER Find a Product-Market Fit
  • 25. PROVE OR DISPROVE YOUR GUESSES
  • 26. GOAL: PROFITABLE BUSINESS MODEL ● Nail down your business model canvas ● udacity.com/course/ep245 ● Can start here
  • 27. 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...
  • 28. via: FundersAndFounders.com
  • 29. STAGE 3: UNDERPIN Define the Company's Core Functions
  • 30. THE WAY YOU DO THINGS
  • 31. 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
  • 32. WHY CUSTOMERS GIVE YOU MONEY
  • 33. 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"?
  • 34. UNDERSTAND YOUR BUYER(S)
  • 35. ● 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
  • 36. CLOSE SALES, DELIVER THE GOODS
  • 37. 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?
  • 38. BUILD YOUR (FORTIFIED) CASTLE
  • 39. 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)
  • 40. STAGE 4: ASSEMBLE Put the Puzzle Together
  • 41. GET, KEEP & GROW CUSTOMERS
  • 42. Score.org SteveBlank.com Expand on Validation results GOAL: MARKETING PLAN
  • 43. HIRE & FIRE
  • 44. 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
  • 45. BENEFIT THE COMMUNITY
  • 46. 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?
  • 47. WORKING ENVIRONMENT
  • 48. 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?
  • 49. STAGE 5: SCALE Drop the Hammer
  • 50. GET OUT OF THE WAY
  • 51. 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!
  • 52. RECAP
  • 53. One Final Ingredient...
  • 54. Action "Do today what others are unwilling to do, and you'll get the things others can't have tomorrow." ~Jordan Belfort
  • 55. TO BE CONTINUED... http://10xnation.co