10 Commandments of Starting A Business

The 10 Commandments of Starting A Business Richard Kligman October 20th 2009

Disclaimer Before investing in any business, seek the advice of your business advisers & lawyers. Oh, and don't forget to ask your spouse!

My Name Nachum Y. Kligman

My Name Nurbn Y. Kljmn

Another Quick Story “H” as in …..

First Question You Need to Ask Why Do You want to be in Business?

Are you a Masochist Just Kidding…. a little

Then Why? Be Your own Boss? Make Your Own Hours? For the Money? For the Prestige?

Getting Started Everything Begins with an...

"Nothing else in the world... not all the armies... is so powerful as an idea whose time has come." Victor Hugo

A Dime a Dozen? So many people out there are impressed by ideas alone. People often forget just how useless an idea is without the sweat, courage and brains needed to execute them

But What is a Good Idea? Ok, I'm willing to make the sacrifice, but what is a Good Idea?

The Best ideas? Find a Need and Fill It

What Are You Creating? Need vs. Want

NEED A need is something you have to have, something you can't do without. A good example is food. If you don't eat, you won't survive for long. Many people have gone days without eating, but they eventually ate a lot of food. You might not need a whole lot of food, but you do need to eat.

WANT A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music. Now, some people might argue that music is a need because they think they can't do without it. But you don't need music to survive. You do need to eat.

Are all good product ideas taken?

"You miss 100% of the shots you don't take" Wayne Gretzky

Now that you have the idea Are You Ready?

The 10 Commandments

The First Commandment I am The Lord your G-D

Why Change a Classic? •Put in the proper effort •Things out of your control (9/11) •Be Honest •Taxes •Paying On Time •Pray :)

The Second Commandment Thou Shall Be Passionate

“Genius is one per cent inspiration, ninety-nine per cent perspiration” Thomas A. Edison

• Is it fun? • What are you willing to do? • 40 hour weeks? Try 80! • Downgrading your lifestyle? • Family First? • Is Passion all you need?

The Third Commandment Thou Shall Have Enough Money

Enough Money •To Live On •To Bring your product to market •To Give yourself enough chance for success

Raising Money •Savings? •Friends & Family •Credit Cards •Banks •VC's

The Fourth Commandment Thou Shall Build A Strong Team

“Take away my people, but leave my factories, and soon grass will grow on the factory floors. Take away my factories, but leave my people, and soon we will have a new and better factory” Andrew Carnegie

Teammates •Co-Founders/Executives •Employees •Vendors •Investors •Advisory Board •Family?

Taking in Co-Founders Pros Cons • Two Heads are • Share Equity better than 1 • Share Decisions • Share Risk • Possible Fallouts • Larger Network • If more than two, • Get More Done you can lose control

The Fifth Commandment Thou Shall Worship the Purple Cow

What is the purple cow? It’s a book by Seth Godin. And it is something that is so remarkable that you don’t need marketing. It will spread by word of mouth.

Seth Godin

Examples Halfway, Oregon

Examples Two things are guaranteed at the remarkable DinTaiFung restaurant in Taipei: the extremely long line outside and the size/weight of their world famous steamed juicy pork dumplings. Each dumpling uses only the freshest ingredients, weighs a precise 0.74 oz, and has exactly 18 folds. In 1993, NY Times named DinTaiFung as one of the top 10 restaurants in the world. Even with many outlets worldwide today, thousands of tourists still visit Taipei every year just to eat at its original location. One of the stories told about the restaurant owner is that he takes the tour buses to hear what people say about his restaurant. One day, he found that bus stopped before reaching its destination and tourists were encouraged to use the restrooms so that they can avoid using the ones at his restaurant. He went back and installed the most advanced toilets available in the restrooms and made sure that they were cleaned every 15 minutes. Since then, the restrooms at DinTaiFung also became one of the most talked about topics for tourists.

What if you made things more Fun? http://www.rolighetsteorin.se/en/

Time for A Break Can someone please make me a coffee? Milk with 2 sugars please. Thanks!!!

The Sixth Commandment Thou Shall Love Thy Employees

“Do Lipton employees take coffee breaks?” Stephen Wright

Loving Thy Employees • Treat them how they • Make them always want to be treated feel appreciated • Give them training • Make them feel part and the tools they of the company need to succeed (Shares) • Let them know • Make it fun clearly what is • Ask for Input expected of them

The Seventh Commandment Thou Shall Have A High Perceived Value

Definition Customer's opinion of a product's value to him or her. It may have little or nothing to do with the product's market price, and depends on the product's ability to satisfy his or her needs or requirements.

People Are Willing To Pay For the Experience

Which one costs more?

Which one costs more to make?

How to Increase Your Perceived Value • Professional Logo • Testimonials • Professional • Speaking Website Engagements • Business Email • Writing Articles Address • Dress for Success • Phone Answering • Sell for Higher Price Service or System • Endorsements • Big Name Clients

The Eighth Commandment Thou Shall Network

Use Your Network For • Finding Partners • Finding Fans • Finding Investors • Personal Branding • Getting • Help Others Feedback • Business Development • Finding Clients • Keeping In Touch • Marketing

Social Networking

Blogging

Social Marketing

Other Networks • Clubs • Religious Organizations • Meet Up Groups • Alumni • Friends/Family

The Ninth Commandment Thou Shall Love Thy Customer

Love Thy Customer • Follow Up After • Be open and Sale accessible • Send Personal • Do what you say Cards (Hours of • Do More than you Operation, say getting back in • Involve them in 24 hours) decisions

The Tenth Commandment Thou Shall Always Be Learning

From Day One - Research • The perfect • Potential Clients name • Potential • Experts in your Investors market • Market Research • Test, Test, Test

Failure Is An Option Unless you fail to learn

Always be Learning •Books •Trade Magazines •Trade Shows •Online Forums & Networks •Blogs •Actual Classes

Magazines

Blogs to Follow www.techcrunch.com www.mashable.com www.chrisbrogan.com www.fourhourworkweek.com/blog www.webdesignerdepot.com www.briansolis.com www.socialmediatoday.com/SMC

Sites To Visit www.ted.com www.techcrunch50.com www.inc.com www.entrepreneur.com www.fastcompany.com www.vator.tv www.demo.com

The 10 Commandments • I am the Lord your G-d • Thou Shall Love thy • Thou Shall Be Employees Passionate • Thou Shall Have a High • Thou Shall have Perceived Value enough money • Thou Shall Network • Thou Shall build a • Thou Shall Love thy strong team Customer • Thou Shall worship the • Thou Shall Always be purple cow learning

Thank You www.twitter.com/richardkligman www.facebook.com/kligman www.linkedin.com/in/richardkligman www.qoof.com www.israpreneur.com

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10 Commandments of Starting A Business

by Qoof on Oct 22, 2009

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