Starting Up: The First 30 Days
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Starting Up: The First 30 Days

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Should you turn that idea into a business? How do you turn that idea into a business?

Should you turn that idea into a business? How do you turn that idea into a business?
This webinar walks you through day by day how to start your business or startup.

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Starting Up: The First 30 Days Starting Up: The First 30 Days Presentation Transcript

  • Starting Up The First 30 Days
  • Hi, I’m Devon.• Georgetown Class of 2001• Early Startup Employee• StartupHoyas Advocate - On & Off Campus• Mobile Startups Through Prolific• Living/Loving NYC & Brooklyn
  • Is Starting Up For You?
  • Know YourselfPersonality • How do you react to failure? • Are you ever satisfied? • Take an Entrepreneur Personality Test (Appendix)Resources • Professional Experience • Your Network • Financial SecurityDon’t quit your day job unless you can afford not to be paid for a long time.
  • Vision/IdeaWhy this industry & business concept? • Solving a problem? • Enough demand & margin in your product? • Competition?Name it something simple (don’t waste time on this) • Initial branding is changeable • You need something real/tangible.Initial value statement and elevator pitch • You’re selling yourself. Be confident & humble
  • Learn QuicklySignup for newsletters (Appendix)Log on to potential competitors and winners/losers in your industryStart a business plan - If you write a good business plan, there are two likely results: • You plan ahead - Your anticipate potential marketing, management and financial problems. In doing this, you decrease your likelihood of failure. • You opt out - In writing the business plan, you’ve determined that your business idea isn’t profitable. Businesses that fail at the planning stage are the most cost effective.
  • Network Like MadGet out there, meet & share with • Industry Peers • Partners • Employees • Mentors (Industry & Founders Experience)Meetups, Panels, Conferences & Georgetown Events • Meetup.com is a must • Find Georgetown GroupsGracefully Ravage LinkedIn • Find valuable connections • Why would they want to connect with you? • I’m on LinkedIn – Now What?
  • Setup Your Initial Image Buy a domain name and post a landing page with a short dscription of your vision - GoDaddy $12-24 for URL & 1 year simple site. Google For Business - $70/year for email, docs, etc... Business Cards – VistaPrint 250 cards for $10 Practice explaining the vision so you can talk the talk.
  • Helpful ToolsCommunications (Gmail) • Email Reminders - Boomerang • Sales CRM Tool - YesWare • Connect with Social - Rapportive • Auto-manage Contacts - Write That Name • Scheduling Meetings - ScheduleOnceContent Management • WordpressCustomer Communication • MailChimp
  • Lean Startup & Customer DevelopmentCustomer Development is a scientific approach that can be applied by startups and entrepreneurs to improve their products success by developing a better understanding of their consumers - Steve Blank -Lean Startup is an approach that relies on validated learning, scientific experimentation, and iterative product releases to shorten product development cycles, measure progress, and gain valuable customer feedback. - Eric Ries -See Appendix
  • Prepare Some DocsPitch DeckFinancial ProjectionsContinue Work on Business PlanDocuments & Info Requested By - customers, partners, friends, family, etc…
  • Talk to the Legal ProsAsk for references to find a lawyer - your friends, family and results of networking in industryA lawyer who knows your industry can be HUGE help (ask for referrals).Legal Tips Article
  • Understand FundraisingUnderstand YOU ARE NOT READY TO RAISE MONEYLearn from previous founders - Founder of Angel ListSBA (Grants & Loans), Debt, Friends & Family, Angels & VCsIs your type of company or industry being funded?
  • Taking AccountFeedback - what has it been and has it been helpful?Network - who have you met and have they been helpful?Are you keeping track of your progress?Happiness - are you happy/satisfied?
  • Prepare for what’s nextAccounting - Start with Quickbooks then move to professional servicesPrepare to hire - make sure you get along with your first hires and do not issue them too much equity unless you would consider them a cofounderMake sure you’re legal - Business Startup ChecklistFundraising
  • Questions
  • Connect With StartupHoyasLinkedinGeorgetown Entrepreneurship AllianceFacebookGeorgetown Entrepreneurship AllianceOn Campus Initiativehttp://startuphoyas.com/Twitterhttp://twitter.com/search?q=startuphoyas
  • AppendixEntrepreneur Personality Test –• http://www.forbes.com/sites/aileron/2012/06/04/the-only-entrepreneur-test-you-will-ever- need/Tools & Software –• http://thestartupfoundry.com/2011/02/18/startup-toolbox-a-resource-for-startups/General guidance• http://www.sba.gov/category/navigation-structure/starting-managing-business/starting- businessLearn & Signup• http://www.businessinsider.com/24-must-read-blogs-for-entrepreneurs-2012-6?op=1• http://www.alleywatch.com• Industry related journals and blogs• Meetup groups - http://www.meetup.com• QuoraProduct Development & Lean Startup• http://www.udemy.com/rethinking-the-product-development-process/• http://www.amazon.com/Startup-Owners-Manual-Step-ebook/dp/B009UMTMKS• http://www.udemy.com/lean-startup-sxsw-2012-videos-and-presentations• http://www.startuplessonslearned.com/2008/11/what-is-customer-development.html