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Starting A New Venture<br />How will you know if you succeed?<br />George Bounacos<br />Silver Beacon Marketing<br />www.S...
About George (aka Why George?)<br />GMU alum<br />Judge SOM business case competition<br />Fairfax County Consumer Protect...
Universal Successes<br />Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Without a mission and metrics,how is success determined?<br />Silver Beacon Marketing  www.SBMteam.com<br />
Qualified Successes<br />The Internet – inventors didn’t intend current use<br /> Constantly changing storage media<br />T...
Measure orPerish<br />Silver Beacon Marketing  www.SBMteam.com<br />
Organization<br /><ul><li>Umbrella goal
Strategic Plan – 6 mos.
Marketing Plan – 6 mos.
Tactical Plan – 1 month increments</li></ul>Create a success metric<br />Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br /> Why are we starting this venture?<br /> What is our financial plan?<br /> W...
Funny, but true concept #1<br />Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Go All-In<br />New ventures are not 40 hour / week jobs<br />Prepare to go all-in<br />Commit:<br />Your time<br />Your pe...
Silver Beacon Marketing  www.SBMteam.com<br />Warren Goes All-In<br />
YourFourTakeaways<br />Silver Beacon Marketing  www.SBMteam.com<br />
Be RealisticFundingCash FlowSales ProjectionsCustomer Service<br />Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Funding Sources<br />Bootstrapping<br />Savings<br />Credit cards<br />Family lending<br /> Commercial lenders<br />Govt b...
Cash Is King<br />Silver Beacon Marketing  www.SBMteam.com<br />“Some people around here better get some perspective.  My ...
Cash Is King<br />Silver Beacon Marketing  www.SBMteam.com<br />“Someone who owns the company writes on both sides of the ...
Cash Is King – The Simple Version<br />Silver Beacon Marketing  www.SBMteam.com<br />
Cash Is King – The Real Version<br />Silver Beacon Marketing  www.SBMteam.com<br />Lower sales than expected<br />
Cash Is King – The Real Version<br />Silver Beacon Marketing  www.SBMteam.com<br />Litigation / Insurance<br />Lower sales...
Cash Is King – The Real Version<br />Silver Beacon Marketing  www.SBMteam.com<br />Debt servicing<br />Litigation / Insura...
Cash Flow – Famous Business Quote<br />Silver Beacon Marketing  www.SBMteam.com<br />Yesterday is a cancelled check. <br /...
Silver Beacon Marketing  www.SBMteam.com<br />Hockey Stick<br />Projections<br />Graphic: allthingsd.com<br />
Managers hate unrealistic projections<br />Silver Beacon Marketing  www.SBMteam.com<br />
Silver Beacon Marketing  www.SBMteam.com<br />…but this projection is actual growth.<br />
Silver Beacon Marketing  www.SBMteam.com<br />
Sales Projections<br />Your organization’s sales growth will not ramp up like Twitter’s<br />Or Google’s<br />Or Microsoft...
Silver Beacon Marketing  www.SBMteam.com<br />KEEP IT REAL<br />Or<br />Go Home<br />Sales Projections<br />
Customer Service<br />Silver Beacon Marketing  www.SBMteam.com<br />
Customer Service<br />25 people learn about 1 negative experience<br />Who knows if this is true?<br />Who cares?<br />Isn...
Customer Service<br />Costs to acquire customers almost always more than to keep ones you have.<br />But who does that wor...
Customer Service<br />Hiring people costs money.<br />Average customer service rep salary in Washington, D.C.:<br />$30,00...
Customer Service<br />Silver Beacon Marketing  www.SBMteam.com<br />Who is answeringthe phone when I go to lunch?<br />:si...
Customer Service<br />New organizations must budget customer or client service time.<br />That is time not spent making sa...
YourFourTakeaways<br />Silver Beacon Marketing  www.SBMteam.com<br />
Be RealisticFundingCash FlowSales ProjectionsCustomer Service<br />Silver Beacon Marketing  www.SBMteam.com<br />
BonusTakeaway<br />Silver Beacon Marketing  www.SBMteam.com<br />
Change<br />Look for hidden competencies<br />Silver Beacon Marketing  www.SBMteam.com<br />
Earth’s biggest bookstore<br />Silver Beacon Marketing  www.SBMteam.com<br />
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New Venture GMU Presentation by Silver Beacon Marketing

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Silver Beacon Marketing's George Bounacos presents to George Mason University's "New Venture Creation" class of upperclassmen in November 2009.

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Transcript of "New Venture GMU Presentation by Silver Beacon Marketing"

  1. 1. Starting A New Venture<br />How will you know if you succeed?<br />George Bounacos<br />Silver Beacon Marketing<br />www.SBMteam.com<br />
  2. 2. About George (aka Why George?)<br />GMU alum<br />Judge SOM business case competition<br />Fairfax County Consumer Protection Commissioner<br />COO, Silver Beacon Marketing <br />4 prior startups, plus federal and B2B work<br />Silver Beacon Marketing www.SBMteam.com<br />
  3. 3. Universal Successes<br />Silver Beacon Marketing www.SBMteam.com<br />
  4. 4. Silver Beacon Marketing www.SBMteam.com<br />
  5. 5. Silver Beacon Marketing www.SBMteam.com<br />
  6. 6. Silver Beacon Marketing www.SBMteam.com<br />
  7. 7. Without a mission and metrics,how is success determined?<br />Silver Beacon Marketing www.SBMteam.com<br />
  8. 8. Qualified Successes<br />The Internet – inventors didn’t intend current use<br /> Constantly changing storage media<br />Tape (reel-to-reel, cassette)<br />Optical drives<br />Solid state drives<br />Reset to cloud computing <br />Silver Beacon Marketing www.SBMteam.com<br />
  9. 9. Measure orPerish<br />Silver Beacon Marketing www.SBMteam.com<br />
  10. 10. Organization<br /><ul><li>Umbrella goal
  11. 11. Strategic Plan – 6 mos.
  12. 12. Marketing Plan – 6 mos.
  13. 13. Tactical Plan – 1 month increments</li></ul>Create a success metric<br />Silver Beacon Marketing www.SBMteam.com<br />
  14. 14. Silver Beacon Marketing www.SBMteam.com<br /> Why are we starting this venture?<br /> What is our financial plan?<br /> Who is accountable?<br /> How will we define success?<br /> When will our milestones occur?<br />Questions To Ask<br />
  15. 15. Funny, but true concept #1<br />Silver Beacon Marketing www.SBMteam.com<br />
  16. 16. Silver Beacon Marketing www.SBMteam.com<br />
  17. 17. Silver Beacon Marketing www.SBMteam.com<br />
  18. 18. Silver Beacon Marketing www.SBMteam.com<br />
  19. 19. Go All-In<br />New ventures are not 40 hour / week jobs<br />Prepare to go all-in<br />Commit:<br />Your time<br />Your personal resources<br />Your reputation<br />Silver Beacon Marketing www.SBMteam.com<br />
  20. 20. Silver Beacon Marketing www.SBMteam.com<br />Warren Goes All-In<br />
  21. 21. YourFourTakeaways<br />Silver Beacon Marketing www.SBMteam.com<br />
  22. 22. Be RealisticFundingCash FlowSales ProjectionsCustomer Service<br />Silver Beacon Marketing www.SBMteam.com<br />
  23. 23. Silver Beacon Marketing www.SBMteam.com<br />
  24. 24. Funding Sources<br />Bootstrapping<br />Savings<br />Credit cards<br />Family lending<br /> Commercial lenders<br />Govt backed lending <br /> Selling equity<br />Silver Beacon Marketing www.SBMteam.com<br />
  25. 25.
  26. 26. Cash Is King<br />Silver Beacon Marketing www.SBMteam.com<br />“Some people around here better get some perspective. My promotions budget at [company] was bigger than this whole place’s free cash flow.”<br />--COO to Morgan Stanley partner shortly before road show<br />
  27. 27. Cash Is King<br />Silver Beacon Marketing www.SBMteam.com<br />“Someone who owns the company writes on both sides of the paper.”<br />--the same COO after the IPO blew up<br />
  28. 28. Cash Is King – The Simple Version<br />Silver Beacon Marketing www.SBMteam.com<br />
  29. 29. Cash Is King – The Real Version<br />Silver Beacon Marketing www.SBMteam.com<br />Lower sales than expected<br />
  30. 30. Cash Is King – The Real Version<br />Silver Beacon Marketing www.SBMteam.com<br />Litigation / Insurance<br />Lower sales than expected<br />
  31. 31. Cash Is King – The Real Version<br />Silver Beacon Marketing www.SBMteam.com<br />Debt servicing<br />Litigation / Insurance<br />Lower sales than expected<br />
  32. 32. Cash Flow – Famous Business Quote<br />Silver Beacon Marketing www.SBMteam.com<br />Yesterday is a cancelled check. <br />Tomorrow is a promissory note. <br />Today is cash.<br />
  33. 33. Silver Beacon Marketing www.SBMteam.com<br />Hockey Stick<br />Projections<br />Graphic: allthingsd.com<br />
  34. 34. Managers hate unrealistic projections<br />Silver Beacon Marketing www.SBMteam.com<br />
  35. 35. Silver Beacon Marketing www.SBMteam.com<br />…but this projection is actual growth.<br />
  36. 36. Silver Beacon Marketing www.SBMteam.com<br />
  37. 37. Sales Projections<br />Your organization’s sales growth will not ramp up like Twitter’s<br />Or Google’s<br />Or Microsoft’s<br />Silver Beacon Marketing www.SBMteam.com<br />
  38. 38. Silver Beacon Marketing www.SBMteam.com<br />KEEP IT REAL<br />Or<br />Go Home<br />Sales Projections<br />
  39. 39. Customer Service<br />Silver Beacon Marketing www.SBMteam.com<br />
  40. 40. Customer Service<br />25 people learn about 1 negative experience<br />Who knows if this is true?<br />Who cares?<br />Isn’t it enough 1 does?<br />Silver Beacon Marketing www.SBMteam.com<br />
  41. 41. Customer Service<br />Costs to acquire customers almost always more than to keep ones you have.<br />But who does that work?<br />Silver Beacon Marketing www.SBMteam.com<br />
  42. 42. Customer Service<br />Hiring people costs money.<br />Average customer service rep salary in Washington, D.C.:<br />$30,000<br />Fringe benefits: <br />$10,000<br />Explicit Cost:<br />$40,000 for one person<br />Silver Beacon Marketing www.SBMteam.com<br />
  43. 43. Customer Service<br />Silver Beacon Marketing www.SBMteam.com<br />Who is answeringthe phone when I go to lunch?<br />:sigh:<br />
  44. 44. Customer Service<br />New organizations must budget customer or client service time.<br />That is time not spent making sales<br />…or working on strategy<br />…or doing anything but holding on to existing business.<br />Silver Beacon Marketing www.SBMteam.com<br />
  45. 45. YourFourTakeaways<br />Silver Beacon Marketing www.SBMteam.com<br />
  46. 46. Be RealisticFundingCash FlowSales ProjectionsCustomer Service<br />Silver Beacon Marketing www.SBMteam.com<br />
  47. 47. BonusTakeaway<br />Silver Beacon Marketing www.SBMteam.com<br />
  48. 48.
  49. 49. Change<br />Look for hidden competencies<br />Silver Beacon Marketing www.SBMteam.com<br />
  50. 50. Earth’s biggest bookstore<br />Silver Beacon Marketing www.SBMteam.com<br />
  51. 51. Silver Beacon Marketing www.SBMteam.com<br />KEEP IT REAL<br />Or<br />Go Home<br />Starting a New Venture<br />
  52. 52.
  53. 53. Starting A New Venture<br />How will you know if you succeed?<br />George Bounacos<br />Silver Beacon Marketing<br />www.SBMteam.com<br />
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