10 Commandments of Starting A Business

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Presentation on the 10 Commandments of Starting A business given on October 20th, 2009 by Richard Kligman, Founder and Executive Chairman of Qoof Ltd.

The Seminar was given at Nefesh B'Nefesh Headquarters in Jerusalem, Israel.

Published in: Business, Economy & Finance
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10 Commandments of Starting A Business

  1. 1. The 10 Commandments of Starting A Business Richard Kligman October 20th 2009
  2. 2. Disclaimer Before investing in any business, seek the advice of your business advisers & lawyers. Oh, and don't forget to ask your spouse!
  3. 3. My Name Nachum Y. Kligman
  4. 4. My Name Nurbn Y. Kljmn
  5. 5. Another Quick Story “H” as in …..
  6. 6. First Question You Need to Ask Why Do You want to be in Business?
  7. 7. Are you a Masochist Just Kidding…. a little
  8. 8. Then Why? Be Your own Boss? Make Your Own Hours? For the Money? For the Prestige?
  9. 9. Getting Started Everything Begins with an...
  10. 10. IDEA
  11. 11. "Nothing else in the world... not all the armies... is so powerful as an idea whose time has come." Victor Hugo
  12. 12. 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
  13. 13. But What is a Good Idea? Ok, I'm willing to make the sacrifice, but what is a Good Idea?
  14. 14. The Best ideas? Find a Need and Fill It
  15. 15. What Are You Creating? Need vs. Want
  16. 16. 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.
  17. 17. 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.
  18. 18. Are all good product ideas taken?
  19. 19. Are all good product ideas taken?
  20. 20. "You miss 100% of the shots you don't take" Wayne Gretzky
  21. 21. Now that you have the idea Are You Ready?
  22. 22. The 10 Commandments
  23. 23. The First Commandment I am The Lord your G-D
  24. 24. Why Change a Classic? •Put in the proper effort •Things out of your control (9/11) •Be Honest •Taxes •Paying On Time •Pray :)
  25. 25. The Second Commandment Thou Shall Be Passionate
  26. 26. “Genius is one per cent inspiration, ninety-nine per cent perspiration” Thomas A. Edison
  27. 27. • Is it fun? • What are you willing to do? • 40 hour weeks? Try 80! • Downgrading your lifestyle? • Family First? • Is Passion all you need?
  28. 28. The Third Commandment Thou Shall Have Enough Money
  29. 29. Enough Money •To Live On •To Bring your product to market •To Give yourself enough chance for success
  30. 30. Raising Money •Savings? •Friends & Family •Credit Cards •Banks •VC's
  31. 31. The Fourth Commandment Thou Shall Build A Strong Team
  32. 32. “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
  33. 33. Teammates •Co-Founders/Executives •Employees •Vendors •Investors •Advisory Board •Family?
  34. 34. 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
  35. 35. The Fifth Commandment Thou Shall Worship the Purple Cow
  36. 36. 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.
  37. 37. Seth Godin
  38. 38. Examples Halfway, Oregon
  39. 39. 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.
  40. 40. What if you made things more Fun? http://www.rolighetsteorin.se/en/
  41. 41. Time for A Break Can someone please make me a coffee? Milk with 2 sugars please. Thanks!!!
  42. 42. The Sixth Commandment Thou Shall Love Thy Employees
  43. 43. “Do Lipton employees take coffee breaks?” Stephen Wright
  44. 44. 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
  45. 45. The Seventh Commandment Thou Shall Have A High Perceived Value
  46. 46. 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.
  47. 47. People Are Willing To Pay For the Experience
  48. 48. Which one costs more?
  49. 49. Which one costs more to make?
  50. 50. 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
  51. 51. The Eighth Commandment Thou Shall Network
  52. 52. Use Your Network For • Finding Partners • Finding Fans • Finding Investors • Personal Branding • Getting • Help Others Feedback • Business Development • Finding Clients • Keeping In Touch • Marketing
  53. 53. Social Networking
  54. 54. Blogging
  55. 55. Social Marketing
  56. 56. Other Networks • Clubs • Religious Organizations • Meet Up Groups • Alumni • Friends/Family
  57. 57. The Ninth Commandment Thou Shall Love Thy Customer
  58. 58. 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
  59. 59. The Tenth Commandment Thou Shall Always Be Learning
  60. 60. From Day One - Research • The perfect • Potential Clients name • Potential • Experts in your Investors market • Market Research • Test, Test, Test
  61. 61. Failure Is An Option Unless you fail to learn
  62. 62. Always be Learning •Books •Trade Magazines •Trade Shows •Online Forums & Networks •Blogs •Actual Classes
  63. 63. Magazines
  64. 64. Books
  65. 65. 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
  66. 66. Sites To Visit www.ted.com www.techcrunch50.com www.inc.com www.entrepreneur.com www.fastcompany.com www.vator.tv www.demo.com
  67. 67. 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
  68. 68. 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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