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Hard Truths: The things you need to hear when starting a business

I did this presentation for a group of entrepreneurs a few years back. The slides are funny, because they say things, and then I explain them, which means the bullet points don't always reflect what I was trying to say.

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Hard Truths: The things you need to hear when starting a business

  1. 1. James Durbin Vice President, Social Media Durbin Media Group Hard Truths: The Things You Need To Hear When Starting A Business Thursday, February 25, 2010
  2. 2. What You’ll Learn ‣ It’s a lot harder than you think, but that’s what makes it so great. ‣ Best Practices increase your chances, but don’t define your success ‣ The more you prepare, the less luck you need. ‣ Cash is King ‣ Learn to think like an accountant. ‣ You can make great money on your own, but you can’t get rich like that. Thursday, February 25, 2010
  3. 3. Necessary Tools ‣ Phones ‣ Computers/Databases ‣ Social Media ‣ Branding/Letterhead/ Presentations ‣ Website Thursday, February 25, 2010
  4. 4. General Rules ‣ People pay what they think you or your product is worth ‣ Companies don’t pay for something new ‣ Make it simple to understand ‣ Find your audience online and engage them Thursday, February 25, 2010
  5. 5. Business Setup Thursday, February 25, 2010
  6. 6. Finances ‣ 2 years savings ‣ CPA and small business advisor ‣ Payroll company ‣ Insurance ‣ Bank Line of Credit ‣ Incorporation ‣ Lawyer ‣ Health Insurance ‣ Credit Cards Thursday, February 25, 2010
  7. 7. Business Plan ‣ How do you make money? ‣ No really, how do you make money? ‣ When will you make money? ‣ How can you make money faster? ‣ What are the real costs? ‣ 1% of nothing is always nothing ‣ When do you quit? ‣ Will you read my business plan? Thursday, February 25, 2010
  8. 8. Your Idea ‣ Someone else has it ‣ It’s a race to market ‣ Patent/Copyright/ Trademark ‣ Facepalm. NDA’s and their uses Thursday, February 25, 2010
  9. 9. Corporate Structure ‣ Search blogs ‣ Who’s in, and how do they get out? ‣ What is the value of equity? ‣ Plan for the worse Thursday, February 25, 2010
  10. 10. Payment ‣ Some people won’t pay ‣ You should always pay ‣ Know what you’re spending at all times ‣ Invoice services Thursday, February 25, 2010
  11. 11. Marketing ‣ For most, this is 80% of the business ‣ Learn how and when to pay for quality ‣ No easy fixes ‣ Nothing is free ‣ Social media is not a marketing strategy Thursday, February 25, 2010
  12. 12. Hiring ‣ Hard to trust anyone to be you ‣ Setting expectations ‣ Hire slowly, fire quickly ‣ What to watch out for ‣ Pay little, reward a lot Thursday, February 25, 2010
  13. 13. Workday Thursday, February 25, 2010
  14. 14. Work Habits ‣ Get Dressed ‣ Workspace - home versus office ‣ Phone calls and cell phones ‣ Personal interruptions (toddlers) Thursday, February 25, 2010
  15. 15. Meetings ‣ What do I do with all of this freetime? ‣ The rule of 2 (meetings) ‣ Coffee and lunch ‣ $300 in cash ‣ Internal meetings Thursday, February 25, 2010
  16. 16. Schedule ‣ Integrate calendar ‣ Add to Smartphone/PDA ‣ Remote desktop management ‣ Do what you say you’re going to do, when you say it Thursday, February 25, 2010
  17. 17. Selling Thursday, February 25, 2010
  18. 18. Sales Strategy ‣ Whale versus minnows ‣ Be clear on what you sell ‣ Know your strengths Thursday, February 25, 2010
  19. 19. Forecasting ‣ Revenue counts when cash is in hand ‣ A relationship begins when someone signs a check ‣ Keep the pipeline full ‣ There’s always a tradeoff ‣ Write it down Thursday, February 25, 2010
  20. 20. Getting Started Thursday, February 25, 2010
  21. 21. Can I Do This? ‣ You need to be a little crazy ‣ Have you ever really fit in? ‣ Are you cut out for the business you want to be in? ‣ Are you ready to live your life? Thursday, February 25, 2010
  22. 22. Step by Step ‣ Identify business opportunities ‣ Make and maintain friendships ‣ Network like crazy ‣ Practice your personal finances ‣ Think in steps, but take the leap Thursday, February 25, 2010
  23. 23. Questions Thursday, February 25, 2010

I did this presentation for a group of entrepreneurs a few years back. The slides are funny, because they say things, and then I explain them, which means the bullet points don't always reflect what I was trying to say.

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