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Ultra Boostrapping Feb 2010 Ep

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Starting a business has never been easier or less expensive. Thanks to dozens of free tools, tricks and techniques smart entrepreneurs are starting businesses, experimenting and iterating without spending a lot of money - learn how you can do it too. Presented at Brown EP event Palo Alto Feb 25

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Ultra Boostrapping Feb 2010 Ep

  1. 1. Ultra-bootstrapping Start Companies for Under $1000 Naeem Zafar Partner, Concordia Ventures University of California Berkeley-Haas All rights reserved © Naeem Zafar Startup Workshop www.NaeemZafar.com
  2. 2. Personal Background <ul><li>Faculty at Univ of Calif Berkeley Haas business school </li></ul><ul><li>Founder Concordia Ventures – advisory to entrepreneurs </li></ul><ul><li>CEO of three companies (semiconductor & software) </li></ul><ul><li>Worked in engineering, research, marketing & sales </li></ul><ul><li>Experience at one large multinational & 6 startups </li></ul><ul><li>One IPO (Initial Public Offering) </li></ul><ul><li>Wrote six eBooks on entrepreneurship </li></ul><ul><li>Raised over $70M in multiple ways (VC, asset sale, debt, angel) </li></ul><ul><li>Extensive experience in working with people from all cultures </li></ul><ul><li>Traveled to 73 countries, lived in 3 </li></ul><ul><li>Brown University ‘81, Univ of Minnesota; Gold Medalist Lahore </li></ul><ul><li>Charter member of TiE Silicon Valley </li></ul><ul><li>President of OPEN Silicon Valley </li></ul><ul><li>Advised or mentors over 400 entrepreneurs </li></ul>All rights reserved © Naeem Zafar Startup Workshop
  3. 3. Global Access: for Free <ul><li>You can find out what customers want in any country or geography </li></ul><ul><li>Discover what are customers talking about </li></ul><ul><li>How will they buy it </li></ul><ul><li>Learn to look like a global company </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  4. 4. New Rules: New Opportunities <ul><li>Internet has changed everything </li></ul><ul><li>Platform phenomenon makes is much easier to dive into a startup </li></ul><ul><ul><li>iPhone </li></ul></ul><ul><ul><li>Android </li></ul></ul><ul><ul><li>Facebook </li></ul></ul>Startup Workshop All rights reserved © Naeem Zafar
  5. 5. New Rules <ul><li>Have idea! {build something that You want to use} </li></ul><ul><li>Find a customer: Do research to identify what customers to target & why </li></ul><ul><li>Shape idea by market research (almost free) </li></ul><ul><li>Develop product (using free tools) </li></ul><ul><li>Learn competitive landscape </li></ul><ul><li>Define business model </li></ul><ul><li>Target customers & sell to them </li></ul><ul><li>Build community & become a though leader </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  6. 6. Positioning: How Will You Appear Different to Your Customers Startup Workshop All rights reserved © Naeem Zafar
  7. 7. Identify Your Initial Target Market Segment Startup Workshop All rights reserved © Naeem Zafar
  8. 8. Business Model To Drive Clarity Your Company Licensing fee User Customer $3 $2 $9 Google Ad
  9. 9. How to Do Competitive Analysis <ul><li>Google your own idea– pretend to be a user or a customer of your own product </li></ul><ul><li>Methodically go through all ads and sponsored links </li></ul><ul><li>See what your customers are likely to see </li></ul><ul><li>Make sure that your offering looks better </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  10. 10. Search As You Are the Customer Startup Workshop All rights reserved © Naeem Zafar
  11. 11. Customer Discovery Process <ul><li>You must understand & be clear on who is your customer </li></ul><ul><ul><li>Age </li></ul></ul><ul><ul><li>Gender </li></ul></ul><ul><ul><li>Title </li></ul></ul><ul><ul><li>Income level </li></ul></ul><ul><ul><li>Buying habits </li></ul></ul><ul><ul><li>Decision making process </li></ul></ul><ul><li>ALL this before you have a product! </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  12. 12. B2B Research Methods <ul><li>Linked in </li></ul><ul><li>Twitter </li></ul><ul><li>Facebook </li></ul><ul><li>Trade groups & associations </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  13. 13. Finding People for Market Research <ul><li>Search people that can be useful on social networks </li></ul><ul><li>Ask them if you can talk to them about a specific topic </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  14. 14. Linked In Search Startup Workshop All rights reserved © Naeem Zafar
  15. 15. Results Startup Workshop All rights reserved © Naeem Zafar
  16. 16. Write & Ask Startup Workshop All rights reserved © Naeem Zafar
  17. 17. Methods of Market Research Startup Workshop All rights reserved © Naeem Zafar
  18. 18. Questions <ul><li>Is there a real unmet need in this area (where your products address the problem)? </li></ul><ul><li>How does he/she want to see this problem solved? </li></ul><ul><li>Why have they not solved this until now – what issues are preventing the problem from being solved? </li></ul><ul><li>If a solution (or a product) existed, what would it look like? </li></ul><ul><li>Who will use this product (or service) – what are these users looking for? How badly do they want it? </li></ul><ul><li>What is the buying process (in other words, who needs to approve this purchase)? </li></ul><ul><li>What are usually the selection criteria? </li></ul><ul><li>What price point will make this decision a no-brainer? At what price point are we likely to find resistance? </li></ul><ul><li>What are the reasons somebody would decide not to buy? </li></ul><ul><li>Why hasn’t the customer bought this solution from someone else until now? </li></ul><ul><li>Who else may be interested in solving this problem? </li></ul><ul><li>Who in the organization is the most likely to champion solving this problem – can I get an introduction to them? </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  19. 19. Doing Online Surveys <ul><li>www.Zoomerang.com </li></ul><ul><li>www.SurveyMonkey.com </li></ul><ul><li>www.Limesurvey.com </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  20. 20. www.Zoomerang.com Startup Workshop All rights reserved © Naeem Zafar
  21. 21. www.SurveyMonkey.com Startup Workshop All rights reserved © Naeem Zafar
  22. 22. Market Surveys Startup Workshop All rights reserved © Naeem Zafar
  23. 23. Startup Workshop All rights reserved © Naeem Zafar
  24. 24. Creative Short Questions Startup Workshop All rights reserved © Naeem Zafar
  25. 25. Survey Results Startup Workshop All rights reserved © Naeem Zafar
  26. 26. Google Adwords Startup Workshop All rights reserved © Naeem Zafar
  27. 27. Startup Workshop All rights reserved © Naeem Zafar
  28. 28. Startup Workshop All rights reserved © Naeem Zafar
  29. 29. Analytics Startup Workshop All rights reserved © Naeem Zafar
  30. 30. Public Data <ul><li>http://www.google.com/Top/Business/Associations/By_Industry/ </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  31. 31. Free Data Startup Workshop All rights reserved © Naeem Zafar
  32. 32. Free Data on Public Companies Startup Workshop All rights reserved © Naeem Zafar
  33. 33. Free Data <ul><li>www.census.gov </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  34. 34. Product Development <ul><li>Find people on craigslist & linked in </li></ul><ul><li>www.Elance.com </li></ul><ul><li>www.odesk.com </li></ul><ul><li>Use free tools (Rails, Drupal, MySQL…) </li></ul><ul><li>Host for under $10 a month, free unlimited bandwidth ( www.Bluehost.com , www.1and1.com </li></ul><ul><li>Put everything in the cloud! www.lunarpages.com </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  35. 35. Selling Product <ul><li>Don’t wait to perfect the product </li></ul><ul><li>Find customers & let them tell you how they want to see it improved </li></ul><ul><li>Go after these early customers: </li></ul><ul><ul><li>Devotees </li></ul></ul><ul><ul><li>Early adopters </li></ul></ul><ul><ul><li>People with their hair on fire! </li></ul></ul><ul><li>Go after a smaller target & give them all the love you got! -- then expand later </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  36. 36. Startup Workshop All rights reserved © Naeem Zafar
  37. 37. Startup Workshop All rights reserved © Naeem Zafar
  38. 38. Sell & Market <ul><li>Become a voice on the internet – blog, tweet, be a thought leader </li></ul><ul><li>Follow people on the web, create a following </li></ul><ul><li>Post in discussion groups – be a thought leader </li></ul><ul><li>Google adwords to drive traffic to landing pages </li></ul><ul><li>Sell on Amazon or eBay or Yahoo stores </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  39. 39. Target Market 5/15/2009 all rights reserved Concordia Ventures LLC <ul><li>Identify your target market </li></ul><ul><li>Find a sliver who needs you more! </li></ul>
  40. 40. Twitter Startup Workshop All rights reserved © Naeem Zafar
  41. 41. Twitter to find customers Startup Workshop All rights reserved © Naeem Zafar
  42. 42. Other Are Doing Twitter Startup Workshop All rights reserved © Naeem Zafar
  43. 43. Startup Workshop All rights reserved © Naeem Zafar
  44. 44. www.DavidMeermanScott.com Startup Workshop All rights reserved © Naeem Zafar
  45. 45. Free eBooks on Marketing & Bizz Creation Startup Workshop All rights reserved © Naeem Zafar
  46. 46. YouTube is Not Just for Entertainment Startup Workshop All rights reserved © Naeem Zafar
  47. 47. Learn About Affiliate Marketing <ul><li>Sell products you don’t make </li></ul><ul><li>Let others sell your products </li></ul><ul><li>Make money both ways </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  48. 48. Learn About Affiliate Marketing Startup Workshop All rights reserved © Naeem Zafar
  49. 49. Bonus Tools <ul><li>Set up a US legal entity – online </li></ul><ul><li>Use productivity tools for free </li></ul>Startup Workshop All rights reserved © Naeem Zafar
  50. 50. What Kind of Company <ul><li>www.LegalZoom.com </li></ul><ul><li>www.nolopress.com </li></ul><ul><li>Options: </li></ul><ul><ul><li>Sole proprietorship (not a company) </li></ul></ul><ul><ul><li>Partnerships (general and limited) </li></ul></ul><ul><ul><li>S-Corp (Inc.) </li></ul></ul><ul><ul><li>C-Corp (Inc.) </li></ul></ul><ul><ul><li>Limited Liability Company (LLC) </li></ul></ul>Startup Workshop September, 2008 All rights reserved © Naeem Zafar
  51. 51. Startup Workshop All rights reserved © Naeem Zafar
  52. 52. Startup Workshop All rights reserved © Naeem Zafar
  53. 53. Startup Workshop All rights reserved © Naeem Zafar
  54. 54. Startup Workshop All rights reserved © Naeem Zafar
  55. 55. www.ooVoo.com Startup Workshop All rights reserved © Naeem Zafar
  56. 56. Startup Workshop All rights reserved © Naeem Zafar
  57. 57. Cost of New Rules Startup Workshop All rights reserved © Naeem Zafar $0 $0 $5 $0
  58. 58. Cost of New Rules Startup Workshop All rights reserved © Naeem Zafar $100 $50 $100 $100 Tools for prod Dev Launch product in Cloud! Market & sales Ship & test & fix (agile) PHP, Ruby, MySQL, Drupal PHP, Ruby-on-rails, MySQL, Drupal, blue host Niche Thyself Blue host, click-to chat Lime Survey, Google Adwords, Twitter, Facebook Figure out who is buying, focus on that niche – be unique, deliver value
  59. 59. Summary there has never been easier to start companies anywhere in the world Do it Now! [email_address] Get a copy of my eBook free at www.Startup-Advisor.com All rights reserved © Naeem Zafar Startup Workshop

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