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How to startup
- 5. WHY ARE YOU STARTING A COMPANY? Usual answers: • Want to become my own boss • I can earn more money • Because it’s hip to work in a startup • My friend has become very successful so I’m inspired to walk this path
- 7. IDEA
- 8. The ultimate driving machine
- 9. EXPLAIN YOUR IDEA IN ONE SENTENCE. If you can't then it means that your idea is too complicated IDEA
- 10. GREAT IDEA LEADS TO GREAT PRODUCT CREATES GREAT COMPANY IDEA
- 12. HOW BIG IS THE MARKET SIZE IDEA
- 13. IDEA You rather be in a small market that will GROW VS A BIG market that will get smaller in Future
- 14. PRODUCT
- 15. Build a product that you actually understand the pain point If you have to depend on customer to understand the pain point then solving the problem is so much harder. You have to make sure that you have fantastic consumer feedback loop. PRODUCT
- 16. PRODUCT
- 17. Don’t just develop a product, you must build it with a singular purpose PRODUCT
- 18. BUILD A SKATEBOARD NOT A CAR
- 19. MVP • Reduce your MVP- You need to slim down your mock up so that all you have left is the essence of the product. • Reducing scope of your MVP not only shortens your development cycle, but also removes unnecessary distractions • Job of your MVP is to deliver singular/ basic value proposition, eliminate nice to haves PRODUCT
- 21. Customer feedbacks are good reality check – use it to test your hypothesis PRODUCT
- 22. • Users- how many users have you spoken to ??? • Be an expert on your customers. It will help you to succeed in a startup. • If you don’t understand your customers or their needs then your customers will find someone who understand them • Understanding the culture that your customers live in is a huge step toward understanding their needs • You need users to create the user feedback cycle, and you have to create the almost manually, recruit them if necessary. PRODUCT
- 23. USER FEEDBACK • What do they like about your product? • What would they pay for? • What would make them recommend it? PRODUCT
- 24. MOST IMPORTANT LESSON ABOUT USER The goal is to get small users to love your PRODDUCT. They will ultimately help you get more users.
- 25. PRICING • Don’t ask your customers what they will pay, tell them – Your job is to find early adopters who are willing to pay for your product or service. Pricing is not only part of your product, but it’s also defines the customer segments you attract. • Charge from day one – make a goal of first covering your hardware/software costs, then your people costs
- 26. TEAM TEAM
- 29. • Are the founders choosing random co-founders • Do the co-founders have some history together • Do the team have team dynamics and have complimentary skill sets • Is the team mates is decisive, can act quickly and be dependable. • If it’s tech company, do they have a technical co founder. • 2-3 cofounders are great, 4 works sometimes, 5 is a really bad idea. CO-FOUNDERS TEAM
- 30. HOW TO CALCULATE EQUITY http://foundrs.com
- 31. START WITH THE SMALLEST TEAM POSSIBLE, • Communication is easier • You build less • Keeps cost lower TEAM
- 32. HIRING TEAM
- 33. • Hire Slow. Keep the team small at the initial stage and try to do things as much as possible before you are desperate for help • Work on a quick assignment together before hiring the employee to understand if he/she is real fit with the company. Ask about projects people have done in the interviews and email or call references – test their skill sets • But when it does not work out then fire fast TEAM
- 34. Focus on personal referrals for first hire. Focus on 3 things while hiring: 1. Are They smart 2. Can they get things done 3. Do you want to spend your time around them TEAM
- 35. MANAGING TEAMS • Make sure your employees feel part of the team. • As CEO you give credit for the good things and take responsibility when bad things happen in the company. • Do one on one meeting and give clear feedback to team member. TEAM
- 36. JOB OF CEO TEAM
- 37. DOES THE CEO KNOWS HIS JOB 1.Set the vision of the company 2.Hire and manage people 3.Can he get people to execute 4.Evangelize 5.Raise Money TEAM
- 39. FOCUS Most startups are not nearly focused, They work really hard but don't focus on right thing. Trick to great execution is saying "No" a lot. • How do you decide what to focus on? By focusing on key goals that each member can execute. Best founders repeat this goal over and over again. And you can't be focus without great communication EXECUTION
- 40. IDENTIFY A SINGLE KEY METRIC OR GOAL When building your business model, stay focused on key metric you need to achieve EXECUTION
- 41. YOU ARE WHAT YOU MEASURE • If you want to make your user numbers go up, put a big piece of paper on your wall and every day plot the number of users. You’ll start noticing what makes the number go up. EXECUTION
- 42. GROW YOUR STARTUP • the whole point of a startup is to grow. But you need to define realistic growth targets, stated preferably in terms of revenue . • if you’re not initially charging for a product or service, then you will have to select active users. • Focus on Weekly growth rate EXECUTION
- 43. GROWTH EQUALS MONEY • If you’re hitting your revenue goals every week, that’s good news you’re making a little more money every week. • It is important for startups to show a track record of increasing revenues, which gets the interest of investors EXECUTION
- 44. GROWTH METRICS • Total registration • Active users • Activity Level of users • Revenue EXECUTION
- 45. WHAT IS YOUR PROFIT MARGIN EXECUTION
- 47. PLANNING
- 48. TYPICAL EXECUTIONS Big Launch Work and spend crazy amount to get awareness Build customer acquisition channels Target 500,000 users by first 6 months
- 49. TYPICAL RESULTS Missed targets High burn rate Marketing resource resigning
- 50. START SMALL
- 51. PRIORITY IN FIRST 6 MONTHS
- 53. DRIVING MOMENTUM
- 55. METRICS
- 56. EXPERIMENT
- 57. EXPERIMENT
- 58. • Get a team that works well together • Hire slow, fire fast • Create a daily flow of work • Create weekly flow • Engage your customers throughout the development cycle • Continually test your product with smaller, faster iterations • Build a feature, measure customer response and validate/ refute the direction • Solve a problem that customers are willing to pay for • Maximize your efforts for speed, learning and focus • Set your growth metrics • Work out path to monetization, fast • Plan, minimize cost & focus on ROI KEY TAKE AWAYS