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.
Hard Truths: The things you need to hear when starting a business
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. 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. Necessary Tools
‣ Phones
‣ Computers/Databases
‣ Social Media
‣ Branding/Letterhead/
Presentations
‣ Website
Thursday, February 25, 2010
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
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. 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. 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. 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. 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. 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. 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
14. Work Habits
‣ Get Dressed
‣ Workspace - home versus
office
‣ Phone calls and cell
phones
‣ Personal interruptions
(toddlers)
Thursday, February 25, 2010
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. 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
18. Sales Strategy
‣ Whale versus minnows
‣ Be clear on what you sell
‣ Know your strengths
Thursday, February 25, 2010
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
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. 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