You had an amazing idea for a product so you went out and built it. Now you are wondering why it's not gaining customers and making money like you thought it would! Our presentation discusses 6 common mistakes we see entrepreneurs make and what to do about them!
8. Johnny spent over $50k on website
$20k on logo and collateral
$10k on online advertising
$40k fancy office space and equipment
!
Total: $110k pre-revenue
9. Johnny spent over $50k on website
$20k on logo and collateral
$10k on online advertising
$40k fancy office space and equipment
!
Total: $110k pre-revenue
Mistake #2-Not being lean with
budget
10. Johnny was an expert in apple planting
but knew nothing about sales/marketing or technology.
11. Johnny was an expert in apple planting
but knew nothing about sales/marketing or technology.
Mistake #3-wrong team
18. Mistake #1-No Market Validation
What to do:
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1.Challenge Your Assumptions
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2.Understand Current Solutions to Problem
19. Mistake #1-No Market Validation
How to do it:
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Test
1.Get into your prospects shoes
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2.Show your product/possible solution
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3.Landing pages/sign up forms/online ads
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4.Try to sell
20. Mistake #2-Not being lean with
budget
What to do:
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1.Re-evaluate your costs
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21. Mistake #2-Not being lean with
budget
How to do it:
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1.Define a “true” MVP
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2.Cloud services
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3.Get rid of “fancy”
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4.Recruit true believers
22. Mistake #3-Wrong team
What to do:
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1.Define your values/mission
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2.Create a list or roles/responsibilities
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3.Evaluate your current team
23. Mistake #3-Wrong team
How to do it:
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1.Create a BHAG
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2.List your values/anti-values
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3.Map people to roles (now, soon, and someday)
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4.Personality/strength test your team
24. Mistake #4-Bad Market
What to do:
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1.Market Analysis
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2.Business Model/Lean Canvas
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3.Explore alternative industries/models
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26. Mistake #6-No marketing/sales plan
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What to do:
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1. Create a executable marketing roadmap
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2. List monthly deliverables & which channels to test
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3. Hold yourself accountable to milestones
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4. Network/Start selling
27. Mistake #6-No marketing/sales plan !
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How to do it in one month:
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1. Week One-Two
• Market research (surveys, interviews, competitive
analysis, calls)
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2. Week Three
• Figure out marketing channels based on research
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3. Week Four
• Pick a couple to test with one target group
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28. Recap
Mistake #1-No Market Validation
Mistake #2-Not being lean with budget
Mistake #3-Wrong team
Mistake #4-Bad Market
Mistake #5-Unrealistic metrics
Mistake #6-No marketing/sales plan
!
!
29. Recap
Fix #1-Test & Validate
Fix #2-Trim cost as much as possible
Fix #3-Define your values/understand your team
Fix #4-Bad Market
Fix #5-Analyze market and models
Fix #6-Marketing roadmap
!
!