The Effectual Way of Starting A Startup.
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How to start a startup? Ideas are dime a dozen. 95% of startups fail. How to pick the idea that is right for you? Affordable Loss and Bird in the hand principle.
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The Effectual Way of Starting A Startup.
- 1. START A STARTUP T H E E F F E C T U A L W AY WORKSHOP @ PROFESSIONALS SUMMIT CAHCET Sunday, March 1st
- 2. February 29, 2020 slidemodel.com 2 Kesava Reddy Startup Growth Specialist Consultant @ NSRCEL VP- Sales & Marketing @ E2E Networks Ltd @kesavareddy +91-97400-8HELP Nothing happens till sales happens!
- 3. AGENDA e2enetworks.com 3 1 2 3 4 How do you choose between two good ideas? Bird-in-Hand! Choose An Idea Affordable loss!. What can you do? Affordable Loss! Always be asking! ASK Why effectual? Effectual vs Casual
- 4. CHOOSE AN IDEA Ideas are dime a dozen. 01
- 5. Ideas It’s very common to have more than one idea. It is very important to focus. 5
- 6. Bird-in-Hand : Start with your means! Your Traits, Tastes & Abilities. Who you are? Your Education, Training, Expertise & Experience What you know? Your Social & Professional Networks Whom you know? 01 02 03
- 7. Your Ability Choose An Idea Idea 01 Idea 02 Idea 03 Tech Marketing Sales Support Domain Knowledge Ops SME Etc
- 8. AFFORDABLE LOSS What can you do? 02
- 9. Launch 01Step First Step 02Step First Step 03Step First Step 04Step First Step Do Market Research Estimate: $2mn Required. Check Funds Available: $500K Raise Funds: $1.5Mn Risk-return Approach
- 10. Launch 01Step First Step 02Step First Step 03Step First Step 04Step First Step Check Your Bank Balance $100K Willing to loose: Set upper bound: $100K Set time limit: 2 Years Estimate Total Affordable Loss: $200K Effectual Approach
- 11. • Limit your risk! • Set an upper bound on what they are willing to lose in order to start the venture. Risk
- 12. Customer!!! 01Step First Step 02Step First Step 03Step First Step 04Step First Step Market Definition Segmentation Targeting Positioning Marketing Process: Classic
- 13. 01Step First Step 02Step First Step 03Step First Step 04Step First Step Pick one of many possible markets Identify Ideal Prospects Talk to prospects! Understand Customer Marketing Process: Effectual Customer!!!
- 14. ASK You can’t always get what you want, but if you ask, you just might get what you need. 03
- 15. ASK A s k s a r e o x y g e n o f e n t r e p r e n e u r s !
- 16. 1 6 LAST TIME Requested For Help 01 Helped Someone 02 Connected Two People 03 Feedback Requested 04 Any kind of help. . Any kind of help
- 17. 17 STEVE JOBS ASK… You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text, this text can be edited. You can edit this text,
- 19. ASK PROCESS Be Specific Generic Requests Creates Confusion! Context Context shapes your request. Follow-up & Update Do follow-up & do update your introducer.
- 20. Weekly Monthly Qtrly 2 0 CREATE LISTS By failing to prepare, you are preparing to fail. Very close friends, don’t mind helping you in the middle of the night. Colleague, Ex-Colleague, Relatives Professional & Industry contacts!
- 21. CROWD HELPING. 21 LEVERAGE SOCIAL MEDIA. Very good way to stay on top of mind.
- 22. LETS PRACTICE 22 Execution is key. Crowd Helping One LinkedIn Recommendation Request. One Social Media Help Connection Request Two connection requests. List Industry Contacts
- 23. Weekly, Monthly & Qtrly Create Lists .e2enetworks.com 23 This Week Task For This Week Ask Help From 10 People Connection Requests, Report Requests & Training Requests Recommendation Request 10 LinkedIn Recommendation Requests Two Crowd Helping Ask for help on social media