Introduction

2 types of entrepreneurship

IDE. Innovation Driven Entrepreneurship SME. Small

Business plan

Plans are worthless, but planning is everything.

Does a startup actually need a business plan?

Academic exercise? vs actually get things going.

Money tends to flow to where opportunity is.

  • Create value
  • Figure out way to capture the value.

10-20-30 rule.

10 slides, 20 minutes, 30pt font.

Legal structure

Sole propiertoship

Simple tax structure, personal tax returns legal extension of YOU! your personal risks

Partnerships

Identical to sole propiertoship in terms of legal liabilities.

Corporations

Limit personal liabilities. Corporations bear the legal responsabilities not the owners.

C-Corporations, flexible for investors.

Double taxation.

Some have create “Pass-throught corporations” S corporations and LLCs (US)

Passes to owners and share-holders.

Articles of corporations

We are story tellers Storytelling is what connects us to our humanity. It is what links us to our past, and provides a glimpse into our future. Since humans first walked the earth, they have told stories, before even the written word or oral language. Through cave drawings and over fires, humans have told stories as a way to shape our existence. Things happen to us – the elements of a story – but as humans, we have unique perspectives, which shape how a story is relayed. Storytellers learned early on that people like to hear stories with a beginning, a middle, and an end. We seem to be drawn to stories that have characters that look like us – or at least share characteristics we can relate to. We also desire to be drawn into the storytelling, and enjoy when a story builds up to a thrilling climax, followed by a satisfying conclusion. We want to use our imaginations, and sometimes don’t, and prefer to passively have a story told to us. Many of us enjoy being moved by a story, either emotionally, or viscerally, like in a good action film. [1]

Public speaking

Providing a promise upfront

https://youtu.be/Unzc731iCUY?t=2326

Ispiration can come from people who are passionate about what they are talking.

How to think

How to start

  • Joke? Not recommended.
  • Empowerment Promise.

Happiness = Reality / Expectations

Marketing

People are predictably irrational.

Sales

If you are speaking, you are selling.

Good salespeople solve customers’ problems.

The right mindset.

Solution vs a Product.

Genuine desire to help people.

Pushy over-agressive… sales is a noble profession.

  • Rejection
  • Failure
  • Quota

The number one job of a sales professional is to: solve a customers problem.

Standard Sales Training

  • Ask leading questions
  • Present your solutions

All this before you win the trust.

Three S’s for a salespersons mindset when selling to the customer:

  • Adopt a servant’s mindset
  • Share your experience.
  • Solve their problem.

Mindset self-evaluation:

  • Do you care about other people’s problems?
  • Do you share great ideas and experiences (like movie or restaurant)?
  • Do you instinctively offer solutions to help others?

The mind of the buyer:

Think about the position of the buyer, by positioning yourelf when you are the one in the buyers seat. People buy from people they trust, they trust people they like, and thye like people they connect with.

Don’t launch too early into the “pitch” presentation; you by-pass the customers trust process, it send the brain into a mode of skepticism and judgement.

  • Safety
  • Connection
  • Trust
  • Understanding
  • Opportunity
  • Credibility

The customer in in resist or run mode from the get-go. There is so much selling and marketing out there, that users are in a resist mode. Defense mechanisms are high.

  • Can you create trust by connecting trough mutual beliefs?
  • Can you reinforce trust through understanding and empathy?
  • Can you clearly show them a path forward to their success?
  • Can you demonstrate your ability to solve problems?

Shotgun approach

Advertising a general sales message in hopes that a customer will take note and purchase your product.

Who is the ideal customer.

  • Value your product or service
  • Help you make a profit

  • Refer you to other potential customer

  • Ready: Do you they have a problem? Do they know they have a problem?
  • Willing: Are they currently searching?
  • Able: Do they have the budget? Authority?

How do we find this ideal customer. Start by creating personas or profiles.

Understand your customers issues. Research your customers issues! Unover issues when you are talking to the customer. Don’t think you know the customers problems. Understand the customers problems trough their lens, not yours.

The four I’s

  • Uncover the Issue
  • Identify the impact. Quantify the problem.
  • Determine invasiveness.
  • Break down the iceberg

Buying motivators:

  • Price
  • Value (benefit vs price)
  • Quality
  • Self-preservation. Highly emotional.
  • Social pressure

The barriers to change

Awareness + Motivation + Ability = Change

  • Does your customer have the awareness that they need to change?
  • How motivated are they to make changes?
  • How easily can they implement changes?

Barriers to accepting change:

  • Anxiety
  • Isolation
  • Feeling of potential loss
  • Feeling overwhelmed
  • Reverting back to old ways.

Why How

Psychology vs Biology

Finance

  • Startup cost
  • Fixed cost
  • Variable cost

Funding

Raw notes

teach the panel something new about the product or market.

something that the rest of the panel does not know.

walk the user over the experience…

you are the expert at whatever you are doing in your company.

you need to have a hook. in the first 15-20 seconds of what you are saying.

  • start with a question
  • start wiht a statistic the more creative you can get with you won product, the better.
    don’t take it too far… make sure there is a connection between that and the product… tie it back in the final to your hook… in that final question of why should someone else

the ones that were really interesteing, INTERESTING problem…. as well as interesteing solution!!!!! they articulate interesting solutins, but not interesting problem.

traction. very early idea stage… walk ttrough the user experience.

Easy mistakes: -areticulate what problem are you solving, and the solution. -people have more traction than they think they have; not showing the user experience. Show it!!! -showing that the solution is achievable. -end: if i took a picture in the final second, it should be a picture of you smiling holding your product. dont make it to complex… to hard to memorize. -not high energy!!!!

slogan:

  • catchy
  • memorable
  • delivering with confidence.

corporation llc

-Patents -Copyrights -Trademakrs -Trade secrets

References

  • https://www.reddit.com/r/startups/comments/jgikzo/how_i_failed_6_sideprojects_in_10_months/
  • https://www.linkedin.com/learning/sales-foundations/identifying-potential-customers-2?u=3322
  • https://www.ted.com/talks/david_s_rose_how_to_pitch_to_a_vc
  • https://www.youtube.com/watch?v=Xcsp0486olY&ab_channel=MITOpenCourseWare
  • https://www.youtube.com/watch?v=u4ZoJKF_VuA&feature=emb_logo&ab_channel=TEDxTalks
  • https://www.facebook.com/media/set/?vanity=FosterMSEntre&set=a.303165770174669

[1] https://www.quora.com/Why-is-storytelling-important-What-would-you-say-to-inspire-provoke-or-dissuade-young-storytellers