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MenuHow do you come up with a clear action plan/ roadmap/ checklist to get you from idea to launching a business?
I want to create a social networking site. I like structure. How can I come up with basic action steps from a-z that I can then break down into small bite size pieces?
Answers
To start with, create a "No-To-List" of non-action items. It will help you keep your focus intact on the actual and planned goals. It will also help the team's focus to move in unison.
Talking about "To-Do" list of laundry items, start with assessing your internal capability, external requirement, and map the two to find the loosened nuts and bolts.
Once you finish up with above exercise, create a list of action plan items that could help you move from possessing idea to establishing business. However, do ensure to plan your business model in the beginning to prevent from doing recurring redundant task.
Let me know if you've tried creating any such checklist. You can DM me the same or we can hop on a quick call to discuss the fine prints.
Having just launched a software product myself I realize that the work we did before starting the project was the most important work we did. Before you begin developing a software product you need to answer a few questions first:
1. What is the demand for your product?
2. Who are your competitors?
3. Who currently owns your audience?
4. What is your MVP Minimum Viable Product?
5. What is your MMP Minimum Marketable Product?
6. How will you monetize your platform?
7. Who are the influencers in your product audience?
I think there's a lot that goes into this besides creating a roadmap. I think your first focus needs to be to answer the above questions and then decide how you want to move forward. Then you can move into a roadmap, finding the skillset you need to develop your product, creating a marketing strategy for your product, creating effective demand and scarcity for your product launch, etc...
Hit me up if you need additional help. I'd be happy to chat with you about this.
A structured action plan for a social networking site could be:
A: Research The Idea and the Business Model
A1 - Create Mockups of your idea (e.g. using Balsamiq Mockup or other tools)
A2 - Use the Mockups and develop a questionnaire about your idea. Create a landing page.
A3 - Conduct 200 offline and online interviews to potential users, to get feedback on your idea. Show the mockups to offline users and send online users to the landing page. Use Mturk.com, AYTM, Pollfish and other services for cheap feedback on your idea.
B: Set-up A Team for the MVP
B1: Get a technical co-founder or two. You will need at least a couple of developers for your MVP (back-end/front-end and designer). If you cannot get a technical team together and you want to pay for your MVP, then get someone to write the technical specs for your project. Use these specs to recruit freelancers from elance/peopleperhour/odesk etc.
C: Build the MVP
C1: Do the project management for the MVP.
C2: Continue testing the marketing channels and driving early adopters in your landing page, so that you create an email list with your first X thousands of users.
D: Get Your First Users
D1: Use social media, paid ads, PR releases etc to drive traffic to your site.
E: Prepare for Next Steps
E1: Test the business model. Test conversions from visitors to members. Test analytics such as engagement time, times of visit per day etc.
E2: If you have found a way to grow every week you will probably need to raise some money. You have to prepare for pitching to investors and raising your first round.
Let me know if you need more help and good luck with your project!
To come up with a clear action plan you must understand the following:
1. Why You Need an Action Plan
Sometimes businesses do not spend much time on developing an action plan before an initiative, which, in most cases, leads to failure.
2. Prioritize tasks and add deadlines
Consult with the person responsible for carrying it out to understand his or her capacity before deciding on deadlines.
3. Set Milestones
Milestones can be considered mini goals leading up to the main goal at the end. Start from the end goal and work your way back as you set milestones.
4. Identify the resources needed
You can assign a column of your action plan to mark the cost of each task if there are any.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
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How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
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