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    Turn Your Startup Into Money Making Robot
    Turn Your Startup Into Money Making Robot
    Turn Your Startup Into Money Making Robot
    Ebook165 pages1 hour

    Turn Your Startup Into Money Making Robot

    By Tim Matthews

    ()

    Read preview

    About this ebook

    This book questions business standards that we read about and repeat, just because someone else applied them. Of course, caution and good examples are essential and important principles to apply to any business, but we have to keep in mind that conclusions aren’t one size fits all. Each of them occurred at a specific time, within a certain context, with specific constraints, and all that changes fast, especially in the startup environment.
    Planning and thinking need to be limited and time framed. Planning is important, but getting things done is even more so. For startups this principle is crucial: if you don’t start doing it, someone else will.
    What you really need to do is stop talking and start working. This book shows you the way. You'll learn how to be more productive, how to get exposure without breaking the bank, and tons more counterintuitive ideas that will inspire and provoke you.
    There’s plenty of advice about raising funds, finding a great team and how to handle growth.

    LanguageEnglish
    Publishermeetcoogle
    Release dateMar 28, 2018
    ISBN9781370743575
    Turn Your Startup Into Money Making Robot

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      Book preview

      Turn Your Startup Into Money Making Robot - Tim Matthews

      About the Book

      This book questions business standards that we read about and repeat, just because someone else applied them. Of course, caution and good examples are essential and important principles to apply to any business, but we have to keep in mind that conclusions aren’t one size fits all. Each of them occurred at a specific time, within a certain context, with specific constraints, and all that changes fast, especially in the startup environment.

      Planning and thinking need to be limited and time framed. Planning is important, but getting things done is even more so. For startups this principle is crucial: if you don’t start doing it, someone else will.

      What you really need to do is stop talking and start working. This book shows you the way. You'll learn how to be more productive, how to get exposure without breaking the bank, and tons more counterintuitive ideas that will inspire and provoke you.

      There’s plenty of advice about raising funds, finding a great team and how to handle growth.

      Contents

      About the Book

      Key Lessons for Entrepreneurs Starting a Business

      1. Come Up With a Great Name for Your Business.

      2. Understand That Raising Financing Is Difficult.

      3. Focus on Building a Great Product—But Don’t Take Forever to Launch.

      4. Become a Strong Salesperson.

      5. Build a Great Website for Your Company.

      6. Perfect Your Elevator Pitch.

      7. Nail Your Executive Summary and Pitch Deck.

      8. Understand Financial Statements and Budgets.

      9. Keep Your Investors Constantly Informed With Both Good

      and Bad News.

      10. Get All Employees and Consultants to Sign a Confidentiality

      & Invention Assignment Agreement.

      11. Market Your Business Like Crazy.

      12. Use Consultants and Freelancers to Supplement Your Team.

      13. Make the Deal Clear With Co-Founders.

      14. Get the Right Business Lawyer.

      15. Take Into Account Important Tax Issues.

      16. Do These Things Before Hiring an Employee.

      17. Expect Big Challenges and Be Prepared for Them.

      Big Things a Start-Up Must Have To Succeed

      1. A good sense of timing

      2. The cleanest budget on the block

      3. Self-discipline

      4. Super sharp social skills

      5. Flexibility

      6. Money

      7. Follow-through

      Tips for Naming Your Startup Business

      1. Avoid hard-to-spell names.

      2. Don’t pick a name that could be limiting as your business grows.

      3. Conduct a thorough Internet search.

      4. Get the .com domain name.

      5. Use a name that conveys some meaning.

      6. Conduct a trademark search.

      7. Conduct a Secretary of State search.

      8. Assess if the name is catchy.

      9. Get feedback on the name.

      10. Make sure the name sounds good when said aloud.

      11. Use resources available for brainstorming names.

      12. Make sure you are personally happy with the name.

      Key Marketing Strategies from the Startup World

      Be purposeful.

      New tactics: Make them happen quickly.

      Use trial and error, then scale.

      Improve what already is working.

      Guide to Recruiting for Start-ups

      Why Recruiting for Small Business is Difficult

      The Employment Stability Argument

      A few reasons why candidates tend to be drawn to start-ups include:

      Big Legal Mistakes Made By Startups

      1. Not making the deal clear with co-founders

      2. Not starting the business as a corporation or LLC

      3. Not coming up with a great standard form contract in favor

      of your company

      4. Not complying with securities laws when issuing stock to angels/family/friends

      5. Lack of employment documentation

      6. Not carefully considering intellectual property protection

      7. Not taking into account important tax issues

      8. Coming up with a name for the company that has trademark

      issues, domain name problems, or other issues

      9. Not having a good Terms of Use Agreement and Privacy Policy for your website

      10. Not having the right legal counsel

      Invester Pitch: Questions Venture Capitalists Will Ask Startups

      Overview

      Market

      Founders and Team

      Products and Services

      Competition

      Marketing and Customer Acquisition

      Traction

      Risks

      End Game

      Intellectual Property

      Financials

      Financing Round

      Mistakes Entrepreneurs Make When Pitching to Investors

      Mistake #1: Sending me your executive summary or business

      plan unsolicited.

      Mistake #2: Pitching me your company unless it’s clear that you are

      in a space I am interested in.

      Mistake #3: Giving me a 50-page business plan to review.

      Mistake #4: Not showing me why the market opportunity is big.

      Mistake #5: Coming in with your team to a pitch meeting, but only have the CEO speak.

      Mistake #6: Telling me you don’t have any competition.

      Mistake #7: Showing me uninteresting or unrealistic projections.

      Mistake #8: Asking me to sign an NDA before you will share

      information with me.

      Mistake #9: Giving me confusing or bad answers to my questions.

      Mistake #10: Not telling me what problem your business solves.

      Mistake #11: Presenting unrealistic valuation expectations

      for your company.

      Mistake #12: Giving me clichés.

      Mistake #13: Having more than 20 slides in your PowerPoint deck.

      Mistake #14: Forgetting to highlight your team’s

      experience and credentials.

      Mistake # 15: Not paying attention to detail.

      Mistake #16: Not doing a demo.

      Mistake #17: Not doing research on the investor

      and his portfolio.

      Mistake #18: Not looking at other pitch decks

      and executive summaries.

      Mistake #19: Not understanding customer acquisition

      costs and long-term value of the customer.

      Mistake #20: Not understanding the potential

      risks to the business.

      Mistake #21: Not being able to explain the key assumptions

      in your projections.

      Mistake #22: Not articulating why your product or technology

      is differentiated from a competitor.

      Mistake #23: Not being able to articulate a coherent

      marketing strategy.

      Mistake #24: Not telling me what early buzz or press

      you have gotten.

      Mistake #25: Not telling me what traction or customers

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