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Lessons from my 20s
entrepreneurship Part II:
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ABOUT THIS PRESENTATION
THIS presentation can be found Online at
www.hive.org/20s
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PART 2 TOPICS
Entrepreneurship The big opportunities Leadership Business Planning PRODUCT DEVELOPMENT Innovation
PART 2 ENTREPRENEURSHIP INCLUDES SECTIONS ON
Venture Capital Marketing Building systems BUILDING A TEAM STRATEGY & EXECUTION Steps to get started
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Lessons from my 20s
Purpose-driven entrepreneurship
PART II, Section 1
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A definition
Individuals who build organizations
which scalably & sustainably
solve human problems
Entrepreneurs (n.)
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Choosing Your PROBLEM Choosing Your PROBLEM How Will you Use Your one Wild and Precious Life?
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Be a purpose-driven entrepreneur
entrepreneurship Is about solving problems And creating value
For humanity
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The virtuous cycle of purpose-driven entrepreneurship
An entrepreneur can bring immense value to humanity by building a For-purpose Business that earns money that can be used to reinvest in more opportunities that
make the world better
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Common traits of entrepreneurs
Initiative Drive toward efficiency Bias toward action Ability to take feedback Tolerance for stress Determination Decisiveness Courage Ability to deal with failure
Perserverence Creativity Ability to learn quickly Ability to plan Ability to delay gratification Drive to achieve Ability to prioritize Ability to build a team Ability to inspire & lead
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A quote
Both a sparkplug & catalyst the entrepreneur is at once the driving force behind productionand the agent who combines the other resources in what is hoped will be a profitable venture
- McConnell and Brue in Economics
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Understand the system
THERE IS AN ENTIRELY DIFFERENT WORLD OUT THEREA WORLD OF PROSPERITY & UNLIMITED WEALTH You can enter this world IF YOU ARE AWARE IT EXISTS AND YOU WORK HARD
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Understand the system
TO ENTER THIS WORLD YOU MUST UNDERSTAND HOW THE SYSTEM OF ENTREPRENEURSHIP
WORKS
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Understand the system
THERE ARE THREE WAYS TO BUILD WEALTH THROUGH ENTREPRENEURSHIP THROUGH A SALARY, THROUGH DIVIDENDS, and through THE SALE OF
STOCK YOU OWN
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Impacting Billions of lives
So HOW CAN YOU IMPACT THE LIVES OF OVER ONE BILLION PEOPLE?
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Impacting Billions of lives
WELL YOU NEED TO BE WORKING ON A
BIG PROBLEM!
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Solving big problems
Big Problems are actually
BIG opportunities!
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Solving big problems
TOO MANY PEOPLE ARE FOCUSED on
TOO SMALL OF A PROBLEM!
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Two key steps many aspiring entrepreneurs miss
There are two critical First steps for any entrepreneur
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THE Two Steps to success in entrepreneurship
First you must find A problem that you Passionately want
to solve
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THE Two Steps to success in entrepreneurship
Next devote your life to building the Team that will solve That problem better than Any other group of humans
That has come before
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Step 1: Find a really big problem you are passionate about solving.
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Step 2: Devote your life to
building the team that best solves the problem
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THE Two Steps to success in entrepreneurship
As an entrpreneur If you arent solving A problem worth dedicating 20 years of your life to You wont be able to make it
Through the hard times ahead
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THE Two Steps to success in entrepreneurship
A problem Worth dedicating your life to Is often called a
wicked problem
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To find your problem, you must create your purpose
The problem you wish to solve Must deeply align with the Life Purpose you created in part 1!
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How to do it
work on solving a
big Problem
aligned with your
purpose
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Choosing your sector
Once you find the problem You wish to solve then Find The most effective sector To work within to solve it
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Choose your angle of attack
The most common ways to solve big problems: 1. build a purpose-driven business 2. Join a purpose-driven business 3. build a non-profit 4. Join a non-profit 5. Join a government agency 6. Run for political office 7. Become a scientist/researcher 8. Invest in companies solving the problem 9. Convene people who are solving the problem
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Choosing your sector
Much of this part of the presentation is about
building a purpose-driven business
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Be a purpose-driven entrepreneur
In many cases, you can Make the most scalable impact On the world By building a For-profit business that is Socially minded
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Example for-profit impact companies
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Why Build a for-profit social business vs. a non-profit?
Easier to raise funding to scale Ability to use stock options
Ability to invest in a more experienced team
Better compensation
Faster Feedback cycle directly from customers
Ability to subsidize lower income customers
Ability to invest in R&D
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Choosing your sector
Here is a map of social And economic impact by sector created by Max Marmer in a 2012 HBR article called
Transformational entrepreneurship
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A Map of societal and economic impact
Harmful Small Businesses
Harmful Non Profits
ExploitativeEntrepreneurship
High GrowthEntrepreneurship
Contributory Small Businesses
IneffectiveNon Profits
Social Entrepreneurship
TransformationalNon Profits
Societal)Impact)
Economic)Impact)
Transformational Entrepreneurship
Work here in the green!
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Look into b Corps
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Invest in companies solving big problems
Another angle is to work
At investment funds
That invest in companies that are
Solving big human problems
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Venture funds investing in solving big problems
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Impact investing leaders
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Determining Your PATH IN YOUR Twenties
Determine the big problem you want to solve
Create your life purpose statement
Decide on sector you want to work in to solve the problem
Government Non-Profit Business
Elected Appointed Join Existing Start New Join Existing Start New
Explore widely to find what makes you come alive
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Dont a be a cog
Becoming a highly specialized cog
in a meaningless machine
Is no way to live a life
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What most people do
What most people do is focus on a specific
Type of job & specialize on a profession
Dont do that
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What most people do
Dont specialize on a niche profession
Specialize on a
problem
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WHAT YOU SHOULD DO
Instead of specializing on a specific job role
Specialize on a specific human problem that you are
Dedicated to solving
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Live an unleashed life
When youre spending your years focusing on
A really big human problem you end up living a
LIFE of purpose
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Live an unleashed life
And when youre naturally excited by the
Work that you do you end up attracting more
Positive and capable people
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Live an unleashed life
THIS process creates a self-reinforcing virtuous
Cycle leading to greater fulfillment, meaning,
And happiness
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Find your mission
FIND A MISSION THAT YOU ARE DEEPLY PASSIONATE ABOUT AND BUILD A BUSINESS TO PURSUE THE heck OUT OF IT
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Your motivation
SPEND TIME THINKING AND MEDITATING ON YOUR RAISON DETRE AND FIGURE OUT WHAT CONSTITUTES THE CORE MOTIVATIONS FOR WHAT YOU DO AND What you stand for
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Entrepreneurship
BEING AN ENTREPRENEUR IS NOT FOR EVERYBODY. BUT IF YOU FIND ITS FOR YOU AND YOU CAN FIND A WAY TO SUCCEED, it can be EXTREMELY REWARDING.
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Entrepreneurship
BECOMing A SUCCESSFUL ENTREPRENEUR IS NOT EASY YOU MUST HAVE PERSISTENCE DEDICATED, TENACITY & THE ABILITY TO DEAL WITH ADVERSITY
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What it takes
Entrepreneurship is doing Something others wont for 10 years so you can do what Others cant for the Rest of your life
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The big opportunities
Next well look at some of the biggest opportunities In the world right now To build a business That makes a huge impact
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A quote
Entrepreneurship is about passion
following a dream and changing the
world with plenty of craziness along
the way.
- Jeffrey Bussgang, Flybridge
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Lessons from my 20s
The big opportunities
PART II, Section 2
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A quote
I dont skate to where the puck is. I skate to where the puck is going.
- Wayne Gretzky
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An innovation Timeline
To put everything Into perspective here is A timeline of innnovation
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An innovation timeline
The Wheel(5,500 Yrs Ago)
Iron(5,000 Yrs Ago)
The Legal System(3,800 Yrs Ago)
Ships (6000 Years Ago)
Written Language(4900 Yrs Ago)
The Alphabet(3800 Yrs Ago)
Water Power(2200 Yrs Ago)
Cities Form(6000 Years Ago)
Money(5,000 Yrs Ago)
Abacus(5,000 Yrs Ago)
Steel(2400 Yrs Ago)
Farming (15,000 Yrs
Ago)
Trade(20,000 Years Ago)
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Key innovations From 0 to 1800
Printing Press1450
Movable Type1040
Paper 105
Compass950
Gunpowder850
Microscope1590
Electricity1600
Telescope 1608
Engine1712
Steam Power1690
Binary Numbers 1697
Smallpox Vaccine1796
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19th century innovation timeline
Electromagnet1825
Internal Combustion
Engine1823
Telegraph1809
Battery1800
Anesthesia1846
Petroleum1859
Telephone1860
Vacuum Tube 1883
Periodic Table 1869
Electrical Grid 1880
Automobile1885
Light Bulb 1800
Radio1897
Semiconductors1896
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20th century innovation timeline
Transistor1947
Penicillin1928
Television1926
Airplane1903
DNA1953
Organ Transplants
1964
Satellites1957
Microprocessor1971
Nanotechnology1959
Manned Space Flight
1961
Cell phones1973
Quantum Physics
1900
Genetic Engineering
1973
The Internet1969
1978GPS
World Wide Web1991
CarbonNanotubes
1991
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21st century innovation timeline
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Smartphone 2007
Quantum Computer 2012
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Its now your opportunity to create the future
Lab Grown Organ Transplants
2000
Human Genome Map2001
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The Biggest opportunites for millennials
Here are the fields needing Great entrepreneurs between 2015-2050
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The Biggest opportunites for millennials
Energy & Environment
Food & Water
Education
Health & Wellness
Engineering Computing
Financial Access
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Energy & Environment
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Solar Energy
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Wind Energy
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Biofuels
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Sustainable City Planning
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Food & Water
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Synthetic Food Production
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Vertical Farming
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AgTech
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Water Desalination
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Education
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Cloud Education
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Low Cost Schooling
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Leadership Training
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Network Building
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Health & Wellness
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Synthetic Biology
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Brain Mapping
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Optogenetics
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Personalized Medicine
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Reverse Aging
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Bionic Eyesight
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Low Cost Sanitation
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Mindfulness Training
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Engineering
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Clean Transportation
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Self-Driving Cars
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Robotics
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Space Exploration
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3D Printing
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Nanotechnology
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Long Life Batteries
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Low Cost Housing
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Financial Access
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Mobile Banking
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Frontier Market Finance
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Digital Currency
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Digital Wallets
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Computing
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Quantum Computing
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Converged Smartphones
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Data Storage on DNA
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Artificial Intelligence
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Contact Lens Smartphones
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Natural User Interfaces
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Government 2.0
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Cybersecurity
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Climate Engineering
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Wearable Computers & HUDs
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The Internet of Things / Cloud Devices
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Mobile Software
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The Biggest Opportunities of Our Generation
Solar Energy Advanced BatteriesBiofuelsClimate EngineeringSustainable City Planning
Energy & Environment
Food & Water
Synthetic Food ProductionAgricultural Technology Vertical FarmingWater Desalination
Education
Cloud EducationLow Cost SchoolingLeadership TrainingNetwork Building
Synthetic BiologyBrain MappingOptogeneticsReverse AgingPersonalized MedicineBionic EyesightLow Cost Sanitation
Mindfulness Training
Clean TransportationSelf-driving CarsRoboticsSpace Exploration3D PrintingNanotechnology
Long Life Batteries Low Cost Housing
Quantum ComputingConverged SmartphonesData Storage on DNAArtificial IntelligenceContact Lens SmartphonesNatural User InterfacesGovernment 2.0CybersecurityWearable ComputersImplantable ComputersThe Internet of ThingsMobile Software
Health & Wellness
Engineering
Computing
Financial Access
Mobile BankingFrontier Market FinancePayment ProcessingDigital CurrencyDigital Wallets
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The Mobile Cloud
Beautiful & Easy Mobile Cloud Services are
REVOLUTIONIZING EVERYTHING
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The Reimagination of nearly everything
1994$ 2014$Books$ Printed! Kindle,!iPad,!Nook!
Cameras$ Film!&!Development! Device:Integrated,!Synced!to!Cloud!Cars$ Self:owned! GetAround,!Zipcar,!LyF,!Uber!
Channel!Changing$ Remotes! Hand!Gestures!Check!Out$ Cash!Register! Square!+!Tablet!
CiPzen!AcPon$ Faxes,!Calls! Change.org!CommunicaPon$ Postal!Mail,!Fax,!Landlines! Smartphones,!Email,!SMS,!Facebook,!TwiVer,!WhatsApp,!SnapChat!
Contact!Management$ Rolodexes! Connect,!Google!Contacts!Doctors!Appointments$ Phone!Call! ZocDoc,!One!Medical!
Event!Planning$ Mail!&!Telephone! EventBrite,!Facebook!Events,!YPlan!Fashion$ Expensive!BouPques! RentTheRunway,!Gilt!
Food!Delivery$ Phone!Call! GrubHub,!Munchery,!Sprig,!Spoonrocket!Fitness$ Gym! Nike!FuelBand,!FitBit,!Jawbone!Up,!Basis!Funding$ Friends!&!Funding! Kickstarter,!Fundable,!Indiegogo!
Global!Outsourcing$ Plane!travel! Crowdower,!Exec,!ODesk,!Elance,!Guru,!SmarterWork,!Freelancer!GPS$ Not!available!to!consumers! GPS!on!your!smartphone!
Groceries$ Local!store! Amazon!Fresh,!Instacart!InformaPon!Storage$ Storage!Cabinets! DropBox,!Box,!Google!Drive,!SkyDrive!
Job!Searching$ Fairs!&!Resumes! LinkedIn,!Hired!Knowledge$ Encyclopedia!Britannica! Wikipedia,!KhanAcademy,!CodeAcademy,!Udemy,!Coursera,!iTunes!U!!
Lending$ Banks! LendingClub,!Prosper,!Kabbage,!LendUp!Locks$ Deadbolts! Lockitron!
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The Reimagination of nearly everything 1994$ 2014$
Maps$ Printed! Google!Maps,!Bing!Maps!
MarkePng$ Direct!mail,!phone!book,!billboards! Paid!search,!social!ads,!mobile!ads!Movies$ Blockbuster! Ne[lix,!Amazon,!iTunes,!YouTube,!Hulu!Music$ CasseVes!&!CDs! SpoPfy,!Rdio!News$ Television,!Radio,!&!Newspaper! TwiVer,!Flipboard,!PrismaPc!
Note!Taking$ Notepads! Evernote,!Google!Docs!Phones$ Landlines! Smartphones!
Picture!Storage$ Photo!Albums! Facebook,!Flickr,!500px!Plumber$ Phone!Book! HandyBook,!Angies!List!
Product!Design$ In:house! Quirky!Reviews$ Word!of!Mouth! Yelp!
Scrapbooks$ Hand:created! Pinterest!Shopping$ Mall! Amazon,!eBay!Signatures$ Pens!&!Fax! Docusign,!EchoSign!
Social!Network$ Bar,!Alumni!Reunion! Facebook,!Instagram,!Google+,!LinkedIn!Task!Management$ Post:its! Trello,!Asana!
Tasks$ Classieds! TaskRabbit,!Zaarly,!Zirtual!Television$ Cable!&!Bunny!Ear!Antennas! HuluPlus,!Ne[lix,!Apple!TV,!iTunes,!Amazon!Fire!TV!Textbooks$ Buy!them!at!a!bookstore! Chegg,!Amazon!Textbook!Rental!
Thermostats$ Analog! Nest!Trac:InformaPon$ Radio! Waze,!Google!Maps!
Wallets$ Leather! Google!Wallet!Watches$ Swatch!&!Rolex! Pebble,!Basis!!
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The Reimagination
No longer do we need A car, A music collection, A video collection
Everything is now available on-demand For an asset-light lifestyle
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The Reimagination
SOON EVERY GOVernment service
will be delivered
VIA THE MOBILE CLOUD
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The Reimagination
You can monitor your
Heart rate and sleep via your
Android WATCH
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The Reimagination
You can now check your
Blood sugar via smart
Contact lenses
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The Reimagination
Every device will be connected
As the internet of things
explodes
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Lessons from my 20s
Authentic leadership
PART II, Section 3
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Leadership
A leader is a person who is committed to something
bigger than themselves
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Leadership
An authentic leader is Someone who has aligned Their personal purpose with
their professional purpose
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Leadership
Sadly, way too many people Have never taken the time To create their
Personal purpose
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Leadership
Even those who do have Personal purpose, so rarely Make it their full time
Professional pursuit
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BE a rare duckling
Be the RARE DUCKLING And actually make your Purpose your full time
Professional pursuit!
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BE a rare duckling
It may be harder in the Short run, but in the long run Youll be more passionate And create more impact
(And if you do it right, earn much higher financial compensation too)
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personal purpose! =! professionalpurpose!
The Authentic Leader!
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The Inauthentic Leader
personal purpose! ! professionalpurpose!
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INspiration
How can you possibly expect To inspire A team to greatness If you yourself arent working On your purpose with your Full time efforts
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The obvious
You think your team wont be Able to tell whether youre a Passionless corporate shrill Or lit up on fire WITH ENERGY??
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When your personal purpose is what
you work on daily, work becomes
greatly enjoyableno matter the
challenge.!
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The je ne sais quoi of leadership
The way great leaders get that Je ne sais quoi quality about them Is from their deep commitment To creating something that makes the
World better
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The je nais se quoi
Imagine the insatiable energy And Charisma you will have When youre actually working On what youre passionate about With your full time effort
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Fear?
So what are you afraid of?
Failure?
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Fear?
what you should really fear isnt FAILUre
What you should really fear is the
Regret youll feel when youre 80 having
never given it a try
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Leadership
An authentic leader Hires missionaries
Not mercenaries
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Leadership
You cant be a leader until you know
why youre leading
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Authentic Leaders Know Why & Where They Are Leading
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Authentic leaders are
vulnerable and open
with their team and
share their struggles!
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Authentic leaders inspire a team to move mountains to achieve the mission.!
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Authentic leaders paint a clear vision and
communicate it succintly, visually, and
repeatedly.
!
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Leadership
NEARLY SUPER-HUMAN feats Are possible when a team is DEEPLY passionate about
their MISSION
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Advice on authentic leadership
Here are Six thoughts on becoming An unleashed high-integrity
leader
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Find a mission that you are deeplypassionate about and build a business to make the world you envision real
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If you want to have the persistence to build a great business work on solving a problem that you are passionate about that aligns with your life purpose
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Dont begin the effort of building a company if youre not deeply passionate about the problem you are trying to solve
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Too many startups try to solve problems theyre not actually passionate about solving
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Building a company is hard. If youre deeply passionate about solving the problem youll get through the years of sacrifice.
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Once youve determined the change you seek build a company that sustainably creates that changeat scale.
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Lessons from my 20s
Business planning
PART II, Section 4
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Business planning
SOME ENTREPRENEURS choose not to create a plan at all And just start working
Minimum viable product On a prototype or
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Business planning
I find that its helpful to at least create a short slide deck or exec summary
To ensure you know what youre building & What problem youre Solving before you start building
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Whats in your deck?
1. PROBLEM youre solving 2. PRODUCT & TECHNOLOGY 3. your recent traction 4. MARKET & COMPETITION 5. TEAM 6. revenue model 7. FINANCIAL PROJECTIONS
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In the first two slides
CLEARLY ILLUSTRATE THE PROBLEM YOU ARE SOLVING HOW YOU ARE SOLVING IT
AND FOR WHOM
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Product section
SHOW PICTURES OF A PROTOTYPE OR WIREFRAMES & MOCKUPS MAKE YOUR SPECIFIC SOLUTION
EASILY VISUALIZED
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Product section
SHARE YOUR PRODUCTION TIMELINE AND KEY MILESTONES TOWARD INITIAL PRODUCT DELIVERY AND DISCUSS FUTURE PRODUCTS AND SERVICES
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Financials section
ADDRESS THE FOLLOWING IN YOUR FINANCIAL PROJECTIONS REVENUE ASSUMPTIONS COST ASSUMPTIONS Revenue by Month COST BY MONTH BY CATEGORY NET INCOME BY MONTH BY CATEGORY TIME TO BREAKEVEN FUNDS NEEDED TO REACH NEXT MILESTONE TOTAL EXPECTED FUNDS NEEDED
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Example 60 month financial projections
($2,500,000)
($2,000,000)
($1,500,000)
($1,000,000)
($500,000)
$0
$500,000
$1,000,000
$1,500,000
0! 6! 12! 18! 24! 30! 36! 42! 48! 54! 60!
Revenue Expenses Net Income
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Financials section
2015! 2016! 2017! 2018! 2019!Revenue! 18,127! 50,984! 143,401! 403,340! 1,134,461!Expenses! 103,408! 118,539! 139,017! 287,553! 640,004!Net Profit! -85,281! -67,555! 4,384! 115,787! 494,457!
Heres a REALLY BASIC Example annual financial PROJECTION
your financial projections Should list out expenses by major categories
(Labor, Marketing, Servers, OFFICE SPACE, etc.)
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Answer these questions in your deck
! What problem are you solving? ! Why are you passionate about solving that problem? ! Whos on your team? ! What is their background? ! WHAT IS THE NEED FOR THE PRODUCT? ! What is your revenue model / cost per unit? ! WHAT IS THE SIZE OF THE MARKET? ! WHAT WILL IT COST TO PRODUCE THE PRODUCT? ! WHO IS YOUR TARGET CUSTOMER?
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Questions you may wish to answer in your deck
! WILL YOU NEED TO ACQUIRE ANY IP? ! WHAT ROLES WILL YOU FILL IN THE FUTURE? ! WHAT ARE YOUR FUTURE PRODUCTS features? ! HOW MUCH IS NEEDED TO REACH BREAKEVEN? ! WHAT ARE YOUR ANNUAL Revenue PROJECTIONS? ! WHAT ARE YOUR ANNUAL COST PROJECTIONS? ! WHAT ARE YOUR ANNUAL PROFIT PROJECTIONS?
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INcorporating
Before you start operating its important to INCORPORATE
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INcorporating
MUCH LOWER TAXES LIABILITY PROTECTION BEING TAKEN SERIOUSLY
ABILITY TO OPEN A BANK ACCOUNT ABILITY TO HIRE EMPLOYEES ABILITY TO RAISE INVESTMENT
THE BENEFITS OF INCORPORATING
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INcorporating
TO INCORPORATE YOURSELF YOU JUST NEED TO KNOW
THE NAME OF THE COMPANy THE STATE YOU WISH TO INCORPORATE IN THE NUMBER OF SHARES TO CREATE THE INITIAL OWNERSHIP OF THOSE SHARES
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INcorporating
IN THE U.S. you can start a S Corp
C Corp LLC
BENEFIT CORP
Most firms that plan on r a i s i n g c a p i t a l a r e Delaware C Corporations
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INcorporating
IN CHOOSING A LAW FIRM LOOK AT REPUTATION & REFERENCES
START-up EXPERIENCE INTRODUCTION TO INVESTORS IPO EXPERIENCE PARTNER CHEMISTRY
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INcorporating
ONCE INCORPORATED YOUll RECEIVE YOUR
ARTICLES OF INCORPORATION SET OF BYLAWS SET OF STOCK CERTIFICATES
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INcorporating
THEN YOU CAN GET AN EMPLOYER IDENTIFICATION NUMBER FROM THE IRS (YIPEE!) AND OPEN A BANK ACCOUNT
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Early equity is based on
1. How far along firm is when you join 2. Your position in the company 3. Amount of capital you invest 4. What you negotiate
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Equity Rules of THumb Time Pre-founding
Time of Joining Pre-Seed
CEO 55%
COO 15%
CFO 12%
CTO 12%
SVP Level N/A
VP Level N/A
Manager N/A
Sr. Engineer 5%
Engineer 3%
Staff Member 1%
Investors 0%
Year 1
Post Seed
40%
15%
10%
10%
7.50%
4%
1.50%
1.50%
0.75%
0.30%
10%
Year 2 Year 3
Post Series A
20% 15%
10% 5%
7% 4%
7% 4%
5% 3%
3% 2%
1% 0.50%
1% 0.50%
0.50% 0.25%
0.20% 0.10%
30% 30%
Year 4 Year 5+
Post Series-B
10% 8%
3% 2.50%
2.50% 1.50%
2.50% 1.50%
2% 1%
1% 0.50%
0.25% 0.10%
0.25% 0.10%
0.10% 0.05%
0.05% 0.03%
45% 45%
AS TIME CONTINUES, RISK REDUCES, CAPITAL IS RAISED & VALUE IS CREATED THUS LESS EQUITY iS PROVIDED THE LATER YOU JOIN
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Lessons from my 20s
Product Development
PART II, Section 5
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The core human desires
Great products fulfill one or more Of the 10 core human desires
1. Safety / security2. Health / survival3. Earning money4. Finding a partner5. Learning
6. Impressing others7. Communicating / connecting8. New experiences9. Finding meaning10. Comfort & relaxation
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The 7 characteristics of a great product
1. Fulfill 1+ core human desire 2. Easy to use 3. Beautiful design 4. Highly effective at stated purpose 5. 4x or more markup over costs 6. Recurring purchase/supply needed 7. An easy to remember name
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The characteristics of a great product
GREAT PRODUCTs BRING JOY to people and
Smiles TO FACES
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The characteristics of a great product
GREAT PRODUCTs ARE SIMPLE ON THE OUTSIDE
AND POWERFUL ON THE
INSIDE
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What is product management?
PRODUCT MANAGEMENT IS THE PROCESS OF DEFINING And prioritizing WHAT YouRE BUILDING
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What is product management?
Good product management Is driven by a vision Of the way the world
Should be
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What is product management?
Good product management Takes into account lots of Metrics and feedback But ultimately should be
Vision-driven
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The right type of Product manager
YOUR GOAL IS TO BE HERE ON THE SPECTRUM OF PRODUCT MANAGERS
Design by Committee hell
Maniacal dictator design
The green zone
Open to feedback and data but driven by a strong vision of the
way the world should be.
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What is product management?
YOU WANT TO BE SLIGHTLY RIGHT OF CENTER WITH PM
It is better to have a strong vision And be slightly maniacal Then be unsure about the change You wish to create in the world
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What is product management?
GREAT PRODUCT managers ARE ABSOLUTELY PASSIONATE
ABOUT THE CHANGE THEY WISH TO MANIFEST IN THE WORLD
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Lessons from my 20s
INNOVATION PART II, Section 6
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What is Innovation?
THE PROCESS OF CREATING SOMETHING NEW THAT MAKES LIFE BETTER
Innovation (n.)
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Innovation
INNOVATION IS IMPOSSIBLE WITHOUT PASSION
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Innovation
Most companies arent Innovative because they Lack passion
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Innovation
INNOVATORS SEE THE WORLD AS IT SHOULD BE
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Innovation
INNOVATORS BECOME OBSESSED WITH MAKING THE WORLD BETTER
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Innovation
INNOVATORS FOCUS INCESSANTLY ON BRINGING VALUE TO MARKET
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Solving big problems
SOME PEOPLE BELIEVE THE GOVERNMENT SHOULD PLAY NO ROLE IN INNOVATION
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Solving big problems
THE REALITY IS THAT MANY OF THE BIGGEST INNOVATIONS OF THE past 100 years have COME OUT OF GOVERNMENT PROGRAMS
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Solving big problems
EXAMPLES INCLUDE THE INTERNET GPS CT SCANS
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Solving big problems
AND ALMOST EVERY DRUG AND MEDICAL ADVANCE IN THE U.S. COMES OUT OF AN NIh FUNDED PROJECT
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Solving big problems
Government funding For basic research often comes 10-30 years before
Commercialization is possible
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Top MILLENNIAL Innovators
Jack Andraka
At 15 he used carbon nanotube sensors to create a test for pancreatic cancer and won the Intel International Science and Engineering Fair
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Top MILLENNIAL Innovators
Meredith Perry
At 23, she is the CEO of uBeam which is about to launch a device that beams electricity through the air to charge portable electronics wirelessly
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Top MILLENNIAL Innovators
Eesha Khare
At the age of 18 created a device that could charge a mobile phone in 30 seconds. Won the 2013 Intel Foundation Young Scientist Award. Now a Harvard student.
-
Top MILLENNIAL Innovators
Robert Pera
By 35 he created a public company worth $3B that is bringing internet access to the developing world through wimax wifi networks
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Innovation
HErE ARE FIVE KEYS TO INNOVATION
-
Innovation
Clearly DEFINE THE PROBLEM youre trying To solve
1
-
Innovation
2 THROW OUT AS MANY CONSTRAINTS TO YOUR THINKING AS POSSIBLE
-
Innovation
3 ENSURE THOSE WORKING TO SOLVE THE PROBLEM ARE DEEPLY PASSIONATE ABOUT SOLVING THE PROBLEM
-
Innovation
4 BRAINSTORM IN SMALL GROUPS Of 3-6 individuals with Diverse perspectives
-
DESIGN THINKING
Design thinking is one of the Best processes for
innovation
-
The five step design thinking process
Empathize
Define Prototype
Ideate
Test
-
Key Materials needed for design thinking exericses
1. Post-its of different sizes/colors 2. Lots + Lots of whiteboard space 3. Whiteboard markers 4. Pens 5. timer
-
Step 1: Empathize
Great products start with empathy for the customer And deep problem understanding
-
Step 1: Empathize
The best way to have empathy for your customer is to solve a problem
you personally have
-
Step 1: Empathize
If its not a problem you personally have spend lots of time in the homes and offices
of your customers or users
-
Step 2: DEFINE
Define the problem very clearly.
The problem the customer is facing that we are solving is
_______________________________.
!
-
Step 2: DEFINE
Define the human impact of solving the problem
If we solve this problem, what specific differences will it make
in the lives of our customers/users: ____________________________.
!
-
Step 3: IDEATE
Ensure those working with you to solve the problem are deeply passionate about
solving the problem!
-
Step 3: IDEATE
Brainstorm with a group of 3-6 people with
Diverse BACKGROUNDS & skillsets
-
Step 3: IDEATE
Initially, throw out all Constraints to your thinking Enter a No
Judgment zone
-
Step 3: IDEATE
Brainstorm individually on post-its in 5-10 minute timed sessions
before sharing
-
Step 3: IDEATE
Begin by Brainstorm individually on post-its in 5-10 minute timed sessions
before sharing
-
Step 3: IDEATE
Capture all ideas visually on post-it notes stuck on whiteboards So they are easily
movable
-
Step 3: IDEATE
Never criticize an idea in the Ideation phase The crazy stuff can lead to
breakthroughs
-
Step 3: IDEATE
After PUTTING UP ALL THE ideas on the wall refine down to the best by giving each person a few votes
using small post-its
-
Step 4: Prototype
Quickly prototype 1-3 possible Working solutions to the problem
Paper sketches or wireframes are often sufficient here
If its a physical product, use a workshop to create a basic version
-
Step 4: Prototype
Simpler prototypes are OFTEN BEST FOR ALLOWING
RAPID learning and iteration
-
Step 5: TEST
Now test the prototypes with Actual potential customers
See what they think Then make it better
-
Step 5: TEST
Keep iterating designs & Improving Until you can convince customers
To pay for what youve built
-
THE LEAN STARTUP PROCESS
THE LEAN STARTUP PROCESS IS ANOTHER INNOVATION PROCESS
Designed to lead to QUICK LEARNINGS & RESULTS
-
THE LEAN STARTUP PROCESS
-
The benefits of the leAn startup method
1.Fast testing + learning 2.Low cost 3.Fail fast and pivot quickly
-
THE downsides of the LEAN STARTUP PROCESS
1. Often doesnt allocate enough time to the brainstorming process (go straight from idea to
build)
2. Can focus too much on finding anything that customers will pay for rather than solving a
problem that matters in the world
-
Lessons from my 20s
VENTURE CAPITAL
PART II, Section 7
-
Venture Capital
IF POSSIBLE TRY TO GET AS FAR AS YOU CAN WITHOUT RAISING OUTSIDE CAPITAL
-
Venture Capital
IN THE BEGINNING DO WHATEVER IT TAKES
TO KEEP COSTS LOW
-
Venture Capital
In a b2b business Focus on getting Revenue from customers
-
Venture Capital
Youll have a higher Chance of success if you Get paying customers before raising outside $$
(or at least 10,000+ users)
-
Venture Capital
The biggest mistake Entrepreneurs make Is raising too much Before they are ready
-
Venture Capital
AT ICONTACT WE BOOTSTRAPPED FOR THE FIRST 3 years
-
Venture Capital
AT CONNECT WE BOOTSTRAPPED FOR THE FIRST 2 years
-
What is bootstrapping
Bootstrapping means Operating without Raising Outside capital
-
What is bootstrapping
Most companies should Bootstrap for 12-36 mos before they are ready For outside capital
-
What is bootstrapping
If you dont have a product Yet, you definitely should Not be raising VENTURE capital
(except!in!very!capital!intensive!businesses!like!drug!discovery)!
-
Test demand before raising money by creating an inexpensive prototype and then improve until customers love your product
-
Venture Capital
WHERE TO LOOK DEPENDS ON HOW MUCH YOU NEED AND HOW FAR ALONG YOU ARE
-
The different types of capital available by stage $100m
Yes
Yes
Yes Yes
Yes Yes
Yes Yes Yes Yes
Yes Yes Yes
Yes Yes Yes
Yes Yes
Yes Yes
Yes
Yes
Yes
-
Angel rounds
angellist Is the best place To find early stage Angel investors
-
The power of angellist
In june 2008 Connect raised $2.8M From investors on angellist Like jason calacanis, brad feld, And scot and cyan banister
-
The power of angellist
Angels often act in packs So it is useful to secure a Lead Angel investor Who will set the terms Before reaching out widely
-
Syndicates
Top angels have packs of Other angels who follow them And invest in what they invest in
These are called syndicates
-
Venture Capital
fundable Is another good place To find early stage Angel investors
-
entrepreneurship!
-
Convertible notes
A convertible note Is a loan that converts Into equity at your Next raise usually at a discount To the future price
-
Convertible notes
Most early stage seed Deals in silicon valley Are now done as Convertible notes
-
The Key Terms of a Convertible note
Amount invested Discount rate Valuation cap Pro rata rights Interest rate
-
Venture Capital
In a b2b business AVOID RAISING MORE THAN 10x your current ANNUALIZED REVENUE
-
Venture Capital
So if your current Annual revenue run rate Is $500k Raise up to $5M
-
Venture Capital
if your current Annual revenue run rate Is just $30k
Focus on increasing sales Not raising capital
-
Venture Capital
If you raise too much Your monthly expenses Will get too far ahead Of your revenue
-
Venture Capital
And when monthly expenses ExceeD revenue by too much You go bankrupt
-
Raising an angel round
For b2b software companies The right
Time To RAISE An angel round is when
You have a working product AND
At least 5 paying customers
-
Raising an angel round
For b2C applications The right
Time To RAISE An angel round is when
You have a working product AND
At least 1000 daily users
-
Your negotiating power is based on
LEVEL OF NEED FOR THE MONEY YOUR EXPERIENCE YOUR TEAM PRODUCT & TECHnOLOGY COMPETITION OTHER TERM SHEETS QUALITY OF YOUR ADVISORS
-
The most important investment terms
VALUATION OPTION POOL SIZE LIQUIDATION PREFERENCES
FOUNDER REVESTING PREFERRED VETO RIGHTS TYPE OF PREFERRED STOCK
BOARD SEATS
" THE HIGHEST VALUATION IsnT ALWAYS BEST
-
Factors in Selecting Your INvestors
CHEMISTRY WITH THE PARTNER OPERATIONAL EXPERIENCE CURRENT PORTFOLIO ALIGNMENT PARTNER/FIRM EXIT RESULTS EXECUTIVE RECRUITING ABILITY TERMS OF INVESTMENT
-
TECH PRE-REVENUE VALUATION GUIDELINES
CEO Past exits TEAM EXPERIENCE NUMBER OF USERS NUMBER OF ENGINEERS LOCATION OF COMPANY
X2 if youre in silicon valley
$1m to $25m PMV depending on Factors like
-
Pre-Revenue Valuation example
b2c tech COMPANY RUN BY FIRST TIME ENTREPRENEUR
with 1 engineer
Pre-Money Valuation: $1m-$3m
-
Pre-Revenue Valuation example
b2c tech COMPANY RUN BY FIRST TIME ENTREPRENEURS
who have been through y combinator with a good
idea AND 2 engineers
Pre-Money Valuation: $5M-$10M
-
Pre-Revenue Valuation example
INCORPORATED tech COMPANY run By experienced CEO
with 10 years c-level experience, $100m prior Exit,
& 5 engineers
Pre-Money Valuation: $10m-$25m
-
Raise a Seed round or series A?
Typical Seed Round Company Typical Series A Company
Employees 1-10 10-50
Time since incorporation 6 months-2 years 2-5 years
Traction if consumer Working product, pre-launch up to 100,000 Daily Active Users
Over 100,000 DAUs
Traction if enterprise $0 to $50k/monthly revenue $50k to $500k in monthly revenue
Valuation range in Silicon Valley
$3M to $15M $10M to $60M
Valuation range elsewhere
$1M to $7M $5M to $30M
-
post-Revenue Valuation GUIDELINES
AS YOU GO ABOUT FUNDRAISING
YOU USUALLY WANT TO CREATE
A COMPETITIVE PROCESS
-
post-Revenue Valuation GUIDELINES
BUILD a series A FUNDING PROCESS TO ENSURE YOU RECEIVE
MULTIPLE TERM SHEETS
-
post-Revenue Valuation GUIDELINES
RAISE MONEY only from SMART PEOPLE YOU REALLY LIKE YouLL BE MARRIED to Them FOR THE NEXT
3-10 years
-
Best venture funds in my opinion
Andressen horowitz Sequoia Kleiner perkins accel Benchmark greylock Nea Bessemer Google ventures Founders fund
-
post-Revenue Valuation GUIDELINES
WAIT TO RAISE your series a UNTIL You HAVE PROVEN MATHEMATICALLY THAT X DOLLARS SPENT BRINGS Y DOLLARS BACK
-
Ryans three rules of entrepreneurship
1. Create products customers love (by overinvesting in UX testing!)
2. Spend 1/3rd of your time recruiting excellent people
3. Dont raise venture capital until you have proven customer demand
-
Timing of icontact fundraises
Date Capital raisedAnnual
revenueCapital source Capital type
Pre-money valuation
Post-money valuation
Jun 2003 $5k $5k Friend Loan N/A
N/A
May 2006 $500k $1.5m IDEA Fund Seed stage $16m $16.5m
Jun 2007 $5.3m $5.5m Updata Series A $27m $32.3m
Aug 2010 $25m $38m JMI Equity Series B $100m $125m
Feb 2012 N/A $49M Vocus Sale of Company
$170M N/A
-
Lessons from my 20s
marketing PART II, Section 8
-
What is a brand?
A BRAND IS SIMPLY THE AGGREGATEd SUM TOTAL OF EVERY Human BEINGS EXPERIENCE WITH YOUR COMPANY & PRODUCTs
-
A good brand name
1 or 2 syllables
Easily spellable
Easily pronounceable
-
marketing
GOOD MARKETING IS JUST GOOD STORYTELLING ACROSS MULTIPLE MEDIA IN A TRACKABLE AND FINANCIALLY SCALABLE MANNER
-
marketing
MARKETING IS GENERATING AN INTERESTED LEAD SALES IS TURNING THE LEAD INTO A CUSTOMER And ACCOUNT MANAGEMENT IS TURNING A CUSTOMER INTO
A LIFETIME EVANGELIZER
-
marketing
IN TODAYs WORLD MARKETING STARTS WITH your PRODUCT
-
marketing
YOU CanT SUCCEED MARKETING A CRAPPY PRODUCT FOR LONG
-
marketing
SO IF Youre marketing A CRAPPY PRODUCT STOP
-
marketing
AND PUT YOUR FUNDS INTO BUILDING A GREAT PRODUCT
-
marketing
THEN WHEN YOU HAVE A GREAT PRODUCT START STORYTELLING
-
The 6 keys to success with marketing
1. AMAZING WORD OF MOUTH FROM A GREAT PRODUCT 2. KNOWING THE LIFETIME VALUE OF A CUSTOMER 3. A TRACKING SYSTEM THAT CAN TELL YOU COST PER LEAD,
cost per customer/user, and CONVERSION RATE PER CHANNEL
4. CONSTANT TESTING OF NEW CHANNELS, CREATIVE, AND FUNNEL PROCESSES
5. GREAT STORYTELLING
-
Always be testing
10% of your MONTHLY Advertising budget Should be spent on TESTING NEW CHANNELS
-
Know your CAC
You dont KNOW YOUR CUSTOMER ACQUISITION COST? ARE YOU SERIOUS?
-
Know your LTV
You dont KNOW YOUR Customer LTV? ARE YOU SERIOUS?
-
Know your LTV
Monthly Revenue Average Customer Life Lifetime Revenue
What You Can Spend to Acquire a New Customer
Recurring Customer $50 48 Months $2400 Up to $800
ROUGH EXAMPLE DETERMINING WHAT YOU CAN SPEND TO ACQUIRE A NEW RECURRING CUSTomER
-
Know your LTV
Average Purchase Price
Average Number of Purchases Within 3
Years
3 Year Revenue Estimate
What You Can Spend to Acquire a New
Customer
Non-recurring Billed Customer $50 6 $300 Up to $100
ANOTHER ROUGH EXAMPLE DETERMINING WHAT YOU CAN SPEND TO ACQUIRE A NEW CUSTomER
-
Know your LTV
SCALE YOUR AD BUDGET SCIENTIFICALLY BY TRACKING LEAD ACQUSITION COST
& CONVERSION RATE BY ADVERTISING CHANNEL
-
Online Marketing channels
SEO GOOGLE, YAHOO, BING
PPC - GOOGLE Adwords / BING ADCENTER
SOCIAL PRESENCE FACEBOoK, TWITTER, youTUBE
SOCIAL ADS FACEBOOK, TWITTER, Youtube ADS
DISPLAY BANNER ADVERTISING
AFFILIATES CJ & LINKSHARE
Review SITES YELP, CITYSEARCH, GOOGLE LOCAL
DAILY DEALS GROUPon & LIVINGSOCIAL
EMAIL FOLLOWUP iCOntact & MAILCHIMP
-
MOBILE advertising channels
Facebook CPI Ads
Twitter CPI Ads
TapJoy
ChartBoost
Vungle
Fiksu
nativex
Adcolony
Fyber
Flurry
APPIA
Admob
-
Offline advertising channels
TELEVISION
PRINT ADVERTISING
RADIO
YELLOW PAGES
buses
DIRECT MAIL
TRADESHOWS
EVENT SPONSORSHIPS
BILLBOARDS
CAMPUS REPS
-
Offline advertising channels
THE KEY IS TO TEST ALL OF THE CHANNELS AND TRACK THE ACTUAL RESULTS
FROM EACH ONE
-
To grow your sales & Acquire more customers
CALCULATE CPL & COnVERSION RATE BY CHANNEL DETERMINE WHAT YOU CAN PAY PER NEW CUSTOMER TEST NEW ADVERTISING CHANNELS SCIENTIFICALLY CREATE A PREMIUM VERSION OF YOUR PRODUCt TEST DOUBLING YOUR PRICE AND SEE WHAT HAPPENS GET MORE AFFILIATES/DISTRIBUTORS OPEN UP MORE SALES OFFICES OPEN UP MORE RETAIL LOCATIONS BUILD ADDITIONAL PRODUCTS HIRE MORE SALES PEOPLE HIRE SOMEONE TO SELL MORE TO EXISTING CUSTOMERS RAISe CAPITAL AND EXPAND YOUR ADVERTISING
-
Why most startups fail
1. Co-founder issues 2. Product doesnt solve a real problem 3. Never charge for product 4. Poor sales and marketing
-
Icontact revenue growth
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
2003 2004 2005 2006 2007 2008 2009 2010 2011
-
Icontact customer growth
0
10000
20000
30000
40000
50000
60000
70000
2003 2004 2005 2006 2007 2008 2009 2010 2011
-
Connect User Growth six months after launch
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
-
Primary icontact customer acquisition channels
1. Google AdWords 2. Facebook Ads 3. Affiliate Program 4. Banner Ads
-
Google adwords
-
Facebook Ads
-
Doubleclick Ad manager
-
Commission junction
-
Track your customers by channel
Set up Google Analytics so you can
calculate your customer acquisition
cost by marketing channel
-
Google Analytics
-
Track your iusers by channel
Set up Mobile App Tracking (MAT)
so you can calculate your user
acquisition cost by mobile ad network
-
Unit economics
It is extremely important to
Understand the unit economics
Of your business
-
Understanding Unit economics
Unit economics include the lifetime value of
Each new customer to your business (LTV)
As well as the customer acquisition cost (CAC)
-
A definition of lifetime value
Lifetime value (n)
How much a customer is worth to you
in revenue throughout their time as a customer with your company.
-
Icontact ltv example
Avg. Monthly Rev Per Customer = $50 Avg. Monthly Churn = 3.3% Avg. Customer Life = 30 Months
LTV = ? 50 x 33 = $1500
-
How much to spend on marketing
You can spend about 1/3rd of your LTV in sales and
marketing expenses to acquire a customer
If LTV = $1500
$500 Max CAC =
-
Example of calculating cac
=
CAC = Total Sales & Marketing Expenses
Total Customers Acquired in a Month
$2,000,000 4000
$500
=
-
Sales teams
When your product or service costs over over $500/mo, or $5k total.
When should you create a sales team?
-
Lessons from my 20s
CREATING systems
PART II, Section 9
-
A quote
Achievement comes to someone when he is able to
do great things for himself. Success comes when he
empowers followers to do great things with him.
Significance comes when he develops leaders to do
great things for him. But legacy is created only when
a person puts his organization into the position to do
great things without him.-JOHN C. MAXWELL
-
Systems
SYSTEMS ARE A COLLECTION OF PROCESSES THAT RUN
WITHOUT YOU
-
Examples of Systems
PERFORMANCE REVIEWS OFFICE FOOD DELIVERY NEW EMPLOYEE TRAINING DOWNTIME NOTIFICATION OPERATIONS REVIEWS PRODUCT FEEDBACK PURCHASE ORDERS FINANCIAL PLANNING PAYROLL CLIENT SATISFACTION VACATION REQUESTS
MARKETING TESTING RFP MANAGEMENT EXPENSE REIMBURSEMENT HARDWARE SETUP TAX DOCUMENTATION LEGAL CONTRACTS 360 FEEDBACK JOB DESCRIPTIONS EXTERNAL COMMUNICATIONS INTERNAL COMMUNCIATIONS ACCOUNTING
-
Systems
AFTER THE FIRST two years Your success is DETERMINED MORE BY THE PEOPLE YOU HIRE THAN BY YOU SO STOP TRYING TO DO
EVERYTHING
-
Systems
FOR A BASIC ACCOUNTING SYSTEM WE USE QUICKBOOKS ONLINE
-
Systems
BE SURE TO TRACK YOUR BOOKS ACCURATELY FROM THE BEGINNING
-
Systems
AND ALWAYS SEPARATE PERSONAL AND BUSINESS EXPENSES
-
Systems
Investors dont Invest in systems
That go home at night!
-
Systems
To create a great Organization You must Build a system to CULTIVATE GREATNESS In others
-
systems
ONCE YOU GET pAST 20 EMPLOYEES CONDUCT ANNUAL ONLINE 360 Reviews
-
systems
MAKE SURE YOUR INCENTIVE STRUCTURE incentivizes THE RIGHT GOALS
-
Business lessons Learned
GIVE IMMEDIATE AND SPECIFIC FEEDBACK
MORE OFTEN
-
Lessons from my 20s
Building a team
PART II, Section 10
-
Building a team
Make sure youre PASSIONATE ABOUT WHAT YOU ARE LEADING YOUR TEAM TOWARD ACCOMPLISHING. IF YouRE NOT PASSIONATE ABOUT ACHIEVING THIS GOAL YOU ARE LEADING THE
WRONG ORGANIZATION
-
Building a team
SURROUND YOURSELF WITH PEOPLE SMARTER THAN YOURSELF PEOPLE WHO HAVE HIGH INTEGRITY AND PEOPLE PASSIONATE ABOUT ACHIEVING THE SAME GOAL YOU
ARE PASSIONATE ABOUT
-
Building a team
ONLY HIRE SOMEONE AS A DIRECT REPORT IF HE OR SHE CAN DO THEIR JOB 2x BETTER THAN
YOU COULD
-
Building a team
NEVER HAVE MORE THAN SEVEN DIRECT REPORTS
SIX if you have to manage the Board of Directors as well
-
Building a team
MAKE SURE YOU AND YOUR TEAM ARE COMPLETELY CLEAR ON WHAT YOU ARE TRYING TO ACHIEVE, BY WHEN, the definition of success, and why WHAT youre trying to achieve
MATTERS IN THE WORLD
-
Many leaders HAVE A VISION But dont COMMUNICATE IT
Building a team
Dont make this mistake
-
Building a team
PAINT A CLEAR VISION AND COMMUNICATE IT SUCCINTLY, VISUALLY, BROADlY, and REPEATEDLY. KNOW WHERE YOU ARE GOING AND THEN
LEAD PEOPLE THERE
-
Building a team
YOUR JOB IS TO DEFINE OBJECTIVE SUCCESS FOR EACH OF YOUR DIRECT REPORTS AND THEIR JOB IS TO DEFINE SUCCESS FOR EACH OF THEIR
DIRECT REPORTS
-
Building a team
INTEGRATE SUCCESS FOR THE INDIVIDUAL TOWARD HIS OR HER OWN LIFE GOALS WITH SUCCESS FOR THE PROJECT
AND THE COMPANY
-
Building a team
DEFINE SUCCESS QUANTITATIVELY
Real-time MONITOR THEN TRACK IT ON A
Visible to all team members
-
Building a team
MAKE SURE YOUR TEAM KNOWS THAT TRUE LEADERS
MAKE A COMMITMENT TO ENSURING THAT THE PERSON
WHO FOLLOWS THEM IS BETTER THAN THEY WERE
ASK EACH TEAM MEMBER TO IDENTIFY & TRAIN THEIR
Replacement before LEAVING and in exchange
YOU WILL NEVER SURPRISE THEM WITH TERMINATION
-
Building a team
ASK YOUR TEAM TO NEVER LET SOMETHING IMPORTANT
GO UNSAID
-
LISTEN & proACTIVELY SEEK OUT INFORMATION FROM YOUR TEAM
Building a team
-
GOOD LEADERS SEEK OUT & ASK FOR
UNPOPULAR OPINIONS FROM THEIR TEAM
Building a team
-
ALWAYS TAKE THE TIME TO EXPLAIN THE MENTAL MATH BEHIND YOUR DECISIONS
Building a team
-
IF YOU WANT TO ACHIVE A DIFFICULT GOAL CREATE An INCENTIVE PRIZE WITH CLEAR GUIDELINES AND PUBLICIZE IT
(Why hackathons & XPRIZE work so well)
Building a team
-
EVERY MEMBER OF YOUR TEAM
SHOULD HAVE A SIGNIFICANT PORTION OF THEIR COMPENSATION TIED TO pre-DEFINED COMPANY SUCCESS METRICS
Building a team
-
TREAT your PEOPLE WITH RESPECT AT ALL TIMES
Building a team
-
WORK HARD & ALONGSIDE YOUR TEAM
Building a team
-
DONt be
TOO SERIOUS (Life is short. Have fun with what youre doing)
Building a team
-
MAKE SURE EVERYONE KNOWS THEY CAN TALK TO YOU
ANYTIME
Building a team
-
BUILD CARING RELATIONSHIPS WITH YOUR DIRECT REPORTS
Building a team
-
COMMEND MORE THAN
YOU CRITICIZE
Building a team
-
CONsCIOUSLY BUILD AN AMAZING CULTURE
Building a team
-
create an environment in which Each team Member can do the Most Inspired work
Of their lives
Building a team
-
A startup ceos role includes
VISION STRATEGY PRODUCT CREATION FINANCING MEDIA RELATIONS
CULTURE LEADERSHIP TEAM RECRUITING OPERATIONS BOARD RELATIONS
-
The role of the ceo
As you grow, youll hire experienced
People for each of the major roles
Like sales, marketing, recruiting, HR,
engineering, design, operations,
product & customer support
-
You can recruit via
Your c-level team SHOULD BE EXCLUSIVELY
MADE UP OF JEDIS
-
The role of the later stage ceo
1. Set strategy & vision 2. Set production direction 3. Recruit & lead senior team 4. Oversee resource allocation 5. Communicate to stakeholders 6. Build a great culture
-
The role of the ceo
Your role as CEO is not to micromanage
Its to hire people more experienced
than you in their areas and provide the
big picture
-
GREAT CEOS are good at
Public speaking
Connecting deeply with team
Sharing their passion
Raising funding
Understanding customer needs
-
My Favorite interview questions to ask
WHAT ARE YOU PASSIONATE ABOUT? TALK ABOUT SOME OF THE EXPERIENCES IN LIFE THAT HAVE BEEN VERY CHALLENGING WHAT CHANGE DO YOU WANT TO MAKE IN THE WORLD IN YOUR LIFETIME? IF YOU MET AN ALIEN, HOW WOULD YOU DESCRIBE YOURSELF? TELL ME ABOUT YOUR FAILURES TELL ME ABOUT THE GOALS YOU HAVE
-
You can recruit via
EXISTING EMPLOYEE REFERRALS COMPETITORS linkedin Hired/angelList YOUR INVESTORs CONTACTS CORPORATE RECRUITERS PRESS PICKUPS
-
The best team
THE BEST TEAM MEMBERS ARE OFTEN THE ONES WHO ARE CURRENTLY
EMPLOYED
-
Let people go who arent working out
IF SOMEONE ISNT WORKING OUT LET THEM GO AND FREE THEM UP TO DO SOMETHING THEY
ARE GOOD AT
-
Building connection & Familiarity within your team
HERE ARE 4 retreat Exercises that are Worthwhile to do with
Your team
-
Team Retreat Exercises
-
Exercise 1: Inner and outer story
ASK each TEAM member TO share:
1. 120 seconds - ACCOMPLISHMENTS and resume (OUTER STORY) 2. 240 seconds YOUR HIDDEN INNER STORY
Deep down inside what do you worry about? What are you insecure about? WHAT HAVE YOU STRUGGLED WITH MOST IN THE LAST 2 years? What are you afraid of BEHIND THE FAADE?
FOR A SUCCESSFUL EXERCISE, BE SURE TO TAKE THE TIME TO Create a setting of confidentiality and openness to being vulnerable
-
1. HAVE EACH team member SPEND 5 minutes to think about and then WRITE DOWN in NO MORE THAN 10 words THE ANSWER TO: what change do you want to make in the world WITH YOUR LIFE?
2. Then have each person share their 1 sentence with the group 3. THEN have EACH PERSON ONE AT A TIME STAND UP AND ANSWER THE
QUESTION WHY DO YOU DO WHAT YOU DO? For 4 minutes For a successful exercise If the speaker finishes talking before the 4 minutes is up, ask them the question again
and have them answer it again Dont allow any other question to be asked during the 4 minutes
Exercise 2: the change you wish to make
-
1. HAVE EACH PERSON WRITE DOWN 4 pivotal moments in their life
2. HAVE EACH PERSON SHARE THE 4 pivotal moments and how they handled them and dealt with them with the group
FOR A SUCCESSFUL EXERCISE CREATE AN ENVIRONMENT OF CARE AND CONFIDENTIALITY
Exercise 3: Pivotal moments
-
1. PAIR OFF INTO TWOs IN A QUIET LOCATION 2. HAVE ONE PERSON TAKE 5 minutes to share the story of the
most difficult and vulnerable MOMENT IN THEIR LIFE 3. HAVE THE PARTNER ASK EXACTLY 3 follow-up questions 4. THEN SWITCH ROLES FOR A SUCCESSFUL EXERCISE ALLOT AT LEAST 30 minutes for the exercise as the exercise can
bring up difficult emotional situations that require time to process BEFORE THE SESSION CONTINUES
Exercise 4: Crucible moments
-
Lessons from my 20s
Strategy & Execution
PART II, Section 11
-
strategy
Your strategy should be TO BE THE BEST in the world AT ONE THING
So CHOOSE CAREFULLY
-
strategy
STRATEGY IS THE COLLECTION OF UNIQUE PROCESSES THAT WORK IN UNISON TO ENABLE YOUR FIRM TO BE THE BEST IN THE WORLD
AT ONE THING
-
strategy
STRATEGY IS ABOUT TRADEOFFS
YOU MUST CHOOSE WHAT NOT TO DO
-
strategy
STRATEGY INVOLVES CHOOSING TO PERFORM ACTIVITIES DIFFERENTLY
THAN others
-
strategy
NEVER CREATE STRATEGY IN A ROOM OF MORE THAN FIVE PEOPLE
CEO Head of Product Head of Technology Head of Sales Head of Service Head of Marketing Head of OPERATIONS
CHOOSE FIVE
-
At your quarterly Planning sessions with your senior team Update your one-page
strategic plan
See an example at:bit.ly/1pagestrategy
Operational execution
-
Operational execution
BUILD CONSENSUS WITH A SMALL CORE BEFORE YOU SHARE WIDELY
-
Operational execution
ONCE YOU ALIGN THE CORE ALIGN THE NEXT LAYER THEN THE NEXT
THEN THE NEXT
-
Operational execution
WAY TOO MUCH TIME IS SPENT in MEETINGS
-
At your company ADOPT a MAKERS SCHEDULE
Operational execution
See: www.paulgraham.com/makersschedule.html
-
Engineers and creatives Need at least 4 hour blocks Of Uninterrupted time To get anything done
(so stop overscheduling them in meetings)
Operational execution
-
At most Have one daily standup meeting In which you actually stand
So it takes less than 15 mins
Operational execution
-
Once your company
gets beyond 30 employees
hire a COO to keep the trains
running on time and to focus on cross
department projects & metrics
Operational execution
-
All creative or technical CEOs
Need a really good
Ops Person
Operational execution
-
Create numerical goals in advance
with each of your team members
Hold them accountable to the goals
not to methodology!
Operational execution
-
Hold a quarterly 2-day planning sessions each quarter and an annual
4 day team retreat
Operational execution
-
ONCE YOU AND YOUR TEAM HAVE YOUR PLAN COMMUNICATE IT in A MEMORABLE WAY WITH VISUAL AND NUMERICAL REINFORCEMENT TO THE FULL TEAM THEN FOCUS ON EXECUTING WITH FANATICal DISCIPLINE & RECOMMUNICATE AND REINFORCE AT LEAST
MONTHLY
Operational execution
-
Operational execution
HOLD PEOPLE ACCOUNTABLE TO PRE-DEFINED MEASURABLE RESULTS NOT TO THEIR METHODOLOGy AS LONG AS THEY ARE TREATING
PEOPLE WELL
-
Operational execution
ONCE YOURE CLEAR ON STRATEGY DONT SKIMP ON OPERATIONALIZING THE STRATEGY PLAN TEAMS IN LARGER COMPANIES GET OFF TRACK HERE FIGURE OUT WHAT RESOURCES ARE NEEDED TO ACHIEVE TEAM GOALS AND FIGURE OUT THE METRICS THAT ENABLE THE FOCUS NECESSARY AND TRACK
THEM VISUALLY
-
Track your key
metrics visibly on a
real time dashboard
Operational execution
-
Operational execution
SHOW results for up to 5 COMPANY-wide goals IN REAL TIME AND ON A MOUNTED AND VISIBLE MONITOR MAKE YOUR RESULTS AND KPIS VISIBLE AND CLEAR BE TRANSPARENT to your full company and
MEASURE what MATTERS
-
Operational execution
CONSTANTLY be TESTing. As jim collins says FIRE BULLETS TO FIND WHAT WORKS SEE WHAT WORKS THEN FIRE CANNONBALLS
-
When to hire key team members
Office Manager/EA 10 employees
CFO 20 employees
COO 30 employees
Dir of HR 40 employees
-
Operational execution
PART OF THE CEOs JOB IS TO FIND & HIRE PEOPLE WHO CAN DO THEIR ROLES MUCH BETTER THAN THE CEO COULD
-
Operational execution
WHEN YOU SEE SOMEONE DOING A GOOD JOB TELL THEM!
-
Operational execution
THERE IS GREAT POWER IN DEADLINES CREATE SOME!
-
What a CEO Does in Year one
Team Size Key Actions 1-3 Its all you to start.
Incorporate and get an EIN. Get a bank account. Find a business partner with a complementary skillset if needed. Make sure you have $25,000 saved up to get started Focus on product development and getting something to market
that solves a customer need.
Create something of value to others and sell, sell, sell! Get customer feedback and use it to make your product better.
-
What a CEO Does in year two
Team Size Key Actions
4-9 Do all you can to enable the company to survive Build an Advisory Board Hire your first employees You should be in charge of product or sales or both Set up a basic low cost office space Outsource your payroll
-
What a CEO Does in year THREE
Team Size CEO Role
10-25 Hire an outside bookkeeper/accountant to produce monthly financial statements by the
20th of the following month Put real time visible dashboards in place Everyone wont report to you anymore. Start putting managers in place. Figure out your unit economics and consider raising funding to invest in growth. Hold a weekly meeting with either the whole company or all the key operational individuals Hire people more experienced than yourself for the role you are hiring for, even if you have
to wait a bit longer to be able to afford them. Keep the organization focused on selling and growing. Put in place an employee handbook Define your values Define your mission and vision Put in place a formal performance review process and ensure a manager conversation and
performance review is completed at least every 12 months, including 360 reviews in which peers and staff review their managers.
Set up an options plan Install a CRM system
-
What a CEO Does in year Four
Team Size Key Actions
26-50 Start a weekly meeting with your Senior Leadership Team, Leadership Team, and Managers Start a weekly meeting with just your Senior Leadership Team Hire a COO, Controller or CFO, a Director of Human Resources, and an Administrative
Assistant. Make sure your Controller/CFO begins providing monthly accurate financial statements
to you by the 20th of the following month in GAAP format and Managerial format Document your systems and processes in an employee handbook. Set KPIs and have your team report on them weekly. Put in place documented incentive compensation systems. Think about creating systems to ease internal employee communication, like internal wikis,
company meetings, external events, and retreats. Start using a One Page Strategic Plan with a quarterly theme. Have formal annual planning meetings to set or communicate both strategy and budgets
for the upcoming year. Start investing consciously in shaping your company culture. Start investing consciously in managerial and leadership development courses for your
managers and future managers. Hire an Auditor to audit your annual financial statements
-
What a CEO Does in year Five and six
Team Size Key Actions
51-200 Define your companys hedgehog concept (what you can be the best in the world at, what
youre passionate about, what drives your economic engine?) Implement The Five Dysfunctions of a Team Material throughout the organization Launch a formal corporate social responsibility program Start thinking about what new markets your organization can go into the future and figure
out what your next product cycle will be Think about what the next big thing will be in your broad industry and position your
company to be the leader in it Start top-grading your people and letting go of the bottom 10-20% annually Constantly ask yourself what will be driving revenue growth most in 24 months? Put in place a system that will enable you and your leaders to know everyones name Launch an HRIS to automate your human resources functions like talent recruitment,
performance management, compensation, and employee training. Implement the Service Profit Chain from Peak Switch to a Big 4 Auditor Launch a Corporate Development Department Hire an Investment Bank If Needed to Evaluate M&A opportunities
-
What a CEO Does in year SEVEN AND EIGHT
Team Size CEO Role 200+ Consider scaling yourself by separating the organization into
different business units with GMs or Presidents
Your role is now divided into five parts, described below. Set Strategy and Vision Manage the Senior Team Communicate with Stakeholders Oversee Resource Allocation Build the Culture
-
Recommend Books on Execution
1. Good to Great by Jim Collins 2. Built to Last by jim collins 3. Execution by Ram Charan 4. Peak by Chip Conley 5. Mastering the Rockefeller Habits by Verne Harnish 6. The Future of Management by Gary Hamel
-
Lessons from my 20s
the steps to get started
PART II, Section 12
-
100 Steps in review
1. FIGURE OUT WHAT CHANGE you WANT TO MAKE IN THE WORLD 2. BEGIN RESEARCHING THE INDUSTRY AND COMPETITORs 3. DETERMINE HOW TO CREATE YOUR PRODUCT 4. TALK TO POTENTIAL CUSTOMERS FOR FEEDBACK 5. COME UP WITH NAME FOR YOUR COMPANY/PRODUCT
-
100 Steps in review
6. BUILD YOUR PITCH DECK 7. CREATE PRO FORMA FINANCIAL PROJECTIONS 8. DETERMINE CAPITAL NECESSARY TO GET TO CASH
FLOW POSITIVE
9. GET FEEDBACK ON PITCH DECK FROM ADVISORS 10.FIND A CO-FOUNDER IF NEEDED
-
100 Steps in review
11. SELECT A QUALITY CORPORATE LAW FIRM IN YOUR AREA 12. INCORPORATE & OBTAIN AN EIN 13. OPEN A COMPANY BANK ACCOUNT 14. TALK TO YOUR ATTORNEY ABOUT MAKING an 83b election 15. BUILD BASIC PRODUCT PROTOTYPE/Minimum viable
product
-
100 Steps in review
16. CREATE EMPLOYEE AGREEMeNTS FOR EVERYONE 17. CREATE CONFIDENTIALITY AGREEMENTS FOR
EVERYONE
18. HOLD INITIAL BOARD OF DIRECTORS MEETING 19. CREATE YOUR RSU/STOck options plan 20. ISSUE STOCK CERTIFICATES
-
100 Steps in review
21. FUND YOUR BANK ACCOUNT AND ORDER CHECKS 22. DETERMINE IF YOU NEED OUTSIDE CAPITAL TO
START
23. RAISE ANY INITIAL STARTUp CAPITAL NEEDED 24. GET A COMPANY DEBIT/CREDIT CARD 25. SET UP YOUR ACCOUNTING SOFTWARE
-
100 Steps in review
26. SELECT YOUR PAYROLL PROVIDER 27. TRADEMARK THE NAME(S) of your company /
Product
28. DESIGN YOUR LOGO 29. CREATE BUSINESS CARDS 30. FIND OFFICE SPACE TO WORK OUT OF
-
100 Steps in review
31.FURNISH YOUR OFFICE AS NEEDED 32.PURCHASE ANY SOFTWARE/HARDWARE YOU WILL
NEED
33.GET WIRELESS INTERNET ACCESS SETUP AS NEEDED 34.OBTAIN A UPC IF YOUR PRODUCT WILL BE SOLD IN
STORES
35.DESIGN LABELING/PACKAGING IF NECESSARY
-
100 Steps in review
36. FINISH PRODUCT ALpHa/PROTOTYPE 37. GET INITIAL USER/CUSTOMER FEEDBACK 38. ORDER INITIAL INVENTORY OF PRODUCTS IF NEEDED 39. REGISTER YOUR DOMAIN NAME 40. DESIGN YOUR COMPANY WEB SITE
-
100 Steps in review
41. INSTALL GOOGLE ANALYTICS ON YOUR WEB SITE 42. IF NEEDED, INSTALL SHOPPING CART ON WEB SITE 43. APPLY FOR MERCHANT ACCOUNT TO ACCEPT CREDIT CARDS 44. SIGN UP FOR EMAIL LIST TOOL like icontact or
mailchimp
45. Optimize your web site for search engines & ADD BLOG
-
100 Steps in review
46. INSTALL A CRM SYSTEM 47. HIRE INITIAL STAFF AS NEEDED 48. CREATE COMPANY VALUES & MISSION STATEMENT 49. ANNOUNCE PROdUCT LAUNCH TO LOCAL/RELEVENT
MEDIA
50. HOLD LAUNCH EVENT & START SELLING
-
100 Steps in review
51. HIRE A TEAM TO FULFILL ORDERS & PROVIDE CUSTOMER SERVICE
52. START An AFFILIATE OR DISTRIBUTOR PROGRAM 53. BUILD UP AFFILIATES & DISTRIBUTORS 54. SET UP An AD TRACKING SYSTEM 55. TRY CPC/CPI/CPA ADVERTiSING WITH TEST BUDGET
-
100 Steps in review
56. GET RESULTS FROM THIS ADVERTISING 57. OPTIMIZE AND SCALE AS NEEDED 58. DETERMINE COST OF ACQUISITION A LEAD FOR EACH
CHANNEL
59. DETERMINE CONVERSION RATE FOR EACH CHANNEL 60. DETERMINE LIFETIME VALUE OF A CUSTOMER
-
100 Steps in review
61. Test CPC/CPI/CPA Ads with bigger budget now that you know LTV
62. TEST SOCIAL ADS & DISPLAY ADS & CALCLATE ROI BY CHANNEL 63. SCALE ADVERTISING UNTIL MARGINAL COST = MARGINAL RETURN 64. OPTIMIZE ADVERTISING to bring down CAC 65. COLLECT TESTIMONIALS FROM INITIAL USERS/CUSTOMERS
-
100 Steps in review
66. CREATE SOCIAL WORD OF MOUTH FOR YOUR PRODUCT 67. CREATE youtube video promoting your product 68. ATTEND AN INDUSTRY TRADE SHOW 69. CONSIDER SELLING YOUR PRODUCT in BULK AT WHOLESALE 70. BRING ON A BOOKKEEPER TO AUTOMATE ACCOUNTING
-
100 Steps in review
71. CREATE AN EMPLOYEE DIRECTORY 72. REVIEW YOUR P&L & balance sheet monthly 73. COMPARE INITIAL FORECAST WITH ACTUAL RESULTS 74. HIRE A SALESPERSON 75. CREATE A SALES COMPENSATION PLAN
-
100 Steps in review
76. SET UP A COMPANY HEALTH CARE PROGRAM 77. ESTABLISH YOUR VACATION POLICY 78. TEST OFFLINE ADVERTISING CAREFULLY 79. CREATE A COMPANY INTERNAL INTRANET 80. CREATE a digital company handbook
-
100 Steps in review
81. OPEN UP A CREDIT LINE WITH YOUR BANK 82. CREATE AN OFFSITE WORK POLICY 83. ONCE YOU CAN SHOW $1 in means $4 in revenue,
raise capital 84. CREATE A LIST OF FIRMS TO RAISE INITIAL GROWTH
FUNDING 85. UPDATE YOUR PITCH DECK
-
100 Steps in review
86. BUILD RELATIONSHIPS WITH INDUSTRY BLOGGERS 87. SEEK PRODUCT REVIEWS 88. HIRE AN EXECUTIVE ASSISTANT/OFFICE MANAGER 89. HOLD YOUR FIRST COMPANY RETREAT 90. TAKE CUSTOMER FEEDBACK AND IMPROVE YOUR
PRODUCT
-
100 Steps in review
91. GET CONNECTED TO INVESTORS FROM PEOPLE YOU KNOW 92. HAVE INITIAL GET TO KNOW YOU MEETINGS FOR
FEEDBACK
93. UNDER PROMISE AND OVER DELIVER ON RESULTS FOR NEXT 90 DAYS
94. DETERMINE HOW MUCH CAPITAL TO RAISE 95. RETURN TO FIRMS YOU LIKE FOR PARTNER PRESENTATION
-
100 Steps in review
96. DO 20 partner presentations in 2 weeks 97. Get 2 term sheets 98. NEGOTIATE & SIGN TERM SHEETS 99. COMPLETE DILIGENCE 100. CLOSE ON CAPITAL
-
Lessons from my 20s
Business lessons
PART II, Section 13
-
Business lessons Learned
Dont get stuck In analysis paralysis
Take action NOW!
-
Business lessons Learned
It is UP TO YOU to GET OUT THERE, DO IT &
TAKE THE INITiATIVE
-
Business lessons Learned
Dont be Afraid to
FAIL!
-
Business lessons Learned
RECOGNITION & PRAISE CAN BE BIGGER MOTIVATORS THAN
Salary & BONUSES!
-
Business lessons Learned
ALWAYS COMMUNICATE FREQUENTLY & OPENLY TO CUSTOMERS & STAKEHOLDERS DURING NEGATIVE EVENTS
-
Business lessons Learned
ONCE YOU HAVE 80% OF THE NEEDED INFORMATION MAKE THE CALL Youll be better off
By ACTING QUICKLY LEARNING & Iterating
-
Business lessons Learned
WHEN THINGS ARE GOING WELL financially IT IS TIME TO PREPARE FOR Difficult times
-
Business Lessons Learned
BUILDING A BUSINESS is like MOVING SOMETHING heavy IT TAKES TIME to GET INERTIA GOING. BUT ONCE YOU DO, THINGS CAN MOVE QUICKLY
-
Business Lessons Learned
HAVE ALL TEAM MEMBERS SHARE THEIR PERSONAL stories
WITH THE TEAM
-
Business Lessons Learned
WHEN YOU GET TO 30 EMPLOYEES HIRE A COO
-
Business Lessons Learned
YOU MAY NOT BE ABLE TO DO EVERYTHING AT ONCE TAKE A LONG-RUN APPROACH & PLAY LIFE LIKE A LONG-TERM GAME
-
Business Lessons Learned
IF YOU PRESENTLY DONT HAVE THE FINANCIAl RESOURCES, THE EXPERIENCE OR A GOOD BUSINESS IDEA, INTERN OR GET A JOB AT A COMPANY YOU ARE PASSIONATE ABOUT AND START BUILDING YOUR NETWORK & experience
-
Business Lessons Learned
ALWAYS FOCUS ON BUILDING QUALITY & GIVING RELATIONSHIPS WITH
GOOD PEOPLE
-
Business Lessons Learned
REGARDLESS OF WHAT YouRE DOING MAKE SURE YouRE CONSTANTLY
LEARNING
-
Business Lessons Learned
TAKE A PROACTIVE ROLE IN PLANNING, GOAL SETTING, &
PERSONAL EVALUATION
-
Business Lessons Learned
Dont be afraid to ask for help People are often very willing to HELP YOU IF YOU ASK
GENUINELY
-
Business Lessons Learned
GET Experience however you can Build your network Have confidence And BE IN IT TO
Help Others
-
Business Lessons Learned
IF AND WHEN YOU SUCCEED GIVE BACK
There are many brothers & sisters
Who have not been as fortunate