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- Startup Lithuania pre-acceleration course: Startup Guide
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Introduction: idea is not enough and other most dangerous startup mistakes
This is the course for both fresh and experienced startupers among you. Read, practice & test your skills for the growth of that #NextUnicorn! When you feel ready take the final quiz to test your knowledge and be awarded with Startup Guide's certificate of completion signed by the Head of Startup Lithuania!
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Section 1: Planning your business idea
How to brainstorm, discover and plan you next BIG idea and bring it to life.
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1.1. The Essence: problem solving and value proposition
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Exercise 1.1.1 - Identify Problems, Jobs, and Gains
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Exercise 1.1.2 - Prioritize and Bundle the Solution
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Exercise 1.1.3 - Define Value Proposition
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1.2. Alternative solutions & competitive analysis
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Exercise 1.2.1 - Google the Solution
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Exercise 1.2.2 - Talk to People
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Exercise 1.2.3 - Compare Offerings
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Exercise 1.2.4 - Find Blue Ocean
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Assignment/deliverable #1 - Value Proposition7 days
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1.3. Segmentation and potential market size
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Exercise 1.3.1 - Define Market Type
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Exercise 1.3.2 - Divide Market into Segments
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Exercise 1.3.3 - Create Scheme and Persona
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Exercise 1.3.4 - Choose Target Segments
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1.4. Monetization Options and Financial Estimations
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Exercise 1.4.1 - Choose Revenue Model
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Exercise 1.4.2 - Calculate Your Costs
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Exercise 1.4.3 - Know Your Cash Burn Rate
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Exercise 1.4.4 - Evaluate Need for Investment
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1.5. Business model
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Exercise 1.5.1 - Answer Key Questions
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Exercise 1.5.2 - Draft the Canvas
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Exercise 1.5.3 - Review and Clarify
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Assignment/deliverable #2 - LEAN Canvas7 days
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1.6. Market and business environment analysis
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Exercise 1.6.1 - Plan the Research
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Exercise 1.6.2 - Estimate Market Size and Growth
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Exercise 1.6.3 - Evaluate Your Business Environment
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Exercise 1.6.4 - Update Value Proposition
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Assignment/deliverable #3 - Market Size and Business Environment7 days
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Self assessment quiz #1 - Business Model10 questions20 minutes
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Section 2: Testing your business idea
How to approach, validate and test your idea with potential users, customers, partners.
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2.1. Get ready for hypotheses verification
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Exercise 2.1.1 - List all the Assumptions
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Exercise 2.1.2 - Complete Experiment Cards
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Assignment/deliverable #4 - Experiment Cards7 days
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Exercise 2.1.3 - Find Potential Customers
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Exercise 2.1.4 - Choose the Type of Engagement
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2.2. Creating minimal viable products: purposes and types
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Exercise 2.2.1 - Select the Type of MVP
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Exercise 2.2.2 - Create Your MVP and Run Experiments
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Exercise 2.2.3 - Make Decision: Pivot or Proceed
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2.3. Validating problem-solution-market fit
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Exercise 2.3.1 - Validate the Problem
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Exercise 2.3.2 - Validate the Solution
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Exercise 2.3.3 - Validate the Price
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Exercise 2.3.4 - Validate the Target Segment
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Exercise 2.3.5 - Update Your Business Model
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2.4. Testing communication and distribution channels
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Exercise 2.4.1 - Decide on Distribution Strategy
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Exercise 2.4.2 - Make a Draft of Your Sales Funnel
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Exercise 2.4.3 - List Possible Channels
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Exercise 2.4.4 - Test Channels in Small Batches
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Exercise 2.4.5 - Update Your Business Model
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Self assessment quiz #2 - Experiments and Validation10 questions25 minutes
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Section 3: Funding your business
How to attract initial and further investments to help your startup grow and prosper.
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3.1. Startups challenges and the fundraising process
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Exercise 3.1.1 - Get Ready for the Process
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Exercise 3.1.2 - Turn on Fundraising Mindset
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Exercise 3.1.3 - Identify Key Milestones
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Exercise 3.1.4 - Estimate Your Financial Needs
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3.2. Choosing the best funding source
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Exercise 3.2.1 - Personal Savings, Loan, and Other Sources
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Exercise 3.2.2 - Business Income in Advance
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Exercise 3.2.3 - Crowd Funding Platform
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Exercise 3.2.4 - Angel Investors and Seed Firms
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Exercise 3.2.5 - Accelerators and Incubators
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Exercise 3.2.6 - Venture Capital Funds
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Assignment/deliverable #5 - Milestones7 days
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3.3. Creating a pitch deck and other fundraising material
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Exercise 3.3.1 - Elevator Pitch and One-pager
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Exercise 3.3.3 - Investor Presentation and Pitch
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Exercise 3.3.4 - Detailed Pitch Deck
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Exercise 3.3.5 - Online Profiles and Media
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Exercise 3.3.6 - Financials and cap table
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Exercise 3.1.5 - Maximize Your Startup Valuation
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Assignment/deliverable #6 - Pitch Deck7 days
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3.4. Entering into an investment agreement
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Exercise 3.4.1. Is the investor a good fit for your startup
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Exercise 3.4.2. Investor-founder partnership expectations
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Exercise 3.4.3. Forms of the investment
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Self assesment quiz #3 - Fundraising10 questions30 minutes
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Section 4: Go to market
How to sell the product once it is tested and ready for the world markets.
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4.1. Craft an irresistible offer
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Exercise 4.1.1 - Draft a High ROI Offer
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Exercise 4.1.2 - Create Unique Selling Proposition
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Exercise 4.1.3 - Make Your Offer Believable
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4.2. Prepare your go to market strategy
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Exercise 4.2.1 - Product and market relationship
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Exercise 4.2.2 - Set Strategic Direction for Growth
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Exercise 4.2.3 - Define Marketing Strategy
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Exercise 4.2.4 - Have Alternative Marketing Strategy
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Exercise 4.2.5 - Update Your Business Model
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Assignment/deliverable #7 - Go-to-Market Strategy5 days
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4.3. Plan your marketing and sales actions
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Exercise 4.3.1 - Define the Main Goal
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Exercise 4.3.2 - Outline the Objectives
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Exercise 4.3.3 - Break Out Objectives Into Tasks
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Exercise 4.3.4 - Tie Tasks to Dates
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4.4. Get ready to up-sell, cross-sell, and down-sell
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Exercise 4.4.1 - Create Up-Selling Offers
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Exercise 4.4.2 - Create Cross-Selling Offers
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Exercise 4.4.3 - Create Repeat Sales Business Model
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Exercise 4.4.4 - Consider Down-Sell Strategy
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Exercise 4.4.5 - Find Partners for Affiliate Sales
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4.5. Foundations for startup branding
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Exercise 4.5.1 - Prepare for Brand Development
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Exercise 4.5.2 - Decide on Brand Characteristics
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Exercise 4.5.3 - Create Your Brand Identity
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Assignment/deliverable #8 - Marketing Plan7 days
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Self assesment quiz #4 - Go-to-Market10 questions30 minutes
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Section5: When things go wrong
How to troubleshoot your startup and get on track to building innovative and scalable business.
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Troubleshooting Guide
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5.1. Identify Macro Trends and Target Niche
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5.1.1. Macro Trends and Fads
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5.1.2. Macro Trends Impact on Startup Marketing
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5.1.3. Sources of Secondary Data
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Exercise 5.1.4 - Conduct a PESTEL Analysis
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Exercise 5.1.5 - Dig Even Deeper
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Exercise 5.1.6 - Define Your Niche
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5.2. Conducting Customer Discovery Interviews
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5.2.1. Whom Should You Talk To?
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5.2.2. Don't Talk To Your Mom
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5.2.3. How to Conduct Interviews
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5.2.4. How Many Interviews You Need
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5.2.5. How to Invite For an Interview
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Exercise 5.2.6 - Do At Least 5 Customer Interviews
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5.2.7. Practical Tips
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5.3. Assemble the Customer Brain Trust Team
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5.3.1. What Is Customer Brain Trust Team
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5.3.2. Focus on Innovators and Early Adopters
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Exercise 5.3.3 - Create Incentives for Your Brain Trust Team
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Exercise 5.3.4 - Find and Attract Early Adopters
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Exercise 5.3.5 - Build Relationship
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Exercise 5.3.6 - Collect Feedback
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5.4. (Re) Creating Your Offer for Early Adopters
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Exercise 5.4.1 - Overview Available Alternatives
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Exercise 5.4.2 - Analyze Main Competitors Offers
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Exercise 5.4.3 - Get Back to Value Proposition Design
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Exercise 5.4.4 - Define Your Primary Promise
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Exercise 5.4.5 - Showcase Your Unique Mechanism
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Exercise 5.4.6 - Clarify Deliverables, Price and Risk Reversal
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Exercise 5.4.7 - Add Bonuses and Urgency
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Select Self assessment quiz #5 – When Things Go Wrong10 questions15 minutes
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Additional resources
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Final Quiz
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