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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.
- 1.1. The Essence: problem solving and value proposition
- Exercise 1.1.1 – Identify Problems, Jobs, and Gains
- Exercise 1.1.2 – Prioritize and Bundle the Solution
- Exercise 1.1.3 – Define Value Proposition
- 1.2. Alternative solutions & competitive analysis
- Exercise 1.2.1 – Google the Solution
- Exercise 1.2.2 – Talk to People
- Exercise 1.2.3 – Compare Offerings
- Exercise 1.2.4 – Find Blue Ocean
- Assignment/deliverable #1 – Value Proposition
- 1.3. Segmentation and potential market size
- Exercise 1.3.1 – Define Market Type
- Exercise 1.3.2 – Divide Market into Segments
- Exercise 1.3.3 – Create Scheme and Persona
- Exercise 1.3.4 – Choose Target Segments
- 1.4. Monetization Options and Financial Estimations
- Exercise 1.4.1 – Choose Revenue Model
- Exercise 1.4.2 – Calculate Your Costs
- Exercise 1.4.3 – Know Your Cash Burn Rate
- Exercise 1.4.4 – Evaluate Need for Investment
- 1.5. Business model
- Exercise 1.5.1 – Answer Key Questions
- Exercise 1.5.2 – Draft the Canvas
- Exercise 1.5.3 – Review and Clarify
- Assignment/deliverable #2 – LEAN Canvas
- 1.6. Market and business environment analysis
- Exercise 1.6.1 – Plan the Research
- Exercise 1.6.2 – Estimate Market Size and Growth
- Exercise 1.6.3 – Evaluate Your Business Environment
- Exercise 1.6.4 – Update Value Proposition
- Assignment/deliverable #3 – Market Size and Business Environment
- Self assessment quiz #1 – Business Model
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Section 2: Testing your business idea
How to approach, validate and test your idea with potential users, customers, partners.
- 2.1. Get ready for hypotheses verification
- Exercise 2.1.1 – List all the Assumptions
- Exercise 2.1.2 – Complete Experiment Cards
- Assignment/deliverable #4 – Experiment Cards
- Exercise 2.1.3 – Find Potential Customers
- Exercise 2.1.4 – Choose the Type of Engagement
- 2.2. Creating minimal viable products: purposes and types
- Exercise 2.2.1 – Select the Type of MVP
- Exercise 2.2.2 – Create Your MVP and Run Experiments
- Exercise 2.2.3 – Make Decision: Pivot or Proceed
- 2.3. Validating problem-solution-market fit
- Exercise 2.3.1 – Validate the Problem
- Exercise 2.3.2 – Validate the Solution
- Exercise 2.3.3 – Validate the Price
- Exercise 2.3.4 – Validate the Target Segment
- Exercise 2.3.5 – Update Your Business Model
- 2.4. Testing communication and distribution channels
- Exercise 2.4.1 – Decide on Distribution Strategy
- Exercise 2.4.2 – Make a Draft of Your Sales Funnel
- Exercise 2.4.3 – List Possible Channels
- Exercise 2.4.4 – Test Channels in Small Batches
- Exercise 2.4.5 – Update Your Business Model
- Self assessment quiz #2 – Experiments and Validation
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Section 3: Funding your business
How to attract initial and further investments to help your startup grow and prosper.
- 3.1. Startups challenges and the fundraising process
- Exercise 3.1.1 – Get Ready for the Process
- Exercise 3.1.2 – Turn on Fundraising Mindset
- Exercise 3.1.3 – Identify Key Milestones
- Exercise 3.1.4 – Estimate Your Financial Needs
- 3.2. Choosing the best funding source
- Exercise 3.2.1 – Personal Savings, Loan, and Other Sources
- Exercise 3.2.2 – Business Income in Advance
- Exercise 3.2.3 – Crowd Funding Platform
- Exercise 3.2.4 – Angel Investors and Seed Firms
- Exercise 3.2.5 – Accelerators and Incubators
- Exercise 3.2.6 – Venture Capital Funds
- Assignment/deliverable #5 – Milestones
- 3.3. Creating a pitch deck and other fundraising material
- Exercise 3.3.1 – Elevator Pitch and One-pager
- Exercise 3.3.3 – Investor Presentation and Pitch
- Exercise 3.3.4 – Detailed Pitch Deck
- Exercise 3.3.5 – Online Profiles and Media
- Exercise 3.3.6 – Financials and cap table
- Exercise 3.1.5 – Maximize Your Startup Valuation
- Assignment/deliverable #6 – Pitch Deck
- 3.4. Entering into an investment agreement
- Exercise 3.4.1. Is the investor a good fit for your startup
- Exercise 3.4.2. Investor-founder partnership expectations
- Exercise 3.4.3. Forms of the investment
- Self assesment quiz #3 – Fundraising
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Section 4: Go to market
How to sell the product once it is tested and ready for the world markets.
- 4.1. Craft an irresistible offer
- Exercise 4.1.1 – Draft a High ROI Offer
- Exercise 4.1.2 – Create Unique Selling Proposition
- Exercise 4.1.3 – Make Your Offer Believable
- 4.2. Prepare your go to market strategy
- Exercise 4.2.1 – Product and market relationship
- Exercise 4.2.2 – Set Strategic Direction for Growth
- Exercise 4.2.3 – Define Marketing Strategy
- Exercise 4.2.4 – Have Alternative Marketing Strategy
- Exercise 4.2.5 – Update Your Business Model
- Assignment/deliverable #7 – Go-to-Market Strategy
- 4.3. Plan your marketing and sales actions
- Exercise 4.3.1 – Define the Main Goal
- Exercise 4.3.2 – Outline the Objectives
- Exercise 4.3.3 – Break Out Objectives Into Tasks
- Exercise 4.3.4 – Tie Tasks to Dates
- 4.4. Get ready to up-sell, cross-sell, and down-sell
- Exercise 4.4.1 – Create Up-Selling Offers
- Exercise 4.4.2 – Create Cross-Selling Offers
- Exercise 4.4.3 – Create Repeat Sales Business Model
- Exercise 4.4.4 – Consider Down-Sell Strategy
- Exercise 4.4.5 – Find Partners for Affiliate Sales
- 4.5. Foundations for startup branding
- Exercise 4.5.1 – Prepare for Brand Development
- Exercise 4.5.2 – Decide on Brand Characteristics
- Exercise 4.5.3 – Create Your Brand Identity
- Exercise 4.5.4 – Make Your Brand Alive
- Assignment/deliverable #8 – Marketing Plan
- Self assesment quiz #4 – Go-to-Market
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Additional resources
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Final Quiz
Exercise 3.4.1. Is the investor a good fit for your startup
Is the investor a good fit for your startup?
It is important to consider some points to understand if you and your potential investor are a good fit for each other so you can form a strong partnership that will lead your startup to success.
- Does the investor have valuable contacts and advice they can provide you?
- Can he/she spread information about your startup through their channels?
- What role do they expect in the decision making process and does this align with your expectations?
- What are their needs for reporting and audit and can you meet them? (While investors usually ask startups to provide monthly, quarterly and yearly reports, some also ask for audits, which will be an additional cost to your company).
- Consider the issue of confidentiality. You will be giving out important information about your startup, so you have to make sure it will not be spread around too much.
- Think about the issue of competition – some investors might have businesses in the same field as you or might invest into companies in the same field, so it is important to know and discuss what kind of information and how can be shared externally, so it does not affect your competitiveness
- Remember that for any successful partnership respect, trust and motivation is essential.