The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anythingby Guy Kawasaki
The Art of the Start is your guide for building a solid foundation for your business. With its practical strategies, you'll learn how to build your business from the ground up, with tips on everything from crafting a killer business plan to securing funding from investors and making your brand irresistible to customers! Whether you're just starting out or looking to take your business to the next level, this book is the ultimate resource for fast-tracking your entrepreneurial success!
Creating a Remarkable Pitch Presentation with PowerPoint
As an entrepreneur, it's important to have the skill of delivering a pitch that sticks in people's minds. One effective tool to achieve this is PowerPoint.
To create visually engaging presentations, there are several tips entrepreneurs may incorporate.
Firstly, using a dark background can enhance the readability and aesthetic appeal of your content. Adding your company logo to the master page can also reinforce your brand and make your presentation appear more professional.
When selecting fonts, opt for common sans serif fonts like Arial or Calibri, which are easy to read and widely available. To make sure your content is easy to follow, limit bullet points to one level and avoid overcrowding slides with too much text. Visual aids such as diagrams and graphs can help illustrate complex ideas and make your presentation more memorable.
To make a lasting impression on your audience, you must be able to tell a compelling story that shows how you can solve a real problem. Keep in mind that your audience may be tired and fatigued from a long day of meetings, so it's important to capture their attention and keep them engaged throughout your presentation. You may also want to create printable versions of your slides for your audience to take away and remember your message.
By incorporating the above-mentioned tips, you can avoid common mistakes and create a presentation that resonates with your audience.
Actions to take
The Art of Schmoozing
Schmoozing is essentially the art of building and maintaining social connections with people who are already acquainted with you. It involves creating a positive impression and rapport with people in order to gain their trust and build a mutually beneficial relationship.
To be successful at schmoozing, it is important to approach it with a mindset of being willing to help others. This means going out to attend events, asking meaningful questions, and staying in touch with people in your network. It also involves expressing your interests and passions to others, as well as reading extensively so you'll be knowledgeable on a wider range of topics. Remember, the more you know, the easier it is to relate to many people.
Offering favors and returning favors are also key components of successful schmoozing. By being helpful and offering support to others in your network, you create a positive impression and foster goodwill.
Similarly, when someone in your network offers to help you, it is important to acknowledge and appreciate their efforts, and to reciprocate when the opportunity arises.
Actions to take
Crafting a Killer Business Plan
A business plan is an essential tool for any company, whether they're a startup or already established. It serves as a roadmap to success and helps to secure funding. However, some argue that business plans may not be as helpful for startups because they rely on assumptions and uncertainties, making their future prospects unpredictable.
To achieve success, businesses should use both deliberate and emergent strategy-making processes when writing a business plan.
Deliberate strategy-making involves a thorough analysis of the business environment, leading to the creation of a plan based on current knowledge and assumptions. This approach is useful for established companies as they have a better understanding of their market and the challenges they face.
However, for startups, the future is often unclear, and they need to be able to adapt quickly to changes in the market or unforeseen circumstances. Emergent strategy-making, on the other hand, is a more flexible approach that can respond quickly to issues and opportunities as they arise. This approach allows entrepreneurs to take advantage of unexpected opportunities and address problems before they become too big to handle.
When crafting an effective business plan, startup owners should write it in the "deliberate" style, but they should also be thinking and acting in an "emergent" style. A deliberate plan is necessary to provide investors with a clear understanding of the business and its potential for success. However, entrepreneurs also need to be capable of thinking and acting in an emergent manner, responding quickly to changes in the market, and taking advantage of unexpected opportunities.
Actions to take
Bootstrapping: A Viable Way to Start a Business
Bootstrapping is a popular method for starting a business when resources are limited. This approach prioritizes managing cash flow and affordability over profitability instead of relying on external funding or investors. To achieve this, businesses often create a bottom-up forecast outlining expected expenses and revenue. They then work to minimize costs while generating revenue to meet these goals.
Interestingly, some of the most successful companies, like Hewlett-Packard, Dell, Microsoft, Apple, and eBay, began with a bootstrapping model. A bootstrappable business typically has certain characteristics. It requires low initial capital, short sales cycles, short payment terms, recurring revenue, and word-of-mouth advertising. Such a business model requires a product or service that people already need, that is self-persuasive, and builds on a product or service that already has a large user base.
Starting as a service business is a common bootstrapping technique, as it can generate cash flow while developing a product that meets customer needs. However, it is essential to note that this should only be a temporary strategy for a product-based company.
Actions to take
Showing Traction to Get Investors' Attention
Demonstrating traction is the most important factor in getting investors' attention.
Traction refers to the progress a company has made in terms of achieving its goals. This could be in the form of various metrics such as revenue, customer acquisition, user engagement, attendance, number of visitors, contributions, or the number of volunteer hours, depending on the industry. Essentially, traction demonstrates a business's ability to scale effectively and showcases a track record of success.
But how do you show traction when your product isn't finished yet, and you don't have any sales to show to your investors? Well, the answer lies in the Hierarchy of Traction.
The Hierarchy of Traction is like a roadmap that outlines the different levels of progress you can make toward achieving your goals. Think of it like climbing a ladder. At the top of the ladder, you have measurable parameters like sales, while at the bottom, you have field testing, pilot sites, and establishing contacts for field tests.
If you're still in the development stage of your product or service and you're not still selling, you can aim to move up the Hierarchy of Traction. For example, you could try to establish agreements with potential customers to field test or pilot your product. This will show investors that people are interested in what you're offering and that you're actively working to bring it to market.
Even if you don't have agreements in place, simply establishing contacts for field testing can help you move up the ladder and increase your chances of raising capital. Investors want to see that you have a plan in place for testing and refining your product or service.
Actions to take
The Art of Branding
The art of branding is the process of creating a contagious product or service that inspires enthusiasm and encourages people to try it out. To achieve this, several elements of contagiousness need to be incorporated into the brand, including coolness, effectiveness, emotional appeal, distinctiveness, supportiveness, depth, indulgence, and disruptiveness.
To create a solid branding message, it is recommended to work with a PR firm or department that can help in opening doors for the brand with members of the press, provide post-interview feedback, and help improve meeting and presentation skills.
Finally, keep in mind that it's best to build the brand's reputation in the local area before expanding globally. By doing so, the brand can develop a strong foundation of support that can help it to thrive in international markets.