StartUp Secret Sauce Series: Are You Ready for Your First StartUp docx

[...]... lead in complimentary areas will allow you to move faster and smarter toward your goals There are 4 key functional areas useful to assess: • Your values • You work environment preferences • Your executive communication skills • Your cognitive abilities A certified Executive Coach can administer and translate assessments in these areas for you and your team Understanding how each of your key team members... What are you going after today? Asking not only serves to motivate the team, but you are also recognizing each step along the way is significant to the entire organization The first win you can celebrate is your decision to start your own business You, the entrepreneur, are taking a tremendous step towards a life you ve probably been envisioning for a while Not only are fulfilling a dream of your own,... outline on which all of your future sales efforts and marketing efforts should adhere to If something does not support your company’s purpose – just don’t do it Understanding your market from your company’s purpose perspective highlights your differentiation and allows you to pass over features and product ideas which don’t support it When you properly evaluate an idea, you are critically thinking... the next stage of your product Money is the fuel for the engine of your business Prioritize and make adjustments as needed throughout your first year If you hit a serious budget issue, investigate alternative types of funding (See Chapter 2), and use the information to better plan your budget moving forward Poor Initial Marketing Mix If you ve ever taken a basic marketing course, you know that the... they abuse him daily for it – or encourage him to find out what it might be useful for? Chapter 7: Celebrate the Wins Last and certainly not least, celebrate your wins even your tiny wins The task of launching a company can be incredibly complex, time-robbing, and if your only measure of success is receiving the first order, you may tire before you get there Every day, each of your team members has... the technology? Maybe you are the subject matter expert in the healthcare market as an R.N and understand the workflow that your company’s new product is producing; however, you are not the person who can manage the operations I would suggest that you strive to have solid competencies in all areas of your business, and clarity on direction for each department However, surrounding yourself with others... from experience Tight Budgets When planning your first fiscal year budget, seek help from a mentor There are more costs to consider than you can probably imagine when you re drafting your first budget And even with that beautifully complete budget, unexpected costs arise out of nowhere Maybe you under priced your products or services Tight budgets can prevent you from investing in that great marketing... Support: Companies who take care of their clients when things go wrong are poised for success Having someone on your team who is specifically responsible for the care of clients when they need help will serve you well Chapter 5: Breathing Life into Your Idea There’s nothing more wonderful for us than sitting with a founder who spills out their idea for a new venture and expresses need for help There’s a 3-step... will cost you Now you need to figure out how to price it effectively based on marketing research • Promotion: How will you promote your business and your products and services? • Placement (Distribution): Where will you promote your goods and services? This takes into consideration, not only geographical locations, but also in-store placement and media (advertising in newspapers for example) If you make... Failures & Negative Feedback: Your final product or first attempt at providing service might be a failure despite all the confidence and hard work you put in That’s OK We all love receiving positive feedback, but the opportunity to grow and evolve only comes when we hear criticism How you respond to your failures and set-backs will define your work environment moving forward Be prepared to receive these moments . decision for your business. Confidence is measured in the investor’s lounge. The first time you pitch your idea, whether to your parents, your school, your. achievement. Are you the best CEO for the 5-10 year run of your company? Are you the best CEO to FUND your company? How humble can you be for the sake of your