3 - setting yourself up for success Flashcards
what are the 11 major elements to set yourself up for success?
Mindset, Business core, Mgmt, org structure/legal team, advisors, momentum, synergy, competitive adv, terms, vision, patience
1 major element for success?
Get in the Mindset - Investors don’t want to invest (even if your product or idea is awesome
2 major element for success?
Establish Core of your business - might still be able to get angel investors ; still need to do research, costs, eval curr mktplace, etc.
3 major element for success?
Have experienced and talented mgmt - some founders have it all, but a lot don’t; domain exp; ppl smarter than you; contribute to strategy
4 major element for success?
Org corp structure and legal team - Corp structure is imp (avoid inefficiency, legal issues, lack of permits) *****
5 major element for success?
Help from advisors - similar to mgmt team; network, 2 types of advisors - high-profile ones (help w credibility) low-profile ones who are also starting out and happy to provide guidance (tit for tat)
6 major element for success?
Build momentum - keep moving; and if not, show that you’re re-balancing accommodating/preparing for change/growth
7 major element for success?
team alignment (synergy) - founders agree on strategy/direction/purpose; 60% of companies go out of business b/c of founder issues ; need united front (no red flags)
8 major element for success?
competitive advantage - many simliar products/services; competition is def there; show why you’re better; mark cuban “at least 100 other ppl have thought about your idea”
9 major element for success?
know your terms - ***
10 major element for success?
vision - ***
11 major element for success?
patience - have a running list of FAQs after awhile.. evolve your approach
