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10 Keys to Startup Survival
Tor Johnson as a zombie with his victim in cult movie Plan 9 from Outer Space (1959). wikipedia.org
10 Keys to Startup Survival
How not to become a small business statisticHow not to become a small business statistic
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You need these talents to succeed:You need these talents to succeed:
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Courage
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Flexibility
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Work Ethic
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A Desire To Grow
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You need a battle plan not a business planYou need a battle plan not a business plan
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Don’t waste time/resources creating
a business plan
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Spend your time getting your first paying customer
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Make “maniacal focus” your mantraMake “maniacal focus” your mantra
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Avoid “feature creep”
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Market “deep” not “wide”
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Sacrifice early margin
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Get customer feedback
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Being in a competitive market ain’t bad newsBeing in a competitive market ain’t bad news
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Competition means there’s a
market
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Learn everything about your market
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Find your niche
It’s all about selling and you’re your best salesperson!It’s all about selling and you’re your best salesperson!
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Early on, you can’t afford a professional salesperson
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Find who needs your product/service
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Get in front of your prospects any way
you can
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Don’t give them a “drink from a
firehose”
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Do more than demo your product, let
them use it
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Give them an offer in writing / ask for
the order
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Stay actively involved after the sale
You can’t do it without customersYou can’t do it without customers
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Get as many of them as early as
possible
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Listen to their feedback
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Love them so much they will never want
to leave you!
Cash is not as important as breathing...But only a close second!
Cash is not as important as breathing...But only a close second!
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Cash generation
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Managing cash from customers & suppliers
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Incentivize early payments
Staged pricing / progress payments
Advanced billing / collections
Point of purchase / mobile payments
Negotiate terms whenever possible
It’s only a real business if you’re getting paidIt’s only a real business if you’re getting paid
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Critical considerations for seeking outside investmentsCritical considerations for seeking outside investments
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Investors fund businesses, not ideas
Investors invest in you and your employees
Earlier the investment, higher the risk, higher
the equity stake
Do you need capital or specific resources?
Don’t run out of money while you're raising it
No such thing as a “silent” investor
It’s lonely at the top, but it doesn’t need to be!It’s lonely at the top, but it doesn’t need to be!
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Get an advisor/mentor
Market/customer-focused
Hire for the present, with an eye to the future
Have an outlet
Find partners
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Want more startup advice?Want more startup advice?
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