15 Oct My Key learnings from Start Check list by David Rose
Start-Up checklist by David Rose
Here I am giving my notes for you as a ready reckoner 1. Work on lean business principles – If you don’t know your plan intimately then you don’t have a plan.
2. Lean business planning manages change, don’t get confused with planning & accounting
3. Without tracking and reviewing the planning, targets: there is no management & no accountability
4. To build your team, hire experts, and performers who can add value, Skill is available at the price
5. Combine your vision, mission, commitment communication skills, and findability to get success: above all is Risk-taking and value-producing
6. During your entrepreneur journey you will start respecting Duck
7. If your friend is your partner: be ready to lose your friendship
8. Prepare a Questionnaire for partnership with anybody.
9. Start-up means : 1 % inspiration 99 % perspiration
10. Be a wantrepreneur or launch your MVP: test your value hypothesis
11. Mentorship is a long-lasting relationship in who has trust in you
12. Follow SOP in the Board meeting
13. Don’t fund the mentor and start exploring information around you, book, blogs, and quora , join meetups, communities
13. Select Account and Accounting system: learn financial data analysis
14. Learn to measure profit and revenue, manage your cash flow
15. Start taking a salary as per market rate and your roles & responsibility.
16. Prepare monthly accounts reports and hire a good accountant from the beginning
17. Manage your credit profile
18. Don’t keep false information in your accounts
19. Choose your key technologies, platforms, and vendors wisely
20. USe CRMs, Saas-based products to manage your business and team, HR , team communication, accounting and project management, marketing, social media
21. Measurement is a must: begin experimental improvements
22. Work religiously on product pricing, channel effectiveness, and customer decision process
23. Create roles and Job descriptions for every task involved in operations; hire intelligently
24. Employment agreement should be applicable for all the founders and employees to be clear
25. No need of hiring a culture catalyst if the leader is taking the right actions
26. Create a zero-tolerance policy for behavior that violates our cultural values.
27. There is no work-life balance for entrepreneurs: Its 24X7X365 day duty without recognition, rewards, suffering, and no thanks. If somebody says I am living a life of work-life balance then he is not a real entrepreneur.
28. Outsource your noncore function on Upwork, hire a freelancer
29. Pay on time and pay a fair price
30. Establish a Stock option plan to incentivize your team.
31. If your product is generic , your business may fail so choose a niche product or service and get fund
32. Govt money is the best fund so avail it
33. Take part in a pitch competition
34. Say NO to investors in these issues like operational issues, control-related issues, economic issues, strategic issues
35. Start studying platforms if you are thinking about getting funded: SeedInvest, founders club, circle up, and our crowd.
36. % investor ownership = Amount being invested /company value
37. Be fortunate by winning the faith of your investor
38. Valuation of your company: it depends on market dynamics, investor return calculation, entrepreneur hubris, and hard maths: study scorecard valuation methodology
39. Study management risk: many methods available to consider risk
40. Keep your eyes on the exit and reap the benefits of success
The Startup Checklist: Tools & Templates
Creating a visual business model using the Business Model Canvas is very important
Find your competitors: Prepare a competitive grid
Allocate Equity in your startup cash equity and sweat equity: use the founders’ Pie calculator
Use Xero Software for accounting or any app you like which is easy for you and your accountant
Use management dashboard to measure and track progress: Use google analytics, Chartbeat, kissmetrics, mix panels, and indicative
Open “ new hire draft board” to set up hiring processes
Managing your cap table is important: cap table, sample stock option plan
Visit Y Combinator and apply f you are eligible
The startup checklist online: gust.com/checklist
Study: leanplan.com
The Startup Checklist: Wonderful Formulas
Lean planning processes is about PRRR give Tim berry : plan, run, review and revise
Select your board who can bring WWW to your company : wealth, work, and wisdom
Know your three types of customers through MVP: PPD , Promotors, Passivers & Detractors
Your Culture should be AUC: Authentic, Universal, and Consistent
Due diligence: MBL : market, business, and legal diligence to be covered
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