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The Corporate Refugee Startup Guide Insights - USASBE Presentation

  1. Sales Sherpas LLC – Proprietary – 800-287-7198
  2. “Help mid-career professionals, like I was, successfully launch their first startups.” - Aug 26, 2017
  3. Wait, let me write a book instead...
  4. “Plan on it taking 1-2 years from start to getting it in print.”
  5. “You will only get 5%-10% in royalties from publishers.”
  6. “A publisher will never let you put that photo of a Cobra on your cover.”
  7. “Using a publisher wouldn’t be very entrepreneurial of you, would it?”
  8. Aug 26, 2017 Nov 10, 2017
  9. Source: Kauffman National Growth Index, 2016
  10. Source: Kauffman Index Activity State Report, 2015
  11. Average age of a first time entrepreneur….40 (Vivek Wadha - Duke University)
  12. 12 Critical Steps for the “Corporate Refugee” Entreprenuer Step 1 - Assessing your True Motivations Step 2 - Validating your Startup Idea & Building Your Business Model Step 3 - Preparing your Family for the Journey Step 4 - Transitioning from Corporate to your Startup Step 5 - Branding and Marketing Your Startup Step 6 - Law School for Your Startup Step 7 - Raising Capital for Your Startup Step 8 - Pitching Your Startup Step 9 - Building Your Startup Team Step 10 - Creating Your Launch Plan & Pilot Step 11 - Cash Flowing Your Startup Step 12 - Preparing to Pivot again and
  13. Featured Startup Secrets from the Experts….
  14. Step 1 Assessing Your True Motivations “I learned a long time ago that there is a huge difference between the need for achievement (getting something done) and the need for independence (being your own boss). I first heard this from Ed Roberts at MIT in the early 1990s. My own experience is that entrepreneurs who have a need for achievement end up being much more successful in general than those who have a need for independence. - Brad Feld, co-founder Techstars and Foundry Group
  15. Step 2 Validating Your Startup Idea & Building Your Business Model “One of the traps I see first-time entrepreneurs fall into with great frequency is being afraid to talk about their idea. There are 7.4 billion people in the world. You are naïve to think that you are the only one that has ever had this idea. First-time entrepreneurs coming from a corporate environment are frequently accustomed to not openly sharing ideas, but this is the opposite of the behavior needed to succeed as an entrepreneur.” - Troy Vosseller, gener8tor
  16. Step 2 Validating Your Startup Idea & Building Your Business Model “You can’t handle the truth.” - Jack Nicholson, A Few Good Men Get out from behind your desk, get out of the office, leave your home, and jump out of your chair at your coffee shop to go talk to people. You will find out that this is actually quite fun if you take it as an opportunity to learn, to meet new people and perhaps even to find future customers. Don’t talk to just anyone. Talk to those people that you think will pay you for your product or service(not friends and family).
  17. Step 3 Preparing Your Family “The notion of work/life balance has always been a little strange to me. I've only been known to operate one way—with high energy and passion around things I love. This means that while I'm working, I try to be dedicated to spending time on what matters most to the business at that very moment. And, while at home, I try to be dedicated to what matters most at that time—my family.” -Aaron Everson, Co-Founder of Jellyfish and Shoutlet
  18. Step 4 Transitioning from Corporate to Startup “Taking employees with you is generally a bad idea. First order of business is don’t do anything illegal... You need to remember that you are taking not just four individuals, but many times, four families with you. In my 34 years in this business I rarely see it work out. The exception is salespeople; then it can work. - Howard Tullman, CEO of 1871
  19. Step 4 Transitioning from Corporate to Startup “In Corporate America you have an incentive not to rock the boat. You try to stay in line. If things don’t work, the easiest thing to do is to blame others. In the startup world you are rewarded by stirring things up…Going out and launching a company is the opposite. You have to break the status quo in order to succeed as a startup. …Some people simply can’t make that change.” -Troy Henikoff, MATH Venture Partners
  20. Step 5 Branding and Marketing Your Startup
  21. Step 6 Law School for Your Startup One of the common issues I see with co-founders is that they have not worked out their internal roles—who is expected to do what— employee, director, company officer. Often they have not talked through who is going to receive what amount of equity. These are sometimes tough conversations, but essential. -Hank Barry, Sidley Austin’s Emerging Companies and Venture Capital Office and former CEO of Napster
  22. Step 6 Law School for Your Startup “In the employment context, many states will not enforce non- compete provisions, and those states that do enforce them, only do so when very narrowly defined…I suggest that they instead use agreements that contain non-solicitation (e.g. no poach) provisions for employees and customers. - Chris Cain, Foley & Lardner
  23. Step 7 Raising Capital For your Startup “We must have been spending 50 percent of our time on the Kickstarter campaign up to two months before the campaign. Here is what people need to understand—60 percent of Kickstarter campaigns never get funded and the average one that does get funded raises $5,000. In order to really knock it out of the park, you need to commit significant capital and/or time up front.” - Rob Kowalik, CMO of CA7CH, Raised over $250k on Kickstarter
  24. Step 7 Raising Capital For your Startup They [corporate employees] tend to think that the product or service needs to be polished, just like when they were in corporate. They just want to keep adding whistles and bells. They come with over-engineered products. They don’t understand the concept of an MVP (minimum viable product). - Peter Wilkins, Managing Director, Hyde Park Angels
  25. Step 8 Pitching Your Startup “Your job is to learn ahead of time about the rules of pitching, who your audience will be and the criteria that the audience will use to judge quality.” - Professor William Dougan, Faculty, University of Wisconsin- Whitewater
  26. Step 9 Building Your Startup Team “I find that some of the most common mistakes in hiring the initial team members are: 1. Not understanding their company’s needs (and their weaknesses). 2. Underestimating the importance of sales and the people required to market. 3. Giving away too much equity to people early, before understanding if those people are key success drivers. 4. Keeping friends on the team, even when they are no longer adding value. - Peter Layton, CEO & Co-Founder, Blackthorne Capital Management
  27. Step 10 Creating Your Launch Plan Tips on selecting your beta target market: 1. Ensure that the market is representative of your target market 2. Select a sample size that is large enough to gather necessary feedback 3. Provide enough time to gather feedback 4. Choose a market that cannot be easily impacted (positively or negatively) by outside sources 5. Select a target market that you can rely on to provide you timely feedback
  28. Step 11 Cash Flowing Your Startup Critical Cash Flow Questions… 1. How will I fund my new business? 2. Is your startup funding sufficient? 3. Is your startup funding too much? 4. Will your cash flow support your business? 5. Are my sales estimates right? 6. Are accounts receivable & accounts payable causing my cash crunch? - Tim Carr, University of Wisconsin-Whitewater, former Director at Robert W. Baird
  29. Step 12 Preparing to Pivot, Again and Again Developing a minimal viable product (MVP) and ensuring that your product is built to be scalable, highly functional and a solution for the customer pain point is the most important job you have as a founder. -Brian Jensen, CEO & Co-Founder, Fishidy
  30. Questions for Dave? 262-949-4969 davidrgee Get your personal copy on Amazon!