6 things every entrepreneur must get right
TRANSCRIPT
Chad Kaul, Founder & Principal
6 Things Every Entrepreneur Must Get Right
@s19y_ventures
http://startupdesignstrategy.com
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Follow me @crkaul
There are 6 things every entrepreneur must get right.
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– one –
Clearly articulate where you are, where you are going, and why.
Get people to believe in the future you’re trying to create.
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– two –
Recruit the people who can make your vision a reality.
Do something no one else can do.
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– three –
Solve the problems preventing your future from arriving.
Focus on being better before being cheaper.
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– four –
Create a defensible position in your market with room to grow.
Build a moat to protect your business from competitors.
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– five –
Capture more value than you consume creating value.
Increase revenue before cutting costs.
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– six –
Cultivate growth in your employees, company, and industry.
Invest in developing your vision.
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You need to get all 6 right.
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Together they form your startup’s foundation.
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And your brand ties them all together.
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BRAND
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It’s a positive feedback loop.
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There’s a virtuous cycle.
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The more clearly you articulate your vision…
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The stronger your team…
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The better your product…
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The bigger your market share…
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The more profitable your business…
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The more you can cultivate growth and invest…
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…in making your vision reality.
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There’s also an un-virtuous cycle.
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We start out fighting the un-virtuous cycle.
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People don’t understand why our startups need to exist.
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We don’t have the people who can make our vision reality.
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Our product is something people currently live without.
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We are irrelevant in our markets.
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We don’t produce the cashflow needed to sustain operations.
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Our cultures don’t foster growth toward our vision.
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Entrepreneurs have to turn it all around.
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Turn the un-virtuous cycle into the virtuous cycle.
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This is very hard, but not impossible.
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The first step is to clarify your vision.
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A strong foundation begins with a clear vision.
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Align your vision, team, product, market, business, and culture.
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Minimize your time starting up.
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Design a strong foundation for an enterprise the world needs.
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#FoundationDesign
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Minimize Time
Starting UpCan we get other
people to see it also?
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People
Need
Sustainable
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MOdel
Culture of
Growth
Is our team aligned on the
vision?
Do we understand
why we need to exist?
What uniquely
qualifies us?
What skills form the basis of our competitive
advantage?
Do we have the team to make our
vision a reality?
Can we deliver a 10x product?
What's our go-to-market strategy?
Clear Vision
The
Right
Team
How should we position the
product?
Do we create more value than we consume?
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Position
How could we create a dominant position in
the market?
Are those skills represented well on the team?
Who do we need?
Are we solving a big enough problem?
Do our customers really need us?
What values will determine how we do business?Have we discovered the real opportunity?
How much will we invest
in growth?
How do we make our progress toward our vision permanent?
Is our vision still relevant?
How much growth can we foster in our employees, company, industry, and society?
Are we operationally
efficient?
Are we limiting
the value we can
capture
start /
repeat
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Thank you.
@crkaul
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Please stay in touch.