Hard Truths: The things you need to hear when starting a business
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I did this presentation for a group of entrepreneurs a few years back. The slides are funny, because they say things, and then I explain them, which means the bullet points don't always reflect what I was trying to say.
Hard Truths: The things you need to hear when starting a business
- 1. James Durbin Vice President, Social Media Durbin Media Group Hard Truths: The Things You Need To Hear When Starting A Business Thursday, February 25, 2010
- 2. What Youll Learn Its a lot harder than you think, but thats what makes it so great. Best Practices increase your chances, but dont de鍖ne your success The more you prepare, the less luck you need. Cash is King Learn to think like an accountant. You can make great money on your own, but you cant get rich like that. Thursday, February 25, 2010
- 3. Necessary Tools Phones Computers/Databases Social Media Branding/Letterhead/ Presentations Website Thursday, February 25, 2010
- 4. General Rules People pay what they think you or your product is worth Companies dont pay for something new Make it simple to understand Find your audience online and engage them Thursday, February 25, 2010
- 5. Business Setup Thursday, February 25, 2010
- 6. Finances 2 years savings CPA and small business advisor Payroll company Insurance Bank Line of Credit Incorporation Lawyer Health Insurance Credit Cards Thursday, February 25, 2010
- 7. Business Plan How do you make money? No really, how do you make money? When will you make money? How can you make money faster? What are the real costs? 1% of nothing is always nothing When do you quit? Will you read my business plan? Thursday, February 25, 2010
- 8. Your Idea Someone else has it Its a race to market Patent/Copyright/ Trademark Facepalm. NDAs and their uses Thursday, February 25, 2010
- 9. Corporate Structure Search blogs Whos in, and how do they get out? What is the value of equity? Plan for the worse Thursday, February 25, 2010
- 10. Payment Some people wont pay You should always pay Know what youre spending at all times Invoice services Thursday, February 25, 2010
- 11. Marketing For most, this is 80% of the business Learn how and when to pay for quality No easy 鍖xes Nothing is free Social media is not a marketing strategy Thursday, February 25, 2010
- 12. Hiring Hard to trust anyone to be you Setting expectations Hire slowly, 鍖re quickly What to watch out for Pay little, reward a lot Thursday, February 25, 2010
- 13. Workday Thursday, February 25, 2010
- 14. Work Habits Get Dressed Workspace - home versus office Phone calls and cell phones Personal interruptions (toddlers) Thursday, February 25, 2010
- 15. Meetings What do I do with all of this freetime? The rule of 2 (meetings) Coffee and lunch $300 in cash Internal meetings Thursday, February 25, 2010
- 16. Schedule Integrate calendar Add to Smartphone/PDA Remote desktop management Do what you say youre going to do, when you say it Thursday, February 25, 2010
- 17. Selling Thursday, February 25, 2010
- 18. Sales Strategy Whale versus minnows Be clear on what you sell Know your strengths Thursday, February 25, 2010
- 19. Forecasting Revenue counts when cash is in hand A relationship begins when someone signs a check Keep the pipeline full Theres always a tradeoff Write it down Thursday, February 25, 2010
- 21. Can I Do This? You need to be a little crazy Have you ever really 鍖t in? Are you cut out for the business you want to be in? Are you ready to live your life? Thursday, February 25, 2010
- 22. Step by Step Identify business opportunities Make and maintain friendships Network like crazy Practice your personal 鍖nances Think in steps, but take the leap Thursday, February 25, 2010
- 23. Questions Thursday, February 25, 2010