Startup Check List – Shenkar College, April, 2020
Copyright © 2017
I am going to argue that in the future, we will all have to be entrepreneurs of our own professions and career. So even if you aren’t planning on a ‘start-up’ as yet, you can look at your own future path as one.
These are questions people will ask you. Do you have your answers ready?
Why do you want to do this? What is your motive?
This will help you decide whether it’s for you. Do you want to change the world? To help others with the same problem? Or just to make millions? In any case, identify your passion.
Are you confident you’ll succeed?
Otherwise no point in starting.
Do you know the odds are heavily against you?
Statistics show that startups succeed very infrequently.
Are you prepared to fail repeatedly?
Resilience, hard work and dealing with failures are prerequisites.
Do you have a background in ‘amazingness’?
People tend to back start-ups because of the entrepreneurs more than the idea itself
Do you know your ‘space’? How well?
What area are you dealing in? Is it better to be an expert in your field or a novice?
Do you know key people in your ‘space’? How well?
Contacts are important, sometimes critical.
Have you identified the need you want to address? The problem you want to solve?
Is it a real need? Have you checked? How many people are dying for your solution?
How well/long do you know your co-founder(s)? How did you choose one another?
Cofounders should ideally be really good buddies who have known each other a long time. Arguments between co-founders are a major reason for failure, even (or especially) after money comes in.
Does your co-founder have the same background as you?
Could be an advantage or a major disadvantage.
Do you need money now? When will you? How much?
As my friend Doron Nir tells me “When someone invests in your startup, it’s a miracle.” Do you need the miracle yet? Even if not, you should be prepared to try to make happen through bootstrapping. Prepare a proposal just in case. Try to attract more money than you think you need. You will need it.
Do you have IP that must/should be protected?
When you talk about your invention (even to individuals) you compromise your ability to protect it later on. Protecting IP has big advantages but can cost a fortune.
Do you have an elevator pitch (20 seconds)?
These days, it’s down to seven or ten seconds. One sentence about you are planning to do. Enjoy “Elevator Peach”!!
Do you have a three minute pitch (just a few slides)?
For events and opportunities? Should be to the point, and well rehearsed.
Do you have a five minute pitch (less than ten slides)?
Same as above, if they let you talk for that long.
Do you have a plan to market?
Even a one pager. This will keep you on track.
Do you have a one-page executive summary to share?
This is essential. You can update once a month.
Do you have a business model? Potential source of revenue?
Business models change over time but you should try to have at least one. It’s okay to do something because you believe in it and hope that others will believe in it too. But investors need a game plan.
Can you envision a large enough target audience/market?
Small audience usually means small business.
Does the market need to be ‘educated’?
It takes money and time to educate people. Both are hurdles that are best avoided.
How long till your MVP (minimum viable product) is ready?
Hopefully, a few months. Otherwise you may need serious resourvces.
Do you have all the technical and other requirements you need?
Success and failure are in the details. How many negative attributes does it take to sink a cool smartphone?
Is your product a one time thing or repeat sale?
Are you building a group of loyal users, or selling a one-time product?
What is the competition?
If there is no competition, probably you haven’t looked hard enough.
What is your ‘edge’?
What makes you irresistible over the competition?
Can Israel (or your own country or city or province) serve as your beta site?
A strong plus.
What barriers of entry will competitors face?
How easy will it be for others to compete with you?
Do you have any more questions or suggestions? Post them on the Padlet on the opposite page! Or e-mel me.
Published: Apr 23, 2017
Latest Revision: Apr 23, 2020
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