This week Chris and I discuss about startup game plan. It is not a 20 pages kind of business plan but rather a single page plan that sets the direction and vision of the company. This game plan we believe is the building block of building a company.
You may have a great idea but with execution done wrong. Everything would go to waste.
But can a game plan guarantee the success of your startup? The answer is no but it can certainly help you is building your roadmap.
What are the things needed in a game plan?
- Vision: To be the largest social network for pets?
- Financial Projections: To prepare for 18 months or have a 5 year plan?
- Goals: Different goals at different stages?
- Resources: Your team? money? and connections?
- Time frames: Build a company to sell, exit in 3 years? or to build a one hundred years company like Evernote?
- Stages of a Start up: Product building stage? Sales stage? or Growth stage? Different tasks at different stages
Useful Resources For Building Game Plan
The vision for a company must be robust for years at a time. Technologies, social networks, trends, all come and go, and a company must stay relevant regardless. via Link
Example: “To organize the world‘s information and make it universally accessible and useful.” — Google
The first assumption that you need to understand is that your sales projections are wrong and they always will be! via Quora
The data you collect may be helpful at some point; but if you can’t cut out the noise, you’ll get buried. That’s why you should think about a single metric that’s most important for the stage of your company’s development, a single number that you want the entire company to focus on and improve upon. I call it the One Metric That Matters. via How to Use a Single Metric to Run Your Startup
One of the hardest truths about entrepreneurship is that no one will ever care as much about your idea as you do. You know there is a market opportunity and you know you have a killer product, but it is possible that you aren’t telling your story in a compelling way. Hughes recommends surveying your friends and customers to make sure there is consistency is how people see your company. via How to build your ‘A-Team’
Stages Of Startup
At every stage of the startup, there are a set of actions that are “right” for the startup, in that they maximize return on time, money, and effort. A lean/bootstrapped entrepreneur ignores all else.