LB46 Startup Game Plan

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

Vision

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

Financial Projections

The first assumption that you need to understand is that your sales projections are wrong and they always will be! via Quora

Goals

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

Resources

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.

Hosts

Chris Cai – @anttyc Bryan Lee – @leetucksing

You can also find us on

LB45 Should I Be Raising Venture Capital

If you are planning to start your own business, you would usually be faced with the issue of raising capital.

Many of my friends who are starting out faced the same issues too and they usually have the following questions in mind:

  • Should I bootstrap or should I be raising capital?
  • If I raised capital, how much equity should I give out?
  • How do I value my company now?
  • Who are the investors?
  • Will I lose control of the company?

These are some of the questions that you have in your mind too. This week we open up and we discuss about the pros and cons of raising venture capital. We also look at the difference between VC funding and Angel Funding.

Worth Reading

Hosts

Chris Cai – @anttyc Bryan Lee – @leetucksing

You can also find us on

LB44 WWDC Special

This week Chris and I go crazy with WWDC. We tear down the features and discuss what it means for both developers and users.

  1. Listen Here

Shownotes

  1. WWDC: The Verge has come up with a 10 minutes video covering all the gist of the keynote.
  2. iOS: Lifehacker gives the most concise summary for all the new stuff on iOS 8. I love the new Photos app on iPhone and it does steals away a bit of limelight from Googleplus photos.
  3. Yosemite: From Lifehacker, everything you need to know about OS X 10.10 “Yosemite”.

Hosts

Chris Cai – @anttyc Bryan Lee – @leetucksing

You can also find us on