What is the purpose of a business?

What does this hammer do?

What is the ultimate purpose of this hammer?

What does this business do?

What is the ultimate purpose of this business?

XYZ Corp

Startup!

Successful

Business

Startup

Strategies

The Process

• Find a good idea• Find some good people• Develop a business model• Find some money• Get it going• Keep it going

Find a good idea

?

Find good people

• Owners or workers?– Friends– Family– Strangers– Ownership issues

• Support people?– Attorney– Accountant– Business Advisors

Business model• Where is your product in the market space?• What is your value proposition?• Who are your competitors?• How will you sell it?• Who will buy and why?• How will you find customers?• How will you price the product?• How will you produce the product?• How will you make money?

Find some money

• Your savings• Family• Friends• Bank loans• Private investors• Venture capital• ?

Get it going• Incorporate

– C Corporation– S Corporation– Limited Liability Company

• Create your corporate identity system– Company logo– Business cards– Letterhead– Web site design

• Open the shop

Get it going• Get your first sale• Learn• Get your second sale• Learn• Get your third sale• Adjust• Get your fourth sale• Learn• Get your fifth sale• Adjust• Repeat, repeat, repeat, repeat, repeat, repeat ….

Keep it going

• Fuel growth• Find more good people• Correct your mistakes• Manage burnout stress• Get it so it flies on

Autopilot• Buy a big boat and sail

it around the Caribbean

• Food• The Internet• Manufacturing• Electronics• Transportation• Consumer products• Games and toys• Software• Financial services

• Sports• Beauty products• Retail• Clothing• Entertainment• Consulting services• Real estate• Gardening• Health care

Product ideas ? ? ?