Startup Workshop
Startup businesses bring vitality to the economy and empowerment to the individual. In corporations the entrepreneurial spirit is needed to start up new products, to start up in new locations, and to invigorate changes in the existing business.
Startups happen when the entrepreneur spots an opportunity in the market place—a need that is not being met by existing products and services.
The goal of this workshop is two fold: first to review the essentials for a successful startup, and second to explore startup ideas brought by participants. In small groups we will develop the startup ideas, begin business plans, and explore potentials and pitfalls.
Syllabus
1. The Business case – summarises the reason, the plan, the workforce, and the finances. The reason for the new business is its unique selling proposition (USP). The plan explores the market place and competition. It looks at competitive responses. Whether the business sells to consumers or to other businesses, market research must show a need.
a. Making the Market Case
b. The Finances
i. Profit & Loss statement
ii. Balance sheet
iii. Tax
iv. Operating expenses
v. Turnover, profit, cash, and growth
c. SWOT analysis – strengths, weaknesses, opportunities, threats
d. PESTLE -- Political, Economic, Sociological, Technological, Legal, and Environmental
e. The Digital Revolution
f. Intellectual Property Protection
2. Building the Business
a. The Co-founding team
b. Gauging risk – 90% of USA startups estimated to fail
c. SMART goals – specific, measurable, achievable, realistic, timely
d. Scaling the business—how big can you get?
e. Governance – the advisory board, KPIs – key performance indicators
f. The Startup Ecosystem – other entrepreneurs, venture capitalists, angel investors, mentors, institutions (academia, non-profit support, government support, business organisations)
g. The risk/reward ratio – what investors should expect
h. Operations
i. Personnel
j. Advertising and promotion – the elevator pitch, the 90 second pitch, location and media