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This 2 page Class Notes was uploaded by Christina Ho on Saturday August 20, 2016. The Class Notes belongs to at Drexel University taught by in Summer 2016. Since its upload, it has received 4 views.
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Date Created: 08/20/16
Christina Ho 08/08/2016 Summarize the Art of the Start by writing a 23 page paper (doublespaced) as if you were giving advice to another startup. Considering the key points in the book, what advice you would make to them before they get started? How has the booked helped you better understand how you can move forward? Before starting a startup there a few key things to consider. You should ask yourself simple questions and do some research on other start up companies, both the ones that succeeded and failed. Simple questions can be who, your market, what is the purpose of your product, when is the best opportunity to launch it, where will you reach your targeted audience, why would people want your product, how will your product help people? Don’t start with a business plan. You should start with a business model. Figure out who has your money in their pockets and how you are going to get their money into your pockets. There are a few different business model approaches; the individualized solution, multicomponent, market leader, valuable component, switchboard, printer and toner. The more common ones are the freemium (Spotify), eyeballs (Facebook), virtual goods (Pokemon GO), and craftsmen (Etsy). Make sure to keep things simple. Keep your idea and target simple and expand after. Remember, there is always a chance that your targeted market will change. This is why it is so important for you to step out of the office or your bedroom and interact with others. Find out what your targeted audience really wants. Telling people about your product and receiving feedback will be a lot more beneficial than keeping it to yourself. After gathering some data on how people feel about your product, decide how your product fits your targeted audience and their needs. Perhaps, you need to adjust your product or adjust your targeted audience. Keeping track of your progress is a necessity. This will help you stay involved and on top any problems that may arise. You should monitor how your business is doing and how your employees are as well. Make sure to lead the group and reward the achievers. Take advantage of tools available, such as development tools, cloudbased services for infrastructure, cloud based apps, employees who work virtually or freelancers, and social media for marketing. Before spending money or any of those tools, build a solid product or company first. In the beginning focus on managing for cash flow rather than for profitability. That business model consists of low upfront capital requirements, short sales cycles, short payment terms, recurring revenue, marketable through social media and word of mouth. This would be the way to build your company in the beginning. The book has pushed me to realize that no one can predict the future. If you want something, you have to make it happen. There are a lot of risks involved, however, you can and will learn from exploring around you. Also, don’t worry about failure, because it will happen many times before a success. Moving forward, this book has pointed out the importance of being persistent. Starting a startup is difficult and takes a lot of practice. I would like to improve my communication with my targeted customers and be able to cater to what they actually need.
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