Tuesday, May 5, 2020

#StartupDiagrams #startupBingo #startupreadiness checker and #startup idea strength checker

The Teensharks.us website has released the latest tools for startup entrepreneurs.  These can be used for checking the strength of an idea and the chance it will be funded.  It can be used to identify for an entrepreneur if he/she is ready.  #teensharks also defined a nine-step startup process.

#teensharks #startupreadiness checker
#teensharks #startup IdeaStrength checker.
#teensharks nine step process for startup

A startup process takes nine steps.  Whether you are a silicon valley high tech or a local restaurant. 

Step 1: Ideation and conception.

Step 2: Build a minimal viable model to prove it can be made, even if not at commercial scale.

Step 3: Obtain seed funding and go into business.

Step 4: Validate that sales can happen.

Step 5: Raise funding to facilitate growth.  Don't just "boot strap" it because it is too slow and can not guarantee barrier.

Step 6: Prove that the concept can enter market.

Step 7: Obtain profitable operation that is continuous.

Step 8: Build barrier of entry fast.

Step 9: Scale up the operations and grow.

Use your idea against the check list.  If you satisfy one criteria, put a stamp.  The more stamps, the higher quality your idea is and the higher chance it will be funded.

When you startup, check if you are ready.  Check six directions:
Front, back, left, right, top, and below.
Check front for sales validation and aspiration;
Check back for barrier and copycats/competitors;
Check left for allies;
Check right for market channel penetration ability;
Check top for ceilings;
Check below for footing and potholes.
For example, if an idea has no ceiling, and you completely have no ally and no understanding of market or operational details, the chance you are ready is extremely low.  Get a mentor or coach or guide.

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