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Introduction - Start Here
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Section 1: Planning Your Business
In the first section, Planning Your Business, you will learn how to find your customers, how to create a value proposition (a product that customers want) and how to build a business model around it. You will also learn how to use your startup to test your business model quickly and cheaply, and how to make necessary changes.
- 1.0 Introduction – An idea is not a business
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Exercise 1: Think problems, not solutions
- 1.1 Meet your customer
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Exercise 2: Problem brainstorming
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Exercise 3: Find your first customers
- Case study: Enervalis
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Exercise 4: Online research
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Exercise 5: Pick your problem
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Exercise 6: Is your problem validated?
- 1.2 From idea to solution
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Exercise 7: Mind maps
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Exercise 8: Creating a customer profile
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Exercise 9: Ranking customer problems
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Exercise 10: Creating a value map
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Exercise 11: Ranking value propositions
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Exercise 12: Finding fit
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1.3 What’s a business model
- DELIVERABLE: no. 1 – Letter of intent (LOI) or softer letter of support
- 1.4 Types of business models
- 1.5 Make your own business model
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Exercise 13: Make your own business model
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Case study: Tecnoturbines
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DELIVERABLE: no 2 – Business Model Canvas
- 1.6 Test your business model
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Exercise 14: Creating a hypothesis
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Exercise 15: Creating experiments
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Exercise 16: Create your MVP
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Exercise 17: Pivot or proceed?
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Case study: EOLOS
- 1.7 From startup to business
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DELIVERABLE: no. 3 – Competitive landscape
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Section 2: FUNDING Your Business
In the second section, Funding Your Business, you’ll learn how to test your startup like an investor. You’ll also better understand how venture capital works.
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2.0 Introduction
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2.1 Opportunity assessment
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Exercise 18: How an investor sees your startup
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2.2 Road test your startup
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Exercise 19: Road test your startup
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DELIVERABLES: no. 4 – Go-to-market strategy
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2.3 Exploring funding options
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Case study: Skeleton Technologies
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2.4 Setting up your business
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DELIVERABLES: no. 5 – Roadmap
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Section 3: PRESENTING Your Business
In the third section, Presenting Your Business, you’ll learn how to present your startup to investors and customers.
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3.0 Introduction
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3.1 Telling stories
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3.2 How to pitch to investors
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Exercise 20: The elevator pitch
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Case study: Hygen
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3.3 The pitch deck
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DELIVERABLES: no. 6 – Pitchdeck
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3.4 Putting it all together
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Resources
Finally, the Resources section at the end contains a glossary and reading list to help you on your journey from an idea to a profitable business.
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Glossary
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Further reading
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Primer Demo Day
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Presentations from Demo Day
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Introduction
Introduction
If you are an entrepreneur (and if you’re reading this book, you’re likely well on your way), you probably believe that the most important part of starting a new business is creating a great product or service that will change the world. Unfortunately, that’s not the case. Just because you have a great, original idea does not mean you will make money from it. First, you need see if there are people who want to buy your product or service. Then, you need to find the best way to deliver it to them. To do this, you create a special organization called a startup and use it to test the potential of your idea. All of this is to find a business model that will deliver your product to your customers over and over—and make money for your organization. As an entrepreneur, your goal is to build a successful, profitable company—not a startup. A startup is what you build on the way to creating a successful business. The journey from idea to company is long and does not usually follow a straight path. However, it can be very rewarding, if you travel it with the right tools—that’s how the PowerGuide will help you.
What’s in this book?
In the first section, Planning Your Business, you will learn how to find your customers, how to create a value proposition (a product that customers want) and how to build a business model around it. You will also learn how to use your startup to test your business model quickly and cheaply, and how to make necessary changes. In the second section, Funding Your Business, you’ll learn how to test your startup like an investor. You’ll also better understand how venture capital works. In the third section, Presenting Your Business, you’ll learn how to present your startup to investors and customers. Finally, the Resources section at the end contains a glossary and reading list to help you on your journey from an idea to a profitable business.
Who is this book for?
This book is for entrepreneurs in all fields and with different levels of experience, but it will be most useful for those just beginning their journey. It’s for students, college graduates or former corporate employees. It’s for engineers as well as managers. It’s for anyone who has a great idea or invention that they would like to bring to the market. This book will help you turn your idea into a startup in order to find a successful business model and build a great company around it.
How to use this book?
The first two sections of this book are meant to be read in order. The third section can be read at any time. We recommend reading it several times, especially when you are preparing to pitch or present your startup. Use the guide on the next page to determine where to get started. Each section contains exercises for you to fill out with your own examples from your current or future startup. We highly encourage you to complete these exercises to get the most benefit from this workbook. There are also several case studies throughout the book of actual startups that have received support from InnoEnergy, which illustrate their journeys and show how many of the concepts in the PowerGuide can be implemented in the real world. This workbook uses simple language to explain basic concepts relevant to startups and the fundraising process. If there is any word or concept you don’t understand along the way, you can look it up in the Glossary part of the Resources section. While we recommend that you read this book and do the exercises at your own pace, it’s best to start out with a plan for reviewing and implementing what you have learned in this book. To dig deeper into these topics, you can also start reading any of the books listed on page 208, although their main concepts will be summarized in each section. Above all, don’t give up! Building a company is hard but rewarding work, and failure is part of the process. As famous entrepreneur Eric Ries said, “Failure is a prerequisite to learning.”
Getting started
Further reading
Section 1: Planning Your Business
- Value Proposition Design by Alex Osterwalder et al.
- Business Model Generation by Alex Osterwalder et al.
- The Startup Owner’s Manual by Steve Blank and Bob Dorf
- The Lean Startup by Eric Ries
- Zero to One by Peter Thiel
Section 2: Funding Your Business
- The New Business Road Test (4th ed.) by John Mullins
- Venture Deals by Brad Feld and Jason Mendelson
- The Entrepreneurial Bible to Venture Capital by Andrew Romans
- Do More Faster by Brad Feld and David Cohen
Section 3: Presenting Your Business
- Get Backed by Evan Baehr and Evan Loomis
- Pitching Hacks by Venture Hacks
- How to Win Friends & Influence People by Dale Carnegie