2. The Startup Method
The startup method includes four steps that are MECE
Step one
Organize
Organizing information
including foldering &
deliverables
Step two
Syndicate
Building the initial version of
the platform
Step
three
Boost
Targeting and moving via
value communication the
target through the buying
spectrum
Step four
Monetize
Taking signups from free
users to paying users
3. Introduction to the Startup Method
Before we get into describing the details of the specific steps of the startup method, let’s discuss the steps and how they fit together as
a whole. The objective of the entrepreneur can be broken down into four distinct phases, each complete with a different set of
capabilities and functionalities. At first, our initial task is to organize information related to our startup. This means foldering &
documenting all aspects of our startup. Our second task is to build the platform which will serve as the product. This will allow us to
have something to go to market with and is called syndicating. Second, we are to build the awareness of the platform in our target
markets. This means moving our target people through the buying spectrum and is called boosting. Finally, we to turn the utilization of
our platform into a profit-center. This is called monetizing. Ultimately, this is the most simple method of doing a startup while being
entirely complete.
4. Step 1: Organize
a. Accounts
i. Google Drive
ii. Gmail
b. Foldering
i. Portfolio folder
1. Folder for each startup
2. Excel with accounts & passwords for each startup
c. Deliverables
i. Logo
ii. App icons
iii. 1 page pdf
iv. 10 page ppt
v. 25 page pdf white paper
vi. createspace 50 page book
vii. press release
viii. social media account (fb page, google page, IG page, twitter acct)
5. Step 2: Syndicate
1. Syndicate
a. Concept & business model in terms of NPV (net present value)
b. MVP of platform
- website (wordpress)
- mobile app (IOS & Android)
c. MVP of promo material
- 1 page pdf
- 10 page ppt
- 25 page pdf white paper
- createspace 50 page book
- press release
- social media account (fb page, google page, IG page, twitter acct)
6. The Creation of Customers
The creation of customers includes the adoption cycle & the diffusion process
The Adoption Cycle:
Traces the buyer as he moves through the five states of:
1. Awareness - The buyer is made aware of the product or service
2. Interest - The buyer thinks that it is a good idea and likes it
3. Conviction - Then thinks it would work for me
4. Trial - Try to see if meets expectations
5. Repeat - If meets expectations, willing to repeat
Step 3: Boost
7. Step 3: Boost Continued
The Diffusion Process:
Covers how initial buyers enter the market where the order is called the diffusion of innovation:
1. Innovators
2. Early adopters
3. Early majority
4. Late majority
5. Laggards
Takeaways:
1. Find the opinion leaders in each market
2. Seek the innovators when launching a new product/service
3. Follow the natural progression of innovation
8. Step 3: Boost Continued
Sales Paradigm: Ultimately, it doesn’t matter who they are or what they say. The goal is to demonstrate value to move them through
the buying spectrum towards a purchase. The key is doing it enough to get to the law of averages meaning that over a large enough
number, a percentage will close. The target should be 80 calls and emails a day. 8 DM convos. 2 pitches. 1 close a day.
a. Target identification - who would be a good buyer? Build your list of most likely buyers.
- the person that pays you
- the person that influences the person who pays you (10 to 20)
- your supporters
b. Open - open with saying you have a promotion that we wanted to extend you. I want to take 5 minutes and see if that will be a fit for
you. Send them material of value over email and open it while on phone.
- who are your targets and what online communities are they on? Join them, send value material, ask for email, communicate by email,
then phone, repeat. These people become leads which become customers
- have a gmail email for each startup
c. Pitch Appt - demonstrate value in material and then to your site.
d. Demonstrate value
e. Ask for the close & timeline for buying decision - have them sign up over the phone
9. Step 4: Monetize
Monetization must be thought of from the beginning of the startup. The business model and future business model must be taken into
consideration before beginning the project.
Monetization options:
1. Advertising
2. Subscription
3. Fee for service
4. Ticket sales
10. Applications
1. Investment Banking University
2. Dating University
3. Marriagebook
4. Asiabook
5. Businessbook
6. Fashionbook
7. FundLinked
8. Football Developmental League