Welcome to the quick course winning recipe. I'm glad you're here, it means that you've demonstrated that you are serious about what it takes to start a real new business. And that you are ready to complete the final lesson of the start one cookbook fast food for entrepreneurs. I know you're in a hurry. So in this quick course, I'm going to quickly summarize the high points of the start one cookbook, let's get going. I'm going to highlight the important points to recall.

Regardless of what size startup you need to integrate into a plausible story, all the things that go into telling that story have important points I want you to recall. The purpose of the cookbook is that you learn about real startups grasp the secrets of the winners and frankly the losers. Hand equip you for better success. That takes ways are a bag of tools which you now have, you can immediately apply them to plan for your startup. Yes, there will be some resources that you do need to acquire, finding money, getting lawyers, accountants, and so forth. But you've got the bag of tools it takes to create an outstanding plan for your business.

I focused on a singular concept, namely how to convert an original idea into a great business, regardless of size, or whether it's a single thing such as a cool app, it could be a big deal. These companies all began like you did, with a single idea that they crafted into something to plan to become excellent. They became world class going through that process. They thought that everything that went well could reach a conclusion. In an initial public offering or the sale of the business, in less than a decade, as short as five years, going public becomes the kind of Holy Grail, that gold metal that you were thinking about in the Olympics. It all starts with an original idea.

The objective is to alter it and adjust it, you're going to change morph pivot along the way, focusing on what you make out of the first idea. It's not I have a great idea i'm going to succeed it's, I have a great idea What should I do with it in order to succeed, and that involves the lump of clay the sculptor uses to start shaping and altering and as the sculpture shapes and alters with the work of the hands. It will change from the initial idea to being something often radically different. You've learned a lot. Can you imagine that you've gone over All of these things now in the cookbook. These are all the ingredients for your recipe.

Congratulations, you have learned a lot. It all starts with figuring out what's going to be compelling to get a customer excited. The ideal customer you want needs to get excited for a reason you truly understand so that that then becomes your focal point. It's part of the process. That's where you begin to take the steps to achieve your goal. By reading, listening and learning from others, you can go through this, take that path, set your goal and achieve it.

It's going to take a while, but it can't be shortcutted strategy is about how you're going to outwit your competition. You have to position against them by asking first who is the market leader and if there's a gorilla in that Space you've got to find something else. That's why flanking into a non contested territory has become the most successful of the four basic strategies. That way you can become the gorilla of a new space, a new category, whether it's search, social networking, or whatever, before they were understood. The unfair advantage is the most valuable, powerful concept you should learn. investors have made it their secret now pretty well understood.

It is a combination and a recipe. Ingredients coming together to build oh my goodness, that's them unfair advantage. It's often jokingly referred to as grandma's secret sauce. But believe me at the deadly serious to investors of the great venture firms. There are many funding sources for your startup. Your objective is to pick the best for you now, each has its own cost of capital, and other things that come with it.

There are many, many sources, there is no shortage regardless of where you are in the world of money for your startup. The business model tells people how you're going to make money, whether it's how every dollar of sales is going to be spent, or how the pieces are interlinked and how the money flows. Those are ways of describing the business model explaining how you will make money. The plan itself needs to be documented, regardless of length, one page 40 pages, it's your story, and it's very important. Take your time to craft it, well. Do an elevator pitch of 30 seconds that you carry in your brain.

So when you need it, it's ready to go. The deck PowerPoints 20 or so. get them ready. Executive Summary two to four pages. So when someone says hey send me something, you're ready to go, and a set of financials that's plausible and believable that you understand. Focus on your ideal customer.

That's the first bowling pin. That's where you start. Focus requires you to say no to going after different kinds of customers government, military education industry, while you're focusing on consumer with a specific age demographic income, demographic, NGR graphical location, it's very narrow. Pick the next couple of bowling pins so that when you capture the first segment, then word spreads to the second and third and you begin to build sales momentum. ideal customer means focus. Marketing is going to help you find the customers Their job is to think strategically about where they will be customers over the next three to five years.

So you develop follow on products and services. But right now, their job is to find the immediate ideal customers for that first bowling pin focus. Selling will follow after you've decided who those customers are. And their job at selling is to get the orders from those customers. Therefore it's quite tactical very short term and involves today multiple channels are reaching, getting to those customers to sell to them, whether it's online, in person or through associates, or agents. There are many different ways to sell.

Branding is intended to differentiate your cow from all the others, your startup, the name itself needs to stand for something. Google and we all know mean search and will forever when there's a new market segment called Academy Glory, such as search, you want the chance to go in and lead it. That's why you don't want to enter a market segment that already has a gorilla dominating it. building a brand takes a long time, a good part of a decade or more, it's earned with a lot of hard work. The most important thing is for the name of the brand. What does it stand for what word or words that word will be spread.

The word of mouth that spreads the most is called buzz. The technique involves public relations. You want to build something that is so exciting, that when you launch it, people Twitter, blog and social media all over the world. Naturally, intuitively, you don't have to pay them to do it. They're excited they spread the word for you. As a result, startups don't advertise.

You cannot build A brand with advertising no one has they all have died. instead focus on reaching your ideal customer with a specific message about this wonderful new product or service you have. Therefore, your plan needs a detailed marketing communication plan mark on events, dates, and dollar signs, channels. The financials need to tell your story in terms of dollars. The Big Three financial statements should indicate what's going to happen and show the wealth that's going to be created. In this form your company will be comparable to others for investors and others that need to know.

Use a spreadsheet model to make it go quickly. Try to avoid building one yourself. I offer quick up for sale. Let's start onenote.com the family of interlake interlinks Financial Statements may seem a bit confusing right now, but the more you work with them, the more familiar you are with them, the more confident you will become. It's one of the things serial entrepreneurs have learned to do. Operations involves more than just engineering engineering, of course designs and builds the products that marketing wants done.

But there are two other aspects to it the first being legal and then managing. The legal part involves finding two competent lawyers. One experience with startups that does the incorporation and related legal work, the other focusing on your intellectual property such as patents. But beware, you're not expected as a startup to litigate to win defending a patent. Instead, patents are early on simply bragging rights for CMOS chief marketing officers. We got 12 they got two startups cannot get money from an basters by saying we have a patent and we're going to defend it, that negation will not work it will take millions of dollars and a good part of half a decade to litigate.

Life Science companies will use absolute monopoly patents over long periods of time and will be expected and understood to use them as completely defensive, not as litigation. Leadership is involving a person that knows where he or she is going and can convince others to follow. It's as simple and concept. It's not easy to do. That leader will lead by using the personal behavior in that person, the values and other words that are inherent in the person's soul and psychology. It will also be in a startup a challenge to balance your lifestyle.

Aristotle said that humans were made out of three Basic Elements, the spiritual, physical and the material. After a while some founders believe you can put the rest of your life on hold while you're focused on the material side, but their health deteriorates their physical side, and their friends, family and frankly, relationships with the spiritual side and religion and other sides of it are going to deteriorate and you become imbalanced and that can lead to burnout. That's quite serious. This is ultimate high risk spending time. There is nothing more high risk than the odds are facing an entrepreneur. Remember, statistically there are a lottery odds that you're going to succeed.

You can't straighten out a roller coaster, it's going to always be a roller coaster. And that's the same with startups. How will you feel like this guy? It's incredible what scary Part startups can be in your life, absolutely terrifying. You will be managing people. And that's important.

It's the number one concern that the investors have. Can you manage people to get them to get things done that they can't do, they don't think they can do and they don't want to do. By doing your plan, you are executing it. an execution is where the wins and losses come from. The great entrepreneurs learn that the great plan is wonderful, but as you start things are going to change fast and the people that are depending upon you need to believe you can manage through it all. The primary stages you will go through are fourfold early chaos.

When should we get going with what product for what focus on what customer how. Then you're going to launch the first product or service and push hard doing all the things Need to get it to be successful so that you enter the tornado phase in which suddenly orders are pouring in faster than you can sell. You're simply taking orders and leading to a great liquidity event. The emotions involved will be high and low, without expectation, Time after time after time. It's a highly emotional thing to lead the startup. The culture building is important to serial entrepreneur founder starts from day one.

You're going to have to create it, it won't build itself. It's going to be yours, it will reflect you and it's very special. So planning how to do it and what it looks like is very important. Retaining and recruiting people is going to be your most important job. About 20% of the time of your top staff will be used just to recruit people. You all know the mantra, don't compromise But you're going to find out it's going to take twice as much time as you thought and be very expensive, you're going to get a lot of turndowns from the people you wanted to hire.

As a result, you got under intense pressure to compromise. The other factor is real, namely, the history is shown. All the research that the number one reason startups cannot attain their growth plans is they cannot hire the people. They want the quality people as fast as they want. Second, you're going to have to re recruit your employees every six months. It's very hard work can be very discouraging and bad things happen to good companies and good people.

As a result, you should think this through in advance, meaning you need a proactive plan for addressing how you're going to build a culture and how you're going to manage well in advance of getting your startup going. It's a wonderful opportunity to be highly creative. You need to price your deal. You don't want to buy a car by going into the dealer and saying how much do you want me to pay for the car? You want to tell the investor how much you want for your company. As I said, one of the secrets is to work backwards in that lesson.

By learning the cost of capital for venture investors, you can price every single year as you grow the value of your company. Be sure to think through the stock option plan how many shares for what percent of the company will you need for your top 10 or so employees plus the others and do model it, save time try quick up or some other model. Go for the gold. That's the holy grail? Yes, I know less than one in 10 make it but don't go to an Olympic coach saying hey, I'm here to try out for the bronze medal. That is good.

To get you on the team, it's part of the process to think through how you get there. If you really do get to that liquidity event, and I wish you would, experts are going to join you from Wall Street lawyers and accountants as well that know how to do that and make it happen. So you don't have to be an expert at it. And there are wonderful alternatives to an initial public offering that can also be highly successful I plan on nonetheless, going for the gold, everything else will be easy by comparison. All of it put together must be plausible. So when you tell your story, it's believable and doable.

Put it together like that and you will excite your audience. Here's my number one tip never be first. First is death. First in our long race is not likely to be the one that wins. You have to say no to the idea of first mover advantage. What you want to do is be first to get it right.

What do I mean by that? All of these companies had before them half dozen to a dozen well established companies, some financed by large corporations, before they even were incorporated on day one. And they all became winners. They were first to figure out how to get it right. Second, startups are a marathon they are not a sprint. And as you know, people that treat a marathon like a sprint are going to burn out really fast.

The winners realize they've got to take the right route, go the right process, pace themselves to be able to get from beginning to the end. They are the ones that will succeed. And please treat this like an adventure. The first three items are fairly well understood. There are a lot of unknowns. No one really knows how this is going to turn out even the seasoned serial entrepreneurs and their investors.

Their risk is very high will the dream come true? Oh boy, there's a lottery odds. And the treasures buried, hard to find difficult, but it is worth it when you find it psychologically as well as in the bank account. And finally, the one overlook, you have to make it fun along the way. When you lose the fun element, you've got to think seriously, is this really an adventure? Or is it just plain grinding work?

If it's work, sell a business, sell the assets. Go find something that is fun, start a new adventure. Well, those are the important points I want you to recall. They are important for all startups. And I want you to have confidence you too can integrate them into a plausible story that gets the right people excited. That's it.

The end of the quick course winning recipe, final integration, putting it all together. And you've completed start winning cookbook, fast food for entrepreneurs in a hurry. Congratulations. You did it. I knew you're good. I know it seems a bit frightening along the way.

There's no question about that. And you came out a winner. You completed it. You got it done, congratulations. As a result, I simply want to wish you the best on the rest of your adventure. I hope to hear from you as a real winner along the way.

I'm heading to start with now calm. Perhaps I'll see you there. Goodbye for now.