Entrepreneurship and lean startup. Hitting the wall but still going. | Artem Berman | Skillshare

Entrepreneurship and lean startup. Hitting the wall but still going.

Artem Berman, Don't waste time

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76 Lessons (2h 53m)
    • 1. Entrepreneurship and lean startup

      3:12
    • 2. Idea and realization

      1:25
    • 3. The economy of knowledge

      1:40
    • 4. Fruitful debut idea

      2:50
    • 5. What is the best way to start a startup?

      2:42
    • 6. Ideas generation as an exercise

      3:35
    • 7. Should your idea be a revolutionary one?

      3:24
    • 8. Didn't they invent everything?

      2:22
    • 9. Should you protect your IP?

      2:15
    • 10. They have stolen my idea

      2:00
    • 11. Can you sell the idea?

      1:23
    • 12. Invention and innovation

      1:30
    • 13. Startup and family business

      1:31
    • 14. Formulating the goals of your company

      1:36
    • 15. Why is it important to have a goal?

      1:42
    • 16. Stress test of your idea

      2:31
    • 17. Entrepreneur. No more work for hire

      2:38
    • 18. Your first steps... Your last steps

      2:19
    • 19. Danger of the ideas

      1:36
    • 20. Founder leader and manager

      2:40
    • 21. Entrepreneurship and economy

      1:21
    • 22. Founder, the characteristics

      1:14
    • 23. Several founders, how to avoid killing each other?

      1:26
    • 24. Leader and manager - is it the same person?

      2:18
    • 25. Working in group

      3:19
    • 26. What makes a great leader?

      2:16
    • 27. What makes a great manager?

      2:04
    • 28. Should I be a technical savvy?

      2:17
    • 29. Should I be an asshole?

      1:46
    • 30. Finding a motivation

      1:48
    • 31. Stress test of yourself

      2:11
    • 32. A team and roles ambiguity

      3:07
    • 33. Corporate culture why should you care?

      2:10
    • 34. CEO responsibilities

      5:46
    • 35. Hands-on management and delegation

      2:16
    • 36. First to leave if success last if failure

      1:59
    • 37. Let's rock-n-roll

      1:41
    • 38. The magic formula for the success

      1:54
    • 39. Lean startup and its main principles

      1:52
    • 40. MVP and others

      1:53
    • 41. Customer development

      2:35
    • 42. Product development

      2:20
    • 43. Channel development

      2:57
    • 44. Lean startup is dead but still going

      2:39
    • 45. Every fruit has own time

      4:30
    • 46. Stages of the company's life cycle and the implications

      8:04
    • 47. Core competencies and supporting activities

      2:21
    • 48. Communication lines

      3:52
    • 49. Hire and when?

      2:46
    • 50. Cash is the king burning

      2:54
    • 51. CAC CRC CLV

      2:54
    • 52. When is it time to scale?

      2:19
    • 53. Pivot or not and when?

      1:35
    • 54. Intrapreneurship

      0:53
    • 55. Exit strategies

      1:54
    • 56. Most typical errors

      1:48
    • 57. Venture money

      1:10
    • 58. Self funded or on steroids

      3:00
    • 59. Bootstrapping

      1:42
    • 60. Why venture money?

      1:16
    • 61. How do venture funds work?

      1:47
    • 62. Types of VC funds

      2:35
    • 63. When consider VC money?

      2:13
    • 64. Does it come for free?

      1:26
    • 65. Your equity is your blood

      1:41
    • 66. You want to raise, what journey you are about to start?

      2:12
    • 67. How to approach VC?

      2:20
    • 68. Company valuation

      2:21
    • 69. Your pitch

      2:03
    • 70. Negotiations

      2:21
    • 71. A termsheet

      1:16
    • 72. Due diligence

      2:02
    • 73. The paperwork

      2:27
    • 74. Your new role if they kept you

      1:05
    • 75. Managing the BOD

      1:02
    • 76. Don't get used to VC money

      1:18

About This Class

Learn about starting own IT startup, the challenges and problems you may face, the stages and specific actions on each, the VC funds functioning. Learn the theory and practical aspects of the world IT companies and IT entrepreneurship.

Transcripts

1. Entrepreneurship and lean startup: Hi and welcome to interpreter Shipping. Millions don't. Of course. The full name of the courts Interpreter, cheap paneling and startup heating. The robot still going? So we're not that supposed to mean. And why such a strange name? So basically, we're gonna be talking about in startup approach which waas and either very popular approach in the world off the interpreter ship. Right. Basically, the idea of this approach is to achieve a lot of little. You should be getting the results. We invest in the very minimum within a reason off your resources, whether we're talking about time or money. But my heating the whoa Well, because nowadays a lot of projects consists on also off some tangible product off some hardware component. And it is definitely a challenge toe deliver even maybe move buyable product when you need to deliver something tangible. So it's a challenge. That's why leans can come Approach kind off heating the goal. But then again, next you going because you know, many concepts are still liable. And of course, you always will tryingto get the results with the very minimum off the investments. Like we said before now, who would be the ideal owed and for the worse. And what would you learn? At the end of this course? The ideal audience would be probably people who are starting their journey in the world off 80 tank tops. It s so if you are planning to run some business outside of this year's your world off, I d. You still would benefit from listening to this course because some concepts are universal. So how the courses structure. While it has four sections, each one consists off some 20 or less small videos, one minute videos and you can push those videos one by one. Or you can jump directly to some particular video of your interest. We're gonna be talking about the idea in relation. We will be talking about founder, leader and manager, whether those are the same or different and can be different, those rules are can be different. Indeed, you'll be talking about the company is life psycho And what steps should be taken on each stage off the company's life cycle. And then you know this customer there should be growing your business organically or trying to raise a metre money. What would be causing probes off doing that now a few words about myself. Well, my name is our bourbon. I had 15 years plus off the experience in creation, running, failing and selling 80 companies. So I have some experience I will be sharing with you during these scores. Also, I have some resident education university degree MBA in the area. So the course will would be the mixture off the practical advice and fearing I hope you will enjoy the course as much of that will be enjoying. Provided me with those materials and for your time and seeing the Knights video. 2. Idea and realization: welcome to the course section number one idea and realisation. In this section we will be talking about the economy of knowledge, which is the reality off our lives. Nowadays. This is where our society leads the cost industrial economy of knowledge. We'll be talking about the importance of the ideas and the idea, the heart off any business in this economy of knowledge. It will be talking about whether we should be protecting our ideas with the bag and or it is not necessary. We'll be talking about whether the idea can be sold without buildings, the rial business around the idea. So just selling the idea, Burt said. Whether the idea can be tolling, we'll discuss if any business can be any new business can be considered has talked up or the thumbs special criteria that distinguishes the start up from just a new business. You don't talk about what kind of challenge if you are the person may face in real case. If you decide to pure suits Israel entrepreneurship in the I d world and what kind of challenges your family made in face and they will talk about your first on this way of the journey. Hattaway, then to be your last steps. So I think your game and see you in the next you 3. The economy of knowledge: welcome to the worse the economy of knowledge. What is he gonna have? Knowledge? Well, in a few words, it is the economy where knowledge itself exactly part in produce, intangible and intentional goods and services. So it is a post industrial society where we leave and the knowledge is a key component of this society. Basically, we can talk about the evolution off knowledge, something like a luring and education results in the knowledge which terms into the technology. And then these technology results in a competitive advantage of your company. And that's basically the evolution you can see in any business you may leave. The company sells some hunger tangible objects. They're probably those tangible objects are treated by the softer that leaves inside of this 100. And the software is a pure product of knowledge, right? So you can't underestimate the importance off the knowledge in our economy. Basically, because of this, a common of moments where we are leaving it is related. Leaving to start your new business to be an entrepreneur. Exactly. Because of that, you can start your business lean even if we're talking about business with some hardware components and especially you're talking about business in the virtual world off Internet. So welcome to the gun. Enough knowledge. And here in the next video 4. Fruitful debut idea: welcome to the course. So if be are you the in the worst, like knowledge, technology and probably the word idea wouldn't be far away. So let's talk about the ideas where you are. Taking those ideas from ideas is something that are coming to our mind. Everything a moment Thank you can't leave or relents yourself without having some ideas. You're going through your brain, and it's very difficult, actually had to try to stay away from the ideas. But in general, if we're talking about, the ideas can be used later on at the foundation for your business, especially if you are talking about the business in the Internet who are about the business in the I t. A little, a little bit more broad definition. So where you would take those ideas from, well, Earth to fall? Probably you would take some ideas from the real world and was a transition that was almost 80 years into the digital world. For instance, Evernote. So we all have been used no bumps in the real life like really ban and the better. But then you can just use the same idea and implemented in the Internet, and he would have a successful product. Successful service. Well, the communication itself is a significant part of human life because we are, you know, social bigs on duh. You just tell you, ready off communication, moving into religious the world. And you know these will show that work. Then some ideas would be created specifically for the digital world. Like virtual reality were artificial intelligence. And then we would be doing the digital iving off the services that are existing interior, world like huge success off humor, for instance, so Texas are well known commodity since, I don't know, 19th century, maybe. And then you just move this to the insurer world, ending several extra services. And here you have a perfect idea for a startup. Same way we can discuss a lot off. I don't know services like booking, for instance. So traveling the the part for life. Now, if you move some part of traveling, planning of the travelling, sharing your opinions about the places in the digital world to have the idea for a perfect online tourist. So that's how we create the idea for our businesses. Thank you and see it in the next video 5. What is the best way to start a startup?: But until the video, so talking further about the ideas and startups begin to the specification. Now, doing the classifications is the favorite game off of human beings. Red. We're always trying to classify fountain and divided into the grooves, so my quantification of the ideas is not perfect. But in general that's what I would propose. So you can divide the ideas into three main groups. V. Organic ideas, the organic startups. So you have some hobby, and until you see that some group of people sharing your hubby and then you are 1,000,000,000 business around is humming. So initially you'd have been spending time, and suddenly you realize that you and sell some kind of service related to this 100 years and that there were the market for these hobby. So you're in an obvious kind of business for Kevin. Better now, seven, maybe a the aberration. You can see people doing something and you can see the red to improve it. And basically you are offering some kind of service, which improves the way people doing things and that how you have created your startup Congratulations and some story ideas. So you deliberately feeding with your friends and running, brainstorm or thumping finding is quoting the ideas that can be further used at the foundation for your business In general, the rich there is a one room where idea you are proposing. It should be addressing some real problems people are having. Or you can create this problem. And then for my dissolution, talk about these. It will be very interesting to look into the start of Colt. Thank you. So what? Authorities Basically intentional device, which has, uh, the pointer, a laser pointer and a video camera. And you can play remotely with your bets cats and dogs. Whether there was a problem off not being able to play with your patron motive. Well, I know that, but nevertheless, there were the business. Right now this business has racing. There are a 1,000,000 off your stole ours and business has readily off several 1,000,000 off U. S. Dollars. So they created the problem, created a market and introduce decision because you do have a way to do you start Well. Thank you to you in the next video 6. Ideas generation as an exercise: now generation of the ideas of the negative sets. Welcome to the worth. So imagination creativeness are skills and you can work on improving czar skins, you know, and let what you should be doing that will be first of all it farm and second would enable you to generate something through ideas for a potential business. Now I want Rick Man, uh, the book off Michael Miko Coat Tinkertoys Handbook or creative thinking techniques. The whole book is dedicated to the approaches and can use to develop your creativeness Onda help you to generate the ideas. Now the movie is quite big and better interesting, but I would provided with several suggestions based on the book, and some of them are outside of the move, but nevertheless, So how you would be generating the ideas? Well, first of all, you could use the spread toe. You know how you could improve these or other process. So when you are observing something, trying to think how you could make it better, what kind of problems it may face and how to feed those providence and how to optimize the process. Second, they would be thinking about something white may not work so again when you are seeing something, some process wherever. Just think about clothes, about problems you has. This process is nothing and try to come out with the least off reasons why it may not work now. Another approach would be going from the contrary. When you see something, just think about how it would be nice if it would work. Country. For instance, instead of going to the restaurant, what would happen if the restaurant would be visiting your your house, your flat and story Enedina in your living room? It's a good idea for a startup, even me. Now, brainstorming for fun just said, Let me go 15 minutes and write down or all the ideas for the potential business. You've come out brilliant this period of time. Now the composition okay sounds big and divided by the parts and each part can be the separate idea were so building the business around and being from all over the idea to be the friend okay, kind of game. You generally the idea I generate the idea or you generally the idea I say, Why? Why? It may not work. So good time spending with your friends no. By developing your abilities, toe, come up with the ideas. You really increase your chances off, coming up with some idea that eventually can become a heart off your business. And there can be a future that you can use for those ideas before considering Zen liable for a business. The future is called smart, so make sure your idea is specific, measurable, attainable, realistic In time bound, it can be kind of filter that will help you distinguish the idea that are just fun from the Indian that can really beans to build the business around them. See you in the next video. 7. Should your idea be a revolutionary one?: Welcome to the quarters. Now I think the question Should your idea be revolutionary? One in a radio. One worry can be some marginal improvement off something that already this. So what would be the best approach to creation of your something revolution along or marginally new? Some improvement now, you would say, and you could see that there are examples of both. And in general, if you are coming up with something revolutionary, you have a chance is to fail and chances tweeting. And if your calorie something that is the improvement off existing service or product again , you can be successful or it can fail. So a lot depends on the execution. It is. So let's review some pluses and minuses of both approaches. So revolutionary idea. Well, you should be aware of the Siri off innovation diffusion in several words. How we do perceive the new idea. We are human beings. So you would say you are coming through this evolution from no indefinite enough work, or why should I needed toe? Well, it has something in it than to let try. Yeah, it works. And then how we possibly leave without me, and it all takes time. So if you're coming with some revolutionary idea, you re lead toe developed market around this idea. You probably will be first on that market, but you need to create this market before starting to sell to this market. You need to create, educate, etcetera. It don't take takes time and money. And then, of course, you have these luxury or being the first on this market. But you can easily lose this first position. So those are the classes in violence is with this approach. Now. What about the improvement of existing product in serious Again? The classes would be that this product or service cuts already being confirmed. These other players on this market so they really demand and eat words. Now the minus resolve this you're competing me somebody already leading on this market and the general rule, you would need to spend 3 to 5 time off their marketing budgets to run head to head competition with them unless you refinish. So there are glasses and there are minuses or both approaches and you can be successful or not successful. There is the probability off 10% your startup, whether it based on some revolution alone or marginally new idea. You'll succeed with probability off up to 90%. It will now. So those are the arts and you are to choose whether you would like to start with something completely new or improved something with this. See you in the next video. 8. Didn't they invent everything?: welcome to the course. Now there is one question I've been hearing from the young entrepreneurs, and there were in a lot of body. So you think to laid being, then rented already everything way. They did not. Off course. There are several theories off the but the progress on duh basically how the society's moves for it won't be leaving too deep into the Siri's Onda. We won't be reviewing hold times off the progresses the society make you have been just not to say that off course the race steal space for new ideas and new developments Off course, some revolution All ideas are coming with the last frequency and some marginal ideas are coming more frequent. Right? So you can review the process off, for instance, off smartphones taking over the market of more platforms and, by the way, in custody business to a Nokia company. So it was a revolution indeed. And right now the smartphones are kind of repeating the functionality of the computers. And some 70 years ago, the mobile phones virgins for making because then text messages. Right now, everything you just don't need your computer, you need your smartphones. Attic. The transmission of signal. And actually, the calls are just Ah, no. Maybe 1% of the functionality were using in our smartphones. And yes, it is true that in the course off last seven years, smartphones are just marginally improving themselves. And probably we're all waiting for some revolutionary new deal ice. You can't be sure. So there later, if the winds will appear on the market and then there will be a nice, huge step ahead. So no, really didn't read everything. And yes, you have a time to come up with the right idea and build a sustainable business around here . Thank you. And see you in the next video. 9. Should you protect your IP?: underwears. So the protection should you idea be attended and whether it needed pattern the kind of protection does your idea require? Now that's a profession, you know, when I've been talking to receive in the beginning of my career in an hour I was keen toe have them sign in the n. D. A nondisclosure agreement. And then there was no, we won't be doing that just to fall because time spent on signing the agreement and early in the agreement related can be more than the time. Yeah, ready toe offer you to listen to your evey itself. And second, basically there is no point in doing that. Wherever the idea these it is far away from being in business and read out your ideas, you know, some technical breakthrough. So should have been back into your ideas. Well, you were talking about some know how. If you're talking about some revolution technological breakthrough that probably yes, but then 99% of ideas are far away from being that. And if your idea is just an idea, the merchant improvement or even something new But you know, let's say not in special, you shouldn't be bothering and If your idea real successfully be implemented within the business project, we will have time to patent. Wherever called, that will be written wherever. No house that will be invented, etcetera. But then again, of course, talking about the company, the Untouched appropriately, the main asset of such a company. So yeah, you should keep in mind and remember that some mean of protection should be taken and, for instance, in the baton is expensive. You can't register a trademark work something so laughter. Sure, it's not the main thing you should be worried about. But you should keep in mind that your instruction property is violence, men, munitions if you are business that you're India in the next video. 10. They have stolen my idea: welcome requires that has telling my idea. I've been hearing to those words more than once, but normally it is not the case. Well, first of all, it just happens. You know that the same idea comes into the heads of several people. You don't know the history of convention off radio, and there are many examples when several scientists are kind of responsible for the same idea. So sometimes it just happens that nearly Psaltis and it's nothing special in just several companies. Several people are coming up with this idea at the same time, and basically that's it. Now the ideal solution to protect your dear would be to move fast with your start up to deliver the minimum viable product and start selling. The sooner we will be able to execute your strategy and build the business around your idea , the more protected your idea will be. And that's exactly what you need to do, right and probably led the only worry you should be. And how about being cut big companies, which enough to you like whether they are I know may end up stealing your idea? Well, they really do that. They don't need the idea. They need the ideas implemented into the project into the business. They need the ideas that were confirmed by the demand on the market and then becomes money can buy yours cattle and that's what they actually do. So stealing the ideas in implementing them within their organisations may have such create our heads that it would be overkill for them to do that. So they really wait for you to commit your own idea. And then if it is successful business, they may come after you. But that's exactly what you want you in the next video. 11. Can you sell the idea?: welcome to the glares. Well, it's not stealing. There may be selling. Can you the owner, the mentor of the idea, sell it to some company or interested party? Well, I hadn't heard of such a case. Maybe those gays are assisting. I just haven't heard of. You know, selling the idea is like fairly in their own material. First of all, you should be very well aware that actually edit belly is what makes a product and selling the product. He's much better and selling their own materials the same way. Selling the idea doesn't make much chance. Probably nobody would be interested in the idea and the very, very pressure would be. If your idea, it said she could my right onto yourself, build a business surrounding and then you can sell the business. You may say that business custom up more, and the idea would come cheaper to the potential buyer right? But the risks would be too high to buy the rope material. The idea So you shouldn't really war about selling your idea, either. You should be building the business around it other than you are, and then he would be selling the business and then he would be milking or selling something with a lot of editorially. And that should be the grand that you see in the next video. 12. Invention and innovation: welcome to the choirs, so invention and innovation. Those two words are very similar, and yet they mean different things. So innovation is the mentioned. You managed to build a sustainable business around, and it's much more. And that's what happens when you jay the idea and building these Tucker around it and basically the Eddie itself in just no time, maybe more. Maybe last percent of this success, the veracity of the execution. And if you look at the survival rate off these targets, you may instantly understand several things. First fall in the world of I T companies, either were they manic work companies are dropping off the game frequently, and then 40% of the companies like 30 something percent can manage to survive for 57 years until the successful Avery reach peace. Normally, the acquisition by some strategic player who are at your best but majority of the company's real for better empty and shut down their doors off this course toe the building off the successful lady company. You should be a Merabet and again, the key work the allocution Thank you. See in the next video 13. Startup and family business: So it startup family business. What you consider any new business start up or there are some special criteria that Distinguish has talked up from the just the new business. Well throughout start carpeted new business missing potential to grow really death to turn itself into multibillion company, be the viable business model that can be potentially scaled realtors. So in this sense, would you consider, for instance, in your restaurant to be startup? Or it would be a good new business, but no more? Well, yes, it wouldn't be a started. It would be a good cash cow. Cash Cow means the business that generates good cash flows good money for the owner, but it can be replicated. The success of this business can be easily replicated, and the business doesn't have the potential to grow really fast, which should be the criteria for the startup to be considered a totem. So, for instance, the Web servers, which would provide the customer with a way to see the available place issues restaurants around the area, would be a start up because you can absolutely be the success off this. Let's terrorists on other geographic amount markets, the model doesn't have any restrictions in terms off geographical location or regulation norms, etcetera. So the real difference between the start up and a new business and be aware of that in fear in the next video. 14. Formulating the goals of your company: welcome to the course. So I'm lady in the goals of your company. In a few words, the business is about making money, and successful business is a business that makes a lot of money. But it would be enough, or the company should have something more into this kind of vague purpose of existence. Well, the campaign should also have a go. Why? Because you need to inspire. You need to inspire people working for you, and you need to inspire your potential customers. And people like to be the part of something bigger than just the idea off making money. That's why become, But he should have the mission, the mission statement and probably it's right thing to do. If you think about that, I mean making money Good that that probably you are in the joining for something bigger. Maybe you want to chat to change the world, maybe want to fig zero things that are broken in our work will be one toe help. Some particular work off people toe live by their lives so that they go if your company and if you formulated, first of all it will help you clearly see your goals it will help you to much of eight. Your leads. Friends, Piers. People work of you in the company to perform their top performance, and it would. It would be something that would make a difference for your customers to think about your goals and make Randy goals of your company and see you in the next three to you. 15. Why is it important to have a goal?: Welcome to the cores, Talking about the goal of the business. Why did important? We already discussed that, but very fun. More thing. Think it called the differentiation You should differentiate from your competition, and the goal of your business can be exactly the part off these different she's. So it would be you to go to talk about something called Golden Circle. It's marketing concept, market in theory that talks exactly about the differentiation. So basically, it's just that almost any marketer or more, almost any business can explain what they are doing. Most any business, Maybe not any, but still, you can explain how they are doing what they are doing. But why? What is the reason for them to do what they are doing? That's the key question. Basically, that would make a difference. And that's why the goal is important because goals your business is exactly why you are in this business. And one funny thing you've been listening or reading to Jesus Christ superstar off Andrew Lloyd Webber. There was a song in the garden under 50 money. Well, she just insane, took into his father. You're far too king on where and how and not so How come by? So why is very important in this? Why is exactly the goal off your business? See you in the next video. 16. Stress test of your idea: what country requires. So the stress tests for your idea, Basically, how you can test your idea. But, David, why I'm a lady and how it can make sure it works off your investments or being breath mints off your time. Probably money. The idea that you've come up these. So I already told you several word about that. We already know that the idea should be smart. Great specific, measurable, attainable, realistic, time bound Centra. But Tom here, I'm offering you of the center of the questions. You should be asking yourself, man. Testing your idea. And basically, that would be a good stress test. The initial stress test. If your idea, brother, it worth going on. Right? So kind of Russians. Well, that's your idea. Addresses some particular existing meat off the rial customer. How do you know that? This made me the rial. One is your potential market or niche big enough for your potential. Startup to growth asked and dynamic. What kind of me show investment would require your idea? Can you go lean? Can you deliver minimum buyable for that fast? Whether you have some boundaries like your abound geographically were can be international business Do you have a team team of people who will be willing to work with you? Because stock in the journey on your own would be very difficult, if not impossible. Ah, what kindof knowledge or technology? You're meeting who you're competing engaged. Ah, can you start the start up initially on the part time project without leaving your work? Because you may need actually the money to keep leaving your normal life and said you're in Tonight's working on this new start up of yours and basically, with people be willing to give their money for wherever you're planning tosser, whether it had any really well done. So they sent questions should get you're going just trying to provide the answers. And he really suddenly know whether the idea is worth pursuing. Thank you. And CIA Every last video 17. Entrepreneur. No more work for hire: welcome to the chorus. So interpret our shoes being the interpreter. No more work for hire Now, are you ready to do that? Move. Can you imagine what kind of dress you're gonna be facing? Well, I'm offering you the style of the questions. You should be asking yourself to test your readiness to start this new journey. These new page of your life. Basically, the questions are going away from this celery means a lot of stress. Are you ready to do these? Move. You know, if you're usedto receiving what salary can be very stressful for you Now, during the times of was threatening, your affinity meal was trapped with you. So are very ready to support you in this kind of move. Now, your schedule, we'll get extra digit. You will be working, working and working again. You're gonna be tough. You're on social life may suffer because people get a monsieur. You will be always off working. You should keep this in mind. Your self esteem will be questioned. What if you fail? We will be able to overcome the potential favor. That's also the question. So you know your life will be missing the balance If you're used to this battle between your professional life in time life again, you're gonna meet that. Are you all ready to these move? You know, when people are talking about entrepreneurship, it's like they're talking about somebody who works for themselves. And basically, it sounds perfectly like you're your own boss. If you don't feeling that you may not work today and I don't take a day off, it's like Sure you have this right. But then again, really you'll be using this luxury and do have an opportunity to actually use this luxury off taking a day off. Nothing with aggression. It's like a famous frayed from the famous movie, right? So, Mr Anderson, what's good? Phone call if you are unable to speak for Yeah, you have a threat, not war. Tora. Trust me, you don't never you the luxury of having this opportunity. So think about all that and make your informed decision and see you in the next video 18. Your first steps... Your last steps: Welcome to the guards. So your first steps, your last steps? Well, buying during this land off unknown, you're making the Syrians move. And you are entering the world with a lot of free since etcetera. It's like, you know, completely new experience. And trust me up to 90% of the company's real fail some of these words from known that you are entering your some poor you can even consider in the world walking dead, they were lovelies. What because really the really definition of zombie company in the world off easy capital. This is the company that neither growth best neither dies so kind of company keeps alive and keeps moving, but without any success. It zombie company. So again, 90% something Cos before. Well, actually little be less is be sold in the city seats more like seven to you or 65% of the company's fall in first 5 to 7 years of their lives. But actually some sources on the turn and say it's up to 90% of the companies that make it because of different reasons, you know, shorter show the cash can be perfect idea and can be very interesting business on all the but then show. You know, criteria have been met and business either grow etcetera about soon have been around out of cash. You are a business can be weak. Product can be conflict between the farmers can be lack of attention to details can be changes in the competitive landscape Can be preliminary scale of your business when you're actually scaling a failure instead of scaring this success. So a lot of races this land if unknown and be prepared be prepared because you're not working for salary anymore. You're not starting at nine AM and finishing at seven PM You're on your own and you're in for a long journey with a lot of risks. Just be ready and fear in the video. Thank you. 19. Danger of the ideas: welcome to the worst. So danger off the it is in this section. They were talking a lot about the ideas that the ideas are serving of the engine for the car off the mother economy off your company and the ideas are wearing work. I also should be aware Coffee Venture officiated with the idiots. When you start your business, it should be very diligent to what you're doing. You should concentrate on what's important later on there may they need to change the approach to change something to do the people. But for now, you should provisionally follow the way you decided for. And it reminds me off the conversation behalf several years ago, actually more than 10 years ago, with one experienced wise president off one of the big companies. So we were saying that you're coming up. It's a lot of ideas dating, and we're good in generating the ideas in vegetables. So, yeah, it's great on my work and actually reject the idea to concentrate on what's matter so the diligent and follow your rate. Now, in the next section of this course, we'll discuss the role founder there, all the leader for the organization and then we'll proceed further. Thank you for your interest. Keep watching the course and see in the next video. 20. Founder leader and manager: Hi. I come through the course, so we are counting second Section four cores. Its name is founder, leader and manager, and we will be talking a lot about their all of the founder of the company. Well, actually the founders, because normally companies are created by a group of like minded people because not a single person can possess all the necessary launch. So we will be talking about the characteristics and qualities off the founder. We'll be talking about the conflict of interest among this group and how it's already, and you'll be talking about what makes it greatly. They're a great manager, whether leader and senator are interchangeable words or saving something different. Be really talking about the ah, level off the incompetence within the organization and how to avoid reaching off this level by essentially doing the self development. We will be talking about technical know, virtually company founder and whether it's something crucial for these excess off I t company. You don't talk about these stress and how to deal with that. We'll talk about responsibilities off chief executive officer of the company, which is a main guy in the company, and how this cup of those responsibilities will be changing every company itself. Evolving urine kids Lifetime Now why so many words about the founders? Why, for many words about people who started the company well, because we leave have already said in the realities of economy of knowledge and the main Isett off any company, these people who work for that company and possess this knowledge how you may already hurt animals words. That strong team with weak NDN eventually will be a success because they weren't able to do several people's finally come up with the right idea executing. And it's us, um, que Mizzi Strong Indian. You'll be a failure because, unfortunately, they won't be able to execute the crazy idea. So again, people are the most important. Is it of any company? And founders are the key people for these? Talk up, at least in the beginning. So thanks for watching. It's here in the next video 21. Entrepreneurship and economy: Hi. Welcome to the quest. Before we start talking about the role of the founder of the business, let's talk a little bit about the importance of the business fell. So it's and be what is this? And B s in B stands for small and medium business, And that's exactly where you will be if you start your I t. Stop, because at least initially, your company will be a small businesses small company. So neither should be important. Well, the as it is in the developed countries, that's a receptor of the common irresponsible for almost how awful the GDP product. For instance, in the United States, we would be talking about 46% off the GDP and 25 million people would be interpret north. And not only they would be producing within services, but they would also create in your jobs saw. They are very important for the economy of the country, and the people are taking a great deal of risk because, like, uh, I know 60 or even more percent of the company's all this in the companies who should now their doors short after opening them in the next 2 to 3 years and how to avoid that. Well, keep watching the course in your Lord Howe. It leaves how to minimise your chances of shutting down your company in the next several years. Thanks for watching via the next video. 22. Founder, the characteristics: Hi. Welcome to the fourth. So probably the right time to time talking about the characteristics of the farmer off this person who's times business. And, uh, well, this person should persist. Some unique set of characteristics, even that not that unique. As we already said in the United States along, 27 million people do percent this kind of set, but nevertheless, so it would make a great founder. What makes you think you may be founder of the business? Well, you should be able to take the risk. You should be willing to challenge the stages crawl. You should be ready to take the responsibility. You should be very passionate about what you're doing because you will be an example for urine. Please. You should be ready to work long hours on. Basically, it's more about last time. It's not only work is the complete life start, so you may forget about we against etcetera. And, uh, that would be quite a challenge to ask yourself whether you match to the provided characteristics. And if you are well, then probably you may be a founder of the new business. Keep watching and seeing Tonight three Dio 23. Several founders, how to avoid killing each other?: hi and welcome to the Worth. We already discovered that unique person with the unique set off traits, which is the founder of the company or entrepreneur, the company. But normally there would be several people of this kind were working together in order to create a business, and basically, it's very important toe. Have several people like minded people who leave the group of founders for instances you would be trying to raise interest capital they would rarely invest into one person show, because off the reasons risks are higher. So when there are several people, there can be a lot of ground for conflict. Central. How to avoid that first folios should be clear on who death what ho contributes. But who isn't technical side, who is on a business side. What are responsibilities off that and another person. So it should agree about everything before you're actually starting a business, because let all it can be already played to do that. So when you have a group of like minded people, when you clearly know worry, the contribution off each one probably would be the best set up to start the business and again clarity about what and by whom and when should be done, would be the recite to avoid conflict of interest, see in the next year. 24. Leader and manager - is it the same person?: Hi. Welcome to the cores, the leader and manager. Are we talking about this in person or they're all off. Those two can be different. Well, the very tree bill definition and yet workable. One is following. The manager is a person who does he think right? And the literally the person without the right things. So, yeah, it's a little bit true, but it also has sounds and gaining. You should be remembering that in the beginning you probably will be carrying their oath of both. And there is a potential conflict because they there's a manager, sometimes are seeking different things. For instance, are managers are looking for stability and leader Somali are destructive to stability. Manager sometimes always are trying to solve the problem, and leaders sometimes are creating the problem. A manager should be emotionally distant from the simply and chill eagerly distant from holding place and leader. Create the emotional attachment because every leader has to motivate the people and be the example. So how well did that? Well, basically fresh again. In the beginning, you will be both and probably really made a lot of mistakes that should, when it takes the human resources policy of your company on its early steps. And some of those mistakes can cost your business in the talk about those possible mistake things future for now, you should be remembering, and you should try to distinguish ran. You should be put, put in a hat off our for manager and when you should be put in the head off a leader later on, when the processes will be kind of still alive, it in your company will be moving success. You will have the luxury of fire people and probably will be hiring the professional managers in some point. You may even want to finally replacement for yourself. You may want to keep their own leader and find a manager who will be chief executive assistant off your business, but in the beginning you will be passed. So keep that in mind. Keep in mind the differences between those roles key portion of the videos and see in the next 25. Working in group: Hi comes, of course. So how? I already mentioned several times. Normally, you will be working with the group of people. But there we are, talking about your fellow co founders or in place of your company and working in a group have its own bandages, and it's on challenges. But normally benefits are much more important. So the bandages would be the improved creating this off course I had in a group you can pray stormed the scouts, the ideas, etcetera so environment will be quite different then. Uh, just seeing the person is enabled by all the skills you need somebody in the records to a group. It would increase their hero capabilities of the group by providing red skills, right? Set off knowledge, cetera, uh, then, uh, the working in group reduces the level of stress. Your nyra's principles for everything yourself also introduces the attendee. It would be quite difficult to pretend you're working while you're not where you have several people sitting in the same room, right, and then ah, it will be increasing. Working in the group would be increasing efficiency and effectiveness by their efficiency and effectiveness out to different words. So you can do think fast and there would be effectiveness. But you can do wrong things on your inefficiency will blow or you can go right. Things in your efficiency would be high but slow and your effectiveness would belong. So you should be doing writing fast, then your efficiency and effectiveness for me. Hi. Now, since we are talking about groups, the groups have their own dynamics read and what kind of dynamic the normal group has. There are many theories that I really introduce just one of them. So there are several stages in the life off any group of people normally forming, storming Norman and performing. So what are those stages? Well, new people need toe, get to know each other and there will be. For me, storming would be kind of appearances conflicts because different people work together and well, the contracts would happen that would be normal, like the process, but can get back to normal and reforming. It ran. The group is working well and performance ideally because the people don't know each other , and then it will be meant worth mentioning another theory of introducing off the new theory or were changed to the group. So you would be on three things. The group. You would be aborning. They remember through your new idea. Then you would be importing the changes, freezing the group together and doing it over and over at the founder. You would be doing it over our almost daily because again, as a leader, you would be challenging the status quo and change in the state of school and at the manager. It was responsible for successfully implementing the discussed process. So it's really interesting to be a man of many heads. If it is that, Yeah, keep watching the videos and they don't talk about it some more in the next one. Thank you. 26. What makes a great leader?: hi and welcome to the wars. What makes a great leader is the subject on the current video. Well, it's a very broad topic. And trust me, uh, they're in the love said about the leadership topic in this entity. Words. There are many articles many researches on this object. So some more popular theories, some less popular theories. Trade theory, behavioral. Siri's authentic leadership theories. So what makes a leader? Whether it would work, condition and we're talking about some special set of genes or you can actually learn to be leader during your lifetime? Well, this is always scientific thinking and what is important for you to the point you are starting here come and you will be a leader, which means you need to be precise, fair, inspiring passion about your idea, people who who will be working for you. We'll be following you closely. You should be a man of many hands, like we said before you will be managing those people will be inspiring them. You're really serving as an example from them. So there are a lot of things you can be doing other leader. You need this charisma, and, uh, you need to constantly work to improve your qualities and constantly work toe. Be able to match the challenges you gonna be facing daily in the leader of your company. So good leader is made off several characteristics. Probably I would recommend you the classical movie with Al Pacino, Scent of a Woman, which there's a lot about what makes you create later. So some things you will be able to learn some things probably are kind of bored conditions , but nevertheless Lennar Ship. Very interesting topic, and there's a person who stars startup. You have no choice but to be a leader to keep watching DVDs and talking more about the subject in the next video. 27. What makes a great manager?: hi and welcome to the cores. So what makes a great manager? We were talking about the leadership and the leader on were mentioning that the leadership with a little bit off art. That's why it is definitely challenge to Baylor with the manager. It's a lot easier. It's not that easy, but it's a lot if you're because when we're talking about the managers were talking about well known and defiance side of skills and one can Lawrence or skills during their lifetime . Well, certainly so. Amanda Simon's off. The manager would be planning, organizing, leading and controlling so you would be seriously go for your TV will be our time in the process off execution of those goals, you will be leaving your team through the process off execution and controlling the results and then probably eat. So as you see, the manager has some kind off. Well, defines called off the responsibilities now, Uh, what's also interesting is that any person, sooner or later, my may reach the level off personal incompetence within the organization. That's why it's important for you. It's for Toby founder because they are not only the manager, you're also the founder. The leader. So it's very important to be one step ahead off your company off your in place so it takes the personal development and your personal development should be ongoing process in order for you to be one step had right Onda basically what's also interesting? These to mention that the main assignment open manager even creating the wealth of the shareholders again. If you are not the initial holder of your company, keep that in mind when you are taking, and I think you'd in your decisions and for watching in CNN's an extra video. 28. Should I be a technical savvy?: hi and welcome to the course since you are talking about business in the I T area and it's very technical area. So everywhere the question will be should be a technical family education program in order to start your startup in the technology area. Well, it depends, but actually shouldn't At least it's not the demanding criteria to be a successful entrepreneur in the world of I d even thought worth some technical knowledge will be more than welcome, but basically the very popular bars worth right now with the emotional intellect. And, uh, the studies have pruned up to 80% off. The success in this life would dependence off skills and on the 20% on technical skills. What are your thoughts? Skills? Well, the abilities to communicate there is lead to manage the ability to run discussions. They really did run negotiations. All those skills are called soft skills. Those skills are much more important for a success in life and for the success in your business. To create a successful business, you need to possess so soft skills. And then, of course, you will be able tow either higher or fine. The right person who would do the technical part of the game. That's why once again, normally we are talking about group of co founders, and within the group, the roads are divided well divided. So if you are not a technical person, you would most certainly needed technical person to work together with you. If you are a technical person, either they would need to find somebody who would be professing those soft skills. Or you can develop that those soft skills yourself. But in general, normally you steal would be looking for a partner to run. They've been together with another person. Well, that's how towards and, uh, seeing the next median. 29. Should I be an asshole?: Hi. Welcome to the growers. And they wanted a little bit funny. Should be a bad guy. Let us put it in this politically correct May. So there is no opinion that really successful businessman, our kind of beer persons it'll be No, Freese's a little bit off. Tough guys shouldn't even should you use this kind of behaviour is a model for himself. For instance, if you've been reading the biography of Steve Jobs, you probably have heard that he was a top guy to delete and sometimes addition Go guy to Billy's. Should you be modeling based kind of behavior for yourself? Well, I wouldn't say you should. I mean to be yourself. If you're a nice guy and you're a level of Russia, Emotional intellect is high, and you are building the connections with other people either late. Then it is your competitive advantage. Why should you change that? Their life? Maybe you should try to work to improve it, right? But anyhow, they're talking about personal trades, and it's off course tricky to discuss the subject. But there is always an option to improve yourself in this. Probably what you should be doing. No. Uh, what is really important. Onda and interesting. It is the foreign friends. When you are dealing with the mad scientist, make sure the guy we're dealing really actually scientist. Or maybe he just mad. CNN's an extra Gideon. 30. Finding a motivation: hi and welcome to the choir's. That's talk a little bit body moderation, which is a crucial thing for pretty success off your business and actually for the success of yourself and your life. So what? Even graduation? Well, motivation, with the persistence and diligence in moving towards your objective and the definition probably say zero again. In the scientific world, there are more than several theories Ah, off moderation and how it works and very are finally nated central. I was important. Maturation directly influence the attitude towards what you are doing. Andrea Instant Churchill Sailing The attitude is a little thing that makes a huge difference. So the attitude, your graduation, besides, whether you will be doing these kind of assignment from A to that or you were really into the wants to be old, and it makes a huge difference now, the motivation is also the subject of burying out. You're the person can turn out Vero facing difficult times, and, uh, it should be remembered that your company, your business needs you and your in place needs you and you need the motivation. So you need to find these maturation. You know where you know what motivates you best. Andi give you up and running with these federation, and there's a few key lesson from these video for things for which any keep pushing and see you in the next video. 31. Stress test of yourself: Hi. Welcome to the Worth. Ah, stress test off yourself is one is related to the motivation review and basically, let's talk a little Be involved. Stress. You know, building your business can be quite stressful experience because you will be able stripping . It will be running lean. You wouldn't have enough money. You wouldn't have enough mine, including for your four or your own. Finally, Mitch is a stressful experience, most certainly. And how would you believe in? Is this dress kind of consequences this dress can have for you weld around two types off trusses. We're dealing with the daily the huge stress and crying stress. And if you cure stress can be in houses, registering the crying stress. It's definitely damaging our body and can be a source off a lot of problems, including the problems with the house I talked to 85% off all the problems they're dealing . Bees interval for health are related to stress. There is nothing called general meditation syndrome. This is how our body is dealing with stress. If you weren't initially, anybody mobilizes all its resources was an answer to the stress. An acute stress can be even beautiful for us to kind off I'm alive or our resources. But then it is time. Chronic stress actually exhausted. South Bend, Max. A lot of damage, Onda. Uh, well, probably the suggestion would be the same. You need to find wherever motivate you. You need to find where perhaps you to deal with stress. She can avoid the stress. And you need to find a way to adapter set with the stress and minimize the damage. Do the damage control from this trance. You're receiving Bailey? Well, she and the next really in walking. 32. A team and roles ambiguity : Hi. Welcome to the choirs. That's like a little bit more about the team. Well, as we already mentioned several times, you normally we'll be working as a team member. Not important if you're father of the company or not, but yes, feel, uh, working in it in because even group of the founders is a team and how to avoid the biggest problem that he may have. Is there a bigger tea? And by the way, this kind of problem can contribute credit deals with the stress you're facing daily Now, after several steps, you shoot is a littering the manager. You should perform toe low down the level of stress and avoids is rolling bigger t. There are two types off the leaders off the managers, the autocratic leader and rebound we're talking about reader manager. If it were of the same thing, the out a critic leader and the Democratic leader, I would award for the second option. And as a Democratic leader, there are several steps you need to perform importer toe. Activate your team to the highest level off its before us. Well, you need to build clear communication lines within your team, so people should be able to easily talk to each other, toe their management, etcetera. You need to do the common objectives so everybody should build this in page about what they are doing. Unit demanded that the conflict efficiently the conflict sometimes is useful for your business. Believe it or not, it only bands on the level off conflict. So let me show you, get a and ignoring. You can try to talk to the participants and let them decide the conflict buildings themselves and only if you don't work, you need to participate and result of the conflict. You need to actively participate in the processes and decision maker exactly at the Democratic. Later, you need todo find the best used for the diversity off the guns within your team. And, uh, you need to. Actually, the result is a bigger T problem, so it should be clear. Believe the team who either responsible for what? What person does, what kind of assignment, why how to avoid that several people's would be doing the same, but I don't that clearly you would avoid the conflict of interest. And this is something very destructive to the team performance, so make sure your team works of the well managed Make anything and you are the manager office making eating and you are responsible for performance off your team. You have the next video. 33. Corporate culture why should you care?: Hi. Welcome to the chorus on Let's talk a little bit about corporate culture. So what is that? Well, basically, it is everything we've been talking before. It is how things are being done in your company. It is something cure the leader is responsible for. It is how people treat each other. It is the relus that your company is offers the world and its team. Please. At some point, you will find out that you may not want to hire some professionals. Even they create professionals if they are not good match for the comfort culture of your company. And by the way, some people won't work for your company If they find out that the culture of your company is something that is not in line with their own wells at the persons. So the corporate culture is the important things. It is kind of comics. And according to which, the companies this Sometimes the company doesn't have it in Britain. But we all know it's like common agreement. So we are a group of people who work together. We're spending each hours in the work environment. Well, it depends. Of course. We can work remotely, etcetera. But let's let's agree that significant part of our lives he's being spending the office. And if you are spending a lot of time like eight hours, for instance, for 10 hours or C sounds but nevertheless significant chunk off your lifetime in the office without people, of course, you wouldn't make sure those people are sharing your balance. And that's exactly or easy cover culture. And you are the founder of the leader of this company is responsible for this constitution off your company, if you will, and your check your responsibility is to formally this kind off constitution, this kind of corporate culture. So pay attention, make sure you're doing that and she in the next radio. 34. CEO responsibilities: Hi about come to the chorus, So see your responsibilities. Well, he probably knows you're stands for cheating record, you force. It's normally the founder of the company, at least in the beginning, would serve us its chief executive officer. The main guy in the company, The guy responsible for everything. There was a good job, Chuck from the new generation. Guys and girls. Yeah. It's like, uh, I don't looking for the summer worried that the part time CEO in reality, probably part time. See your It's something that doesn't do this. You may try, at least in the beginning. But what are the responsibilities off typical CEO of the company? Well, there are several groups off the responsibilities, and if you worse, you're responsible for everything. But if you I would like to dig a little bit deeper into the definition, you can do this kind of classifications. So we see your you will be responsible for relationships with the customers. You would be responsible for formulating the portrait off your ideal customer. You were responsible for customer development. You will be responsible for segmenting off your market and finding the right sweets put for your business. Ah, So that's what you would be doing in terms off working busy customers. Actually, initially, you would even be the person who sells your product. Your first customers before you will be able to scare that and hire somebody who would be doing that for you. So initially, also gonna be a sales person now, the product and technology, uh, you will be preparing. Well, you may be. It will be your partner. You're cold Founder, the chemical guy. But at the CEO, maybe you would be here in this head. It's not. So you would be preparing the road map and strategic plan. For your irony, the department you will be innovating and making sure your properties eyes up to the expectations off your customer. Billing stopped much, and they're basically a competitive product evangelist. You would be sitting on the forums talking to people, this crime in your product, explaining where are the benefits of your technology explaining what are the benefits off your company by why they should work with your company business processes? Well, uh, you would need to formulate a strategy for your business. You will be money during in coordinating the communication lines between the departments off your company you would be setting and controlling asks for those departments and in general you would be in charge off ensuring the company works of the balance machine environment. You would be talking to the outside world whether we're talking about press about board off directors, you talk about authorities in government bodies. He also would be your responsibility. Ah, you will be built in technology and business alliances and finding right cos toe partner read, because it's also important to move your business where well, my hands as the money is the blood of the business. Or you will be responsible for making sure the company has enough liquidity because they're very, very company runs out of cash, the company closes its doors. You can baby money visit promises, so making sure there are sufficient liquidity is if you show money is very important, you will be providing the controlling bodies, investors or government bodies, VV reports in a short statement. Statements etcetera. You will be monitoring the salary. The condition structure for everything related to the money would be your responsibility as well. Finally, you would be doing the HR responsibilities. You would be hiring and firing. You would be looking for the best talent you would be making sure the people have interest working for your company now. Well, in the beginning, the goodness, there would be just few people working for you. So all those tasks will be fairly easy to carry because it's not like you are running the company is 100 or more people working for the business? Right? So probably this least would be a little bit off in our Q in the beginning, But then his company growth, you would probably be hiring right professionals to help you. Because these Ingo anything recruit of there is considered ity. They've actually the assignments for some particular manager of your company, but so, you know, in the beginning to make responsible for everything yourself. So here you have the completely hope. You're not scared already. Keep watching CNN, Expedia 35. Hands-on management and delegation: hi. Look into the chorus. So the video is related to the previous one toe their responsibilities off Chief executive officer, the leader, the founder of the company. And what we can say here, that off course, this complete and detailed least off the responsibilities we have been discussing the previous video Well, with time, you will be able to delegate some part off those responsibilities to the managers. There would be working for your business for initially. You would be doing it and then it would be the only person in charge. But it's time if time goes by and if you're successful, if the business is growing, you will be hiring managers and part off your responsibilities would be a flaw did to those people you steal would be controlling them and you steal would be responsible for the tire company. But that would be high level ability. Well, when you can do the delegation, that man you should be doing things have up well there. They theory off the company's life cycle on basically cos life cycle can be divided. On those stages are constant creation, considered development, market development, business accumulation and reinventing relaunching your business So first stages. Certainly you would be the only one person who would be doing this stuff. Lay their own, like grab. You are doing business optimization. So we are talking about already existing company that already generate some revenue streams . And it is growing. Well, you would be hiring ticket for who would be happy you drop his business. Ah, in a few words, that how the process off mention the company words. So again, in the beginning, you are in your own letter. You have a group of people helping you around this company. Thanks for watching and seeing in the next medium. 36. First to leave if success last if failure: Hi. Welcome to the Worth. So what we are find the live in our discussion about the role of the founder of the business and we are finalized in the discussion was kind of lead phrase. First alleviation sense. Last to leave is feller. But why? Normally companies in 90 world are men to leave several years and then either to be solved to some strategic acquire. Or maybe they will be able to do these successful I feel So that's why if you're a successful in trump in your in the 80 world, well, soon, within several years you will be able to do the exit rather through these strategical position were ideal. Or maybe you yourself where you're bored off directors. We want to change your reason. Professional manager, professional field. If your business is less successful, well, it will be running this business for for a long time. And this is not what you would like to happen, because exactly it means the company is not that successful in the same the BBC world in the Silicon Valley. The best thing, the best thing I t company 80 startup can do you die early means you're the founder rial, have your has free to start some new business, and new business can potentially be a huge success song again, you will try to grow your businesses. First, issue reasonably can, and it means that sooner than letter you will be leaving your business because you're business will have the life of its own. So we already discussed the road founder in the next. Actually, we'll be talking more about the company about the dynamics in the stock. Thanks for watching names, he in the next video. 37. Let's rock-n-roll: hi and welcome to third part are squares, and this is probably the most exciting part of the course. Well, I named it Let's rock and Roll. And within this part of the person, we're gonna be talking about the company itself. They will talk about magic formula for success off the company, which is the product of the customer at the channel, and they will be talking about customer development product development Channel. There will also be talking about the concept of lean startup and its main buzzwords, like minimum viable product minimum Viable budget meeting Viable team. So everything should be made him and should be viable at the same time. The meal these kinds of problems is spirited faces. Nowadays, when more and more companies are introducing something tangible, some tangible products, Carver Components will also be talking about the life cycle of the company. They will be talking about what's important to build the successful and affected company, the communication, like airlines, three each are hire and fire processes. We will be talking about customer acquisition costs, customer retention coughed up from a lifetime. So when it is the right time to scale your business to scare these tests on beef Eigler Ah , the entrepreneurship and worry that baby also talking about the exit strategies for the companies and briefly discussed then problems these start up may face on each stage off its development. Thanks for watching TV in the next video. 38. The magic formula for the success: welcome to requires. So they made you formula for the success of your company, which is the product plus customers plus chow. So before we proceed further greedy videos that just briefly discuss the definition off the merits in But words like where? The product for the company. What is this sale? What is the business after? So let's put it all in plans in the words. So the sale is when you are exchanging something that you have something off weather on the money another person has. It's him about that. How were the product? The product? We've exactly something off. Well that you have. So and who is the customer? Well, it's is another person. And where the channel, Well, the channel is how you feel. It dated. Say how you actually making it happen and where the businessman businesses when you are able toe, repeat this process over an hour. So so you're building the sustainable process off, selling off something to your customer. You are finding a way to find more customers and you repeated over Homer, and basically that's a healthy business. Now off course, then three. The devil is in the details, so you have some costs to find your customers, and that would be customer acquisition cost. And, of course, the money you're earning by setting your product should be more than the money you're spending on finding your customer. And these more is the world. It makes business a profitable one. So keep pushing the middle discomfiting created tail. See you in the next video. 39. Lean startup and its main principles: Hi. Welcome to the course. So least top and it's made principles. Well, you probably heard those above words lean startup. It was any d. The very popular parodic means the interpreter ship world, especially in I t area. And basically, it means you need to be able to achieve a lot with little, so you need to achieve the result. Without spending excessive amount of resources. The quick area would be ableto do this or that process off your company development, the better off you will be at the end. So you should many day dia dia ready they be product with the customer today the channel. And while doing that, you should be able to spend less. Resource is possible and do it as fast as you reason a began. If you worse, that would be probably the man idea off the lean startup. So you should be acting this If you were having the product, for instance, long before you actually had the product. So fake it before you make it would be another way to define the approach and, uh, well, obviously, why it is a popular approach because it's a few. A lot of resources Plus, you're able to find brother the idea that workable while long before you're actually deep into the development of this idea before a lot off resources and money being spent on development off this India and leave the idea have a future. Well, Craig, you're able to build a sustainable business around this idea. Otherwise, you will be able to move on with another idea of yours. So companies at the growth fast or slowly make sure your companion processed and see in the next video. 40. MVP and others: hi and welcome to the quarters. So minimum viable product. What does that mean? Well, it means that you need to start to market your product long before the product of that perfect one off course. We do realize that the customer wants best off the best, the customer. One working solutions, the customer ones. Perfect solution, the customer ones, Competitive solution and trust me later on in your company. You will spend a lot of time on quality assurance process, making sure you're delivering vessels the best to your customers. But they're gonna happen. Letter. In the beginning, you should, and you need to use the advantage of the shorts mover. You need to be able to deliver your product with the market as soon as you can. That's why this consent minimum viable product is a very important so again, before the product is ready, it already should be marketed. You already need to start to talk to the potential customer, get their feet bank, improve the product on the go etcetera, and now what's most important? This minimum viable approach should be used when it takes whatever part of your business. So, for instance, if you're building some team to achieve some go and it can be done is free people you should be doing. It was three people are five. If you can chief some goal. Is the project off to south in U. S. Dollars? You should spend inventing to sow that, not 5000. So you should take these meaning viable lands in Moore Street to any processes in your company. And that would be a very how viable it wise to reach the success in your business, keep watching and seeing the next media. 41. Customer development: Hi. Welcome to the words customer development. So long before you invest your time and money developing the brother, you need to find out who your potential customer ease and basically whom you are going to serve with this new solution off yours. Now that can be pure mental and in fact, or you can write down can be serious of brand sermons with your Kalief co founders. But anyhow, you will be seeking the and first to the key questions like a kind of industry. You gotta be serving kind of vertical, usual blistering. What kind of business needs you would be dressing with your solution? And, uh, what is the typical scenario off using off your product? Also, some more detailed impressions while you would be looking for the answer of those kind of more strategic ones saw again, your questions would be, uh, who is your potential customer? Whether the group of people like your potential customer is big enough to surf of the niche for your product to support further growth off your company. Now what potential problem those people are having or actually financial really problem, But really problems they are having is this problem irritable one how they are addressing this problem right now whether they are ready to spend the money on the new approach to address this problem and brother, these new approach can be something you are offering to them with your brother. So those are very weird questions because bantering bam, you are narrowing down the portrayed off your customer off. Worse, there is no one side that feeds them. Oh, so your product or your solution cannot address 100% of people living in this world. It should be concentrating on some particular needs off some particular group of people. That would be your niche. So well defined nation really find customer portrait will be the the right way to approach this customer development process. Because of the end of this process, you need to have a clear understanding. Oh, whom you're gonna be sending your submission to. Thanks for watching t a in the next video 42. Product development: Hi. Welcome to the cores. So the front like development, probably the worst nightmare would be interesting about of money and resources into the Araby and developed the product that actually never needs. That's why the starting face would be the customer development is we discuss before now, as soon as we know who are potential customers kind of business problem they have. We may have time to develop the solution to that problem a pairs and probably this is something we will be calling the product development now by no wins the customer by knowing the needs of the customers were already well defined the structure and the functionality off our product. So many approaches to the product development, the waterfall, the job, probably the most convenient and popular want nowadays would be the agile approach. When you are running cyclists, the iterations and at the end of each iteration you have the work of a product ever, ever new features your introduce think you're making sure they are not breaking up, not breaking your existing product. So probably by the time you have the of the final group of customers who are your beta testers and you're listening to those people now, where important would be not to listen to the entire world. So you should limit the functionality of your brother. And sometimes some nice to have ideas shouldn't be implemented. Another key thing to say would be You should do toward the perfection, Eliza on Basically, you know you shouldn't be developing your product over and over again without releasing. So you should come out with frequent relations, make sure the product is working, and basically it will be like a cycle. The idea of the realization, the execution, the feedback and then over over the game. And by doing that, you would try to come up and deliver this good quality product that the dresses are specific needs off some specific group of people that would be the right thing to do. Thanks for the next video. 43. Channel development: Hi. Welcome to the choirs. Tell Channel Development In this particular case by word channel, we don't exactly mean where we're headed to resellers and distributors. Rather, we are talking about how we are engaging with the custom where we are find in our customers and how we're building the process of communication with our customers. Eso while doing this kind of channel development, we would be answering a lot of questions to ourselves, but just a few of the oppressions, Uh, so those would be very finally car potential customers. Uh, do we use just Why were there at multiple channels through Vetri are engaging with the customers. What is the cost associated with the engaging with the customer? Basically custom and tradition, cost or later cost of fail? Uh, what kind of self smaller we are executing whether we're talking about online sale, sales, logo inside sales model or direct sales model. What is his sale cycle for our product? Like 30 days, 90 days, etcetera. What is the customer? Lifetime. Really? So basically how much money are potential were actually really customers are bringing to us now. Do we have the recurring revenue streams meet? You were important your customers path for the man tenants for the support agreements, etcetera on Duh. Basically, how well the business is scaling and how fast we can acquire new customers. Now, while we are doing this kind of channel development again, we are using the principles off being startup approach. Those principles are build measure and Lauren. Or if we put it in the creator detail, we would be talking about splitting our customer into groups. So we need to do the differentiation and we will need to find the red messages for each group. We then need toe, define channels that work for each group of our customers. We would need to measure the results for each proof, these fest or marketing campaigns doing split tests, etcetera. We would be choosing the effective believer that words effective messages, effective marketing channels, and we would be repeating it over and over again. And that's how we will be building the idea channel for Oh, brother. So thank you, Francie. And they really are 44. Lean startup is dead but still going: hi and welcome to the Worth. So let's say several words about the problem and challenges. The lean start up philosophy is facing nowadays and nowadays of this philosophy, indeed, very thorough. Serious challenges and why so First ful B corporations also have learned their lessons, and they are actually promoting something called intra production, which is basically entrepreneurship. But between the big corporation, the group of creative people sitting together and the only product they are delivering would be fresh ideas. So it's kind of a competition for the startups, and that's serious competition. Now the time off. Internet services, social networks. I wouldn't say it's over. However, the market is overcrowded, and so you can find the idea that it fresh enough to be worth to invest the time and money into developing go and other mutual service or product more and more of services and products are coming with some physical, tangible objects. If you're talking about internal thinks you're virtual reality stuff, sometimes it's not pure software product anymore. On duh, customers are also not being that much Toby a beta testers, so you would definitely have some hard time finding the group of customers we would be really to test your solution while it feel very fresh and on its very early stages. And probably also some areas off technology just don't remain. The lean approach, for instance, are biotechnologies. By that were medical devices you can really deliver the medium viable steam later off the hard red. And of course, they wouldn't be able to find beta tested for such a problem. Now the less the approach and the very idea to be able to reach the result by spending less resources, possibly still reliable idea and they believe this cup off tangible products market you still would be reeling toe. Deliver your product. The prototype of your product are spending less resource is possible saw the idea itself is still very Malik On burial, I fear Internet video. 45. Every fruit has own time: welcome to the course, so every fruit has its own time and your company will be passing several statues you're against Lifetime. And let's talk a little bit about each particular. Our sketch and all kind of decisions would be usable for these or another stage of your company. So everything starts from concept and start up stage this stage. You would be generating the idea you would be doing the stress test off idea. And in general, you try to find out better. If idea is worth Toby kind of the basis toe build business around it, then you would be doing the customer development. You will try to draw the portrayed of your customer, try to understand the needs of your customer, and then you would be doing the product development. You would be creating the product that addresses the needs off your customer. So product development and customer development actually customer developed and in the beginning would be exactly You're a kid. You, during the stage and you is the father of the company would probably be hands on and every single activity off your company, and we already discussed the row off the idea they rolled the founder, That's all. What happens? A stage these tucked upstage that growth well here. He would be Billy in the channel and you will be doing the child development. You still would be improving the product. It still would be making sure it had all the necessary functions for your customers. You would be talking to your customers lot, but also you would be looking for a way to engage with your customers. You will be looking for the right forces off your customers where they are. What is the best way to approach them, whether we're talking about Internet or some really life meetups, etcetera, etcetera. So on the stage, you being agent of your customers and you will be building the deliver network, the channel when the maturity and a lot would depend on the execution here. So 17 would be the key team of your company, and you would be looking for the effective marketing message and effective marketing channels as well as effective self models. On this stage, you would already have your knees, and you would do these handsome of your niece by executives and our strategies. Rather, it would be blue ocean strategy basically will be introducing your idea to. Some similar were even not quite similar markets. You would be doing geographic expansion, etcetera, so you would be increasing your niche and milking on the popularity of your bread banning line. Well, fortunately, that's life. Other companies. The revolves would be appearing, and probably at some point you would not. Is it yourselves? Are going down? The keyboard would be one off the keyboards on the stage would be interrupted ownership. So you should make make sure your company is still going to develop new products. New technologies increase the existence solutions these innovative you can, because we'll leave in the world off. Rapidly changing technologies rapidly appearing you products, etcetera. Based on your opportunities off the stage, you would either guy at the company or you kind off rebirth your company. So dying company. Probably the best example would be Nokia. Maybe Microsoft up at some point, would be an example You, But then again, they are trying toe the rebirth of their company and Google. Amazon cetera are John companies that are constantly innovate, constantly trying to promote the intra production and constantly trying to go through the rebirth by entering theme the nearest markets geographic market, etcetera. I may not be the right solutions. Sometimes there are even introducing something very far from there in the show Scott for activities that 1000 trying to keep the company and flawed. And that's how they tryingto be the competitive on this dynamically changing market. Still, thanks for watching see in the next video. 46. Stages of the company's life cycle and the implications: Hi. Welcome to the course. So let's talk a little bit more about the stages on the company's life. I'm lifecycle. And what are the particular steps, the particular tools and the particular strategies you would be using for your company on each stage? And not only you as the founder, but also you are the CEO of the company, basically what kind of step the company itself would need to undertake in order to survive on this market. So they're just review sero kind off position. So let's start from the role of chief executive officer or, for that matter, probably. We are talking about the founder of the company about yourself. So I start upstaged. Well, you're critical, Crucial. Sometimes the only person in this company you are hands on in anything. The process and there are not many formal processes on the stage. There are very few options for the bureaucracy. Everything is done instantly. There are only a few people working together in a small room. Normally, and all the decisions are being made real quick and being executed in a matter off days. And the role of Theo is crucial. He's the founder of the company in some words in in a sense, he's a company that growth well on the stage. Again, the CEO is a very important person because you still talk directly to your customers. You're still trying to improve. The process is still tryingto help your company to grow fast, and you were still hands on in probably majority of the process of the company's undertaken and going through then maturity. Well, here you probably already have, and you started to hire those people on the cross stage. And at this time you are mature. You probably already have the group of people who work for you, the group of executives and the group of managers somebody then church of the friend and show respect of companies life, somebody in charge of marketing and sales, somebody in charge of firing G. And you're still making sure that communication going smoothly, that people were together. The team. So you're more off handler, more for manager on this stage, and basically also it's important mansion that probably enduring every stage if we talk about the company baked with BC money. If you have some investors, some board than your responsibility would be to manage those investors also on the security stage, you would be looking for a great opportunities for the company. Alvis. You would be worrying about the sufficiency of the liquidity. Be client stage. Then you're the CEO promoting introduction. You are trying to come up with the bright idea, and you're trying to filter of the ideas and basically decide whether this particular idea would be Waibel. Still, you will be a booking for them, an opportunity for the right partnership and basically your main assignment. Your main asking this stage would be not to let your company die and make it the rebirth instead of death. Now, talking about marketing well, start up marketing probably, though, about understanding your customer, your product and how your product needs the expectation of your customer. The growth? Well, probably you are limited in terms of your budgets. So where you have marketing creative marketing, every single opportunity toe access the customer base to engage with your customers. So the marketing team is trying to actually execute clean and be ineffective. They can so maturity this taste. You probably have some budget E, so it would be trying to using marketing to dominate in your niche and to do the expansion toe, other markets and other nations, and you're in the decline. Your badges would be probably catching up, and you steal would be kind of promoting those new solutions with new technologies and those new ideas. Theo interpret ownership results within your company. No financial department, but it's time. What's likely will be put spreading. So you need to survive. You need to find the cash for the company and you need to survive. And that would be the man assignment on the financial department. For that matter, probably Financial Department means yourself. You will be the finish of director of the company as well. Now growth well, this dish. If you already have the model, you need to scare it if you believe the model is successful, so the economy of the unit is a positive one. You would need to scare your success because this market is very dynamic, so you would need to find the money you probably will be talking to receive for some other potential investors, or you will be making sure the money company has are spent wisely. But normally the company wouldn't be profitable. Stench I like the maturity stage. The company is profitable. You're the company. Have health emergence. And basically you're rightfully spending those money into insurance the leading position of your company within these niche or that market and you're in the decline again. The main challenge would be to find the liquidity and to make sure the company can make it through and leave until the next moment and use the next successful idea that the company is trying to execute now. Undying start up stage off course, we're talking about product development girl stage. We will be talking about going for the girl in the gile stage of the development, ending necessary futures trying to serve your customers better again, maybe expansion in terms of firing the Inter another operational systems, etcetera so that the growth stage maturity stage you're trying to be a leader. So again you are developing your problem, making sure it's best and free, making sure everything worth mostly making sure there are no box if good, it gets trying to get rid of box etcetera. And, uh, you are probably as a program in busy fire. I mean, if you're talking about the problems those were busy part of this intra Premiership team that comes out with right a Bs because of the next declined stage. The main refinement off the problems would be to relaunch the product and then ensure the relaunching off the company. Now, uh, zero strategy rounds tighter is a lean startup crawls scaling maturity is defending on the glass. Veg is intra pretty or shoot at relaunching off the president off the company thought insured worth 50. But in general, words throughout the whole history of your business. You should be innovate if you should be diligent on the company Should it was tried to be a profitable company toe, have health, emergence and toe have enough liquidity in order to survive in orderto live further. And they will be one of the dusts off any healthy business. Well, see in the next medium 47. Core competencies and supporting activities: welcome to the quarters, so core competences and support activities. So you need to know your own business and you need to know it really well. So what's it's all about what's most important for your business, what are key activities and what activities are less important for your business. Basically, the rule of film is that you need to concentrate on what's matter. You need tohave later focus and sometimes important for your business to be effective, you can just outsource some activities that are not critical. So always within the organization you're should keep some list off court competitors is off court activities, and security should always be carried within your organization and then released effectivity that you probably can outsource to some other businesses in order to increase the effectiveness. And the examples are endless. Make in depending on the nature of your business. Your core activities can be Iran, the Kuwait, for instance, and you can answers the sales and marketing. And for that you may develop the channel strategy and you can sell through distributors and resellers or, in contrary, you may decide that for your particular organization, sales and marketing are key activities and actually are in D could be on first, and basically you will be also seen developing off your bedside CRM system, etcetera. So again, based on your business nature, the leak and require different. Then again, you're in the time of your business of balls. The key activities and, uh, support quantities can be entertained, changeable and can't change their places or something. There was Corey opportunity of your business a year ago. Right now can be less important and you can outsource it. But what's important, you should may intended at least, and you, as the founder of the business, should clearly understand what's important and concentrate on it and then outsource what's less important, important to increase the efficiency of your business to you, and then it's really on. 48. Communication lines: Hi. Welcome to the course. So another important topic off your business rival on another important topic off your business life off your company would be the communication lines. Well, the company is also a group of people, essentially and for any group of peoples and communication in the crucial thing. Because that's how relief of this society we talked to each other. That's how together the information released into each other. And if the communication lines are working well, no, the company's right on its tracks. Otherwise you're in trouble because you just don't have the necessary medias necessary tools for your company toe effectively crow and effectively function so the communication lines well can be formal, can be inform should be both in our company. It always for the big change because, for instance, our company rules and in the relational one and be the international, and we have several work offices across the world, and talking to each other is a challenge, especially as campaigning cross its amount of people working for the company growth. And then some very things may happen. For instance, sometimes the marketing department can find out about some new release off the product from the media rather than from the irony department that spectacular of communication. That's exactly what shouldn't happen with your business and how to address this problem. How to make sure it words well, choose the automation to Nowadays you can choose among a lot of tools slack sky, anything. Then right now, they were close how these or another process should be carried on how you organize the release off the product. For instance, what are the steps between the organization that should be taken before the product is actually released and, uh, be persistent in execution of this work? Fall again. There are dozens of ways to organize the communication alliance in the company meetings, specific meetings, general meetings, meetings within the group of people within the department company, white meeting, breeding assignments, kind of written work flow, exchange of the information in these or another program. Just make sure that everybody, every single person, every single department of the company, it's on the same page privy other departments, other people and make sure you're clearly communicating within the organization. Also, it's important toe have the clear lines of communication with your customers, so it should be 100% sure yourself department would be provided. If you beg, they are getting from the customers and you are working with these feedback. Also, your marketing department should be providing the information from you to your customers. Those communication life are also important, equally important for a successful business. So again, the more we talk, the more clearly we understand by being here, the more clearly we know what the next step should be, the more straight. And if the work flows behalf, the more chances for success at the end of the day's the company has. So that's about the importance of the communication lines and see in the next medium. 49. Hire and when?: Hi. Welcome to the course. So hire and fire and man. So you already probably heard us too. Letters The shortening age are so H r stands for human resources and we already dedicated second section of our choirs with importance off people. But in general, let's just say she works about your in place. Laws are also critical for your business, for the success of your business within the realities off the governor knowledge, the previous approach to the management of in please worth so called Hard HR and basically people were treated of some instrumentals and tools from instrumental things that the business needs in order to be successful. Well, salt teacher is the parenting we are seeing now. Days is the country. People are not the cost center anymore. People are revenues center for the organization. People are not two people are the innovation. By hiring the right people and the right time, you are ensuring the success off your company. But then again, higher is a serious process. So if you hire person before eventually have a business need for that person, you are actually creating the problems because you are increasing the our heads and you are making it more difficult to manage the company. If you are not hiring the right person fried time, you are delaying the higher decision. Well, you are delaying the progress off your company. That's why you should have a clear picture off whom you need and for what particular task and when you need this person and the general would be hiring in time. And for that again, you should understand your business. Really Well, then, of course, a lot matters on motivation on we already discussed in maturation in one of our videos. We need to keep people motivated in order for them to show their best to perform up to these vacations or above our expectations. Crime in general Again, HR is a very important component component of the company's strategy. At some point, you may be in one considered to have special person for your HR department who would be charged off running the HR policies of your company for you. Then I feel you 50. Cash is the king burning: hi and welcome to the worse. So bearing Bernie will be money. Whether it's good or bet. Well, it seems to be a little bit stupid question because of worth it back burning means your income is less than your expenses by burning the money you are risking to run out of the business, and that's it. However, sometimes the bring can be something acceptable for your company. So there are two types off the burnings. Mom burning is when the economy within the particular unit is a negative one means, for instance, your customer acquisition costs are higher than the money your customer is your company. Urine, either hers lifetime. And then, if you would be scaling your business, you would be scaring the fellow. So it's a very bad burn. Means you need to go for other marketing channels. Delivery channels. You need to find a way toe, engage with your customers at lower cost, but sometimes the common everything. The unity of the positive one, and you just need to grow fast, and then you spend a lot of money on doing the marketing and your during increases. But it's not the worst thing in the world. because you do realize if you are going the money in order to speed up the process of cross off your business, and you perfectly realized that at the end of the day you will bean because you will get more customers and your cash falls with real. Eventually balance each other and during field decrees and you'll start to be a cash positive. Company will start to show that profit and, you know, start to be profitable company. So darling is not always at that. Based on the kind of the burning que are sending in your company, You can even be the final that the company's right. It's treks to the positive outcome to the success. But now a little burning is burning at the very moment you are running out of cash in your accounts, the company is in danger off filing for electricity, so make it sure become very heavy enough. Liquidity is why no policy or the key assignments off the father of the company off the management of the company. So if you are Marandi cash, keep the clothes, look at your bank accounts and make sure you know where to find the money in orderto mitigates the growing and make sure the company gonna be operating in the future things and see in the next video. 51. CAC CRC CLV: hi and welcome to the Worth. So let's put some light on the shortening city here sees dearly. He stands for customer acquisition. Cost Well. Nothing comes for free. And in order for you to get this customer, you probably already spent some marketing budgets. And that's exactly why this customer found your company and spend their money. Did your company. So it costs you money for you to find the customer, and that would be customer acquisition cuffed now. Customer retention cost is thea amount of money you need to spend for order to keep your customer well, you need to provide your customers with their fill in service toe about your product frequently etcetera. Also, it has some const. Associate it is it. And that's exactly the cost you're paying to keep the customer with your company and see every would be customer lifetime. The amount of money the customer bring few during Peter Hurt Lifetime. We are not talking about a lifetime of the physical person. Of course, we are talking about the time customer spends with your company so thinking this way, never simple, very right from off any successful business would be that the customer acquisition cost plus customer retention cost should be less than customer left umbrella and 30 means the economy within the union is a positive one. Means you are making money on a sale on several sense. You're in the lifetime of the customer again. Customer. Let Tom Bill is more than just money you're getting pro once said, because normally would try toe. Have your customer sign a sentimental support maintenance agreement with your company, and this customer would keep paying you money was returning by new products and services from your company, etcetera. Sometimes initially, you can meet and sell at a loss and then recovery your money during the time. So again, the formula should be valid In order for your business to be successful, Castor left, I have ever should be more than customer recognition. Cost was customer retention, and if the economy is in the unity of the positive, then the formula for the whole business would be the same. But end times so you would be doing it over and over again. Is every single customer the customer left umbrellas should be more than customer acquisition cost plus customer retention. And so we have two formulas describe any business in a perfect way. Isn't it simple? Yes, it is. Seeing the next video 52. When is it time to scale?: hi and welcome to the Worth. So when it is a right time till scale your business, like I said several times, we human beings do like toe classifying things. And trust me the results of the declassification off the customers off your audience, and we can talk about earlier doctors. We can talk about early majority, the majority and late adopters off your products and services. As a startup, you probably would be set in tow early adopters, and later on you would do the transition and start to serve the most market the majority. There will be the crucial move that would change everything for your business. So when it is right time to do that move. Well, I would recommend your boob cross every chance and by Jeffrey Moore being insolent for us off these kind off information about how you are actually doing this transition, Putting it into the short video, you need to have the positive economy within a single unit, and then you can try to scale your business. The main rule. Be scaring the success, not scaring the feller. Yet you should never off the increasing over hands where you are scaling your business. Not only you're increasing the expenses on marketing etcetera expenses related directly to this kind of scale and also your increasing overheads on running your business in general. Sometimes there has related to the production off the product, especially. We're talking about some tangible car, sometimes other other kinds, off our hands. So what's important is keeping eye on this increase All the overheads understand that you may eventually head at birth and basically kind of control the process of scaling. So again, in a nutshell. First of all, we are skating the success, not a feather in second before this game is also dangerous process, and we need to be aware of that to you in the last video. 53. Pivot or not and when?: hi and welcome to chorus. So let's talk a little bit about people. What easy to look back and you need to do the beauty and basically, rather you need to do the beauty well. People stand for a change, and changes are something very common in the business. Life changes are the responses to new demands of the customer to new Move off your rebels in Central, you only change something. Your product, you functionality. New features. You may change your marketing methods humid ginger believer network. So business is about the change. But sometimes changes are critical for for rattle off the business and those important changes we used to call pivots because exactly if something is not going up to your expectations, the insane would be doing something over and over with the anticipation to get the different with us are unstained, put it in his words, and then he does it feel it. So how do you know that it's right time produce. If you're well, things aren't working up to your expectations. How exactly you do the beauty fouled in always. Everything depends on the particular situation, and there was in depends on the details But what Certain if you're selling the smartphones and finally you're finding out that 90% of your customers you then your smartphones toe hammer the nails. Probably you would need to release next version of your smartphones within metal screens instead of glass fonts. Right, And that would be the giver see in the next video. 54. Intrapreneurship: Hi, Welcome to the Worth. So intra partnership with another popular bath word. Well, intra premiership means exactly entrepreneurship but controlled the entrepreneurship in the controlled environment in the environment of your company. Why do you need that while you need that? In order to stay competitive, you need to have the special group of people working within the organization whose only keep you. I would be the amount of fuel idea their communally daily or weekly or monthly. Well, you need that because the competitive landscape, the technology world, the companies in this world are changing dynamically and you need to be ableto respond on that challenge. And for that you need to be innovative. And that's exactly in trouble. Energy, which is interpret ownership in the controlled environment of your company. See in the next video 55. Exit strategies: Hi and welcome to the choirs. So active strategies. Well, when you were just talking your business, you should already perfectly know what we'll be there for your business. You cannot know that for sure. But you should at least have is educated. Guess you should at least have this plan. You will be presenting this plan, including to the board of directors of your company, to the investors. If you will be looking for the investors, etcetera. So in the 80 World, rarely the company works of the cash cow. Readily, you'd keep the company of the source of the income for yourself. Normally will create. The company will proceed fast, and then you will sell it to the strategical acquirer. Or you would try toe undergo the IAP, your or eye view or, for that matter, reaches pretty much in love thing. Well, I feel with that your are not the end of the story of the company job, the transition to the next level and sales again off the company to the strategical acquirer. Is he successful and force the founder something company. So when you are stuck in your business, you should keep that in mind. And then you should answer all those patients who already these cast better with the company, had the potential to grow fast. They're the knees had the potential to support the growth that central those questions we already mentioned now why somebody may want to buy your company while the strategical buyer may not to your door. Well, your company can before, because of the technology your company can be bought because of the customer base, your company can be ball because of the unique skills off your in place. Your company can be both because of the revenue where there can be a picture off those factors. So when you're building your business, keep that in mind and good luck with these strategic sale or ideal, see the next video. 56. Most typical errors: Hi. Welcome to the worse. So let's talk a little bit about the Treasury stuff. But what kind off problems may customer business eventually about what might happen to your business? Why you may not reach the success. Well, there are hundreds off the roads that lead to the failure. And just while road, that leads to success. So we won't be able to cover every single problem, and every single is take the business can make. But let's just say a little bit about most typical ones so we can talk about the environmental reasons. The rhythms is outside of the company, and internal reasons there isn't that are related to the company. But environmental reasons are the market changes the changes in the demand of the customers . New entrance on your market, you company that our competitors for you, they're effective. Execution cetera. Internal reasons can be basically the conflict among the founders among the people who started the company. Your company may eventually run out of cash. That may cost you business. Most certainly, that's why it's important to keep an eye on the situation is really greedy. Well, there are more incidents would be the big business model for your company on, and you always need to know that they got me within. The sale of Single unit is a positive on preliminary scale when you're scaling the fella instead of scaling the success and also with the reason or failing your business. So I just hope that you will be able to avoid those mistakes and reach the bus and fear in the section Number four of this worst. Thanks for watching. 57. Venture money: Hi and welcome to the third part of our cores, this party dedicated to venture money. And we will be talking about whether it makes sense to build your company organically. Or you would need to try to raise some capital venture capital to speed up the process off growth for your company. We will talk about bootstrapping. What? These venture money. Why would you want to raise these kind of capital when it would be the right time to do that? Would come for free or not what kind off exchange you would make for these money. So we will be talking about a duty of your company. Well, how you could approach, we seize what? Your back. Your presentation. I should like you would talk about negotiation, about getting the jump ship. We'll talk about due diligence, process and work associated with this kind of process. And we will talk about the board of directors and change of your old if and that soon. If you brought some BC capital into your company so keep watching and see ends in X video 58. Self funded or on steroids: Hi. Welcome to the Worth. So two types off the business So finding healthy company or come by on steroids. So basically that is discussed and take into the topic. Make whether you actually need the money to build your company or that can be the organic process. Well, it all depends. Of course. It depends also on the nature of your company. For instance, for some hardware projects for the projects, where have some tangible objects running lean without raising any kind of money? It will be quite a challenge for the foster pure software projects. Probably you could do that. But in general, those are two possible scenarios. Either you're growing organically where you're bringing in some capital so initially probably would still need some kind of investment to start building your company. Maybe initially, the only investor would be yourself. You will be investing your time and your money natural. You would be bad for the electricity when working on your computer. Well, fair enough you are the investor into your own business. Letter on. You probably would need some free F investment really stand for France family and fools like fools. Well, because you know the earlier. The stage of the company's development more are the risks. So probably investment into the young company would be the business off easier professional investors. And then it will be talking about feed round. Or it would be kind of money off game friends, family or some fools trust you enough to give you their mind. Or maybe those are not fools rather wise people. So soon as business is growing, you have this question whether you need to grow organically or you need to bring or some capital what you get with the capital, whether we are talking about venture capital or some other type of capital, basically buying the time for the money. So the market is subject to the enemy change, and tomorrow can be late and with with the capital basically see money or is that capital for that matter, you can just speed up. The process is you can be a to the point where you would be after five years in just two years spread. And that's exactly the role of the money. You are buying time, easy money. Also, you may buy some extra ties, so better capital funds not only bringing you the money. They also bring you the experience, and they can help you open the right doors, doing the right introductions, etcetera. They also something you should be keeping in mind now feel that's in my person off the company and bringing over some extra capital. So the majority of ticket over the companies are trying to grow organically. That's also important to remember keep fortunes here in the next video. 59. Bootstrapping: Hi. Welcome to the Glorious. So I start a little bit about bootstrapping about what he's bootstrapping. Another word was tripping easy. So while so it's a process off running your business, very lean, probably spending our own funds. And there would be the stage in the development off any company. Even if we are talking about companies that let her own bring over some D C capital, they would still be bootstrapping during the initial period of their life at all. Very development. But what? Because even if you plan to bring over some cattle later on, you should know that the later in the life cycle of the company's development you are bringing over extra money from some disease resistance. The higher revelation on the company would be, which is natural. Of course, if your company at this point just an idea with the presentation, well, it would be one price. If you already have these meaning wearable product, you can demonstrate the price will be quite higher, and it's obviously and it's reasonably right on. If you already have from customers who may sail home a serve early reference, it would be another thing, and the price will be even higher. And finally, if you are already generating revenue well, it would be higher price indeed. So bootstrapping is the organic part off any company's life, and you would be interested to go straight your company as long as you possibly can. And it also makes sense to add that bootstrapping is exactly the part of the leans on top philosophy, because you are exactly trying to achieve a lot with the later well, thank you and keep fortune she have the next video. 60. Why venture money?: hi and welcome to the glorious. So why venture money? I'd say you've decided that you need extra capital for your business. You perfectly know how you gonna stand this money and how it will speed up the process of growth off your company. Out of the question would be very contained. These money from what are the options available for you at this point? Well, there are several options. Let's review them one by one. So grants? Well, some organizations and governments are giving any made those friends. But you would need to meet strict criteria and be the part of some particular industry etcetera, in order together is money. Normally, your options to get this kind of capital would be limited. Now that capital well, banks would require some kind of bleach. And as it start up, you don't have anything to go assets, and basically you can get the money towards your evidence is because we don't have any revenue. How crowd funding would be viable option for you to get the money. If you're off in some and you three solution for the couple would be to be solutions, it would be less so and the only remaining option would be the equity money reaches, receipt capital and little talking great detail about this kind of funny in the next videos and seeing the next one. 61. How do venture funds work?: hi and welcome to the Gores. So we are talking about the C D. C capital, etcetera. Let's talk a little bit about venture fund and how words and worry that So normally we see finally, the legal entity that accumulates the money of the wealthy individuals or other fans in our validations with intentions to invest these money into the business or businesses. And basically, what kind of business that will be invested their money into it depends on their mandate. There are two types of people working the NDC fund well or actually not working but having relations to the chief of the General Partners and limited partners. Limited purpose. I exactly Those wealthy people worry entities it in weather money and her partners are the manager. But those managers, apart from this Hillary or also giving the percentage the commissions and Brandon Davies He made the investment those general partners also obliged to invest their own money into the company. So normally the sea has a portfolio of the companies, and it becomes the numbers game. Out of 100 companies, probably 80 do end up getting broke. 19 will be successful result with some return off 23 decks. And while I will be a huge star, we should bring a lot of money and cultural the expanses. And basically, that's how Venture Fund is makes its living and make big money for the limited partners now apart. Trans money. If he also would be able to bring the experience toe, help you with the right connections to help you over open the right doors in your industry , etcetera. So into words. That's how these he's working and see in the next video. 62. Types of VC funds: Hi. Welcome to the Quirt. So let's talk a little bit more about BC funds and BC rounds. So what type of rounds exists? So basically there can be different runs and each particular round made have It's all objective, right? Its own purpose. So, for instance, uh, it can be see round issues for throng. Probably. There's gonna be the first time the company gets money from the institutional investor. Before, it was the money of the founders of the Model three F family, friends and fools, etcetera. And now, in the first time, the company get the money from the institutional investor. Well, these money guys spend on developments Product maybe starting to market in the product, etcetera, vendor thermal rounds related to the growth off the company to be facilitating and speeding up the growth process from a B C. D. Basically, each 1 may have its sole purpose and company may go through. All are those rounds were just several of them off course. The last rounds company have more equity. The under keeps for himself. So normally off course, Thekla company would be interested. The company means the founders would be interesting tohave the last month of Iran's possible. But even then, what would you prefer? 1% of Google, 400% of some small factor in the nearby. So sometimes it is a wise decision to actually go after the next piece around. There are also some mentally or breach rounds, which are happens when company have the exit opportunity. Were plans to delete next big round, and they're running out of cash. So existing BC's may help them by providing some found some money right away and finally finally forced to say that basically, they see normally don't invest on themselves. So it is normally not just one BC fun. They work as consortium, and there are several of them investing the money to the particular company. Sometimes if Iran is quite big, so another thing that we see can provide all the necessary money. Some chance. Just want this. He has enough of the expert ties in this particular industry and other BC's also participating around by provided their money, trusting the expert eyes off this leading Here's the next video 63. When consider VC money?: Hi. Welcome to the course. It's all that start a little bit about the timing back when may you want to consider the venture money? So basically, there can be different reasons for you to consider these renter money. Maybe you want to take your business off the ground, and that's why you need to raise capital, especially if you're building something tangible and you don't have enough personal resources to get of the ground. Maybe you need to do the people of your existing business. You finally found some brilliant idea, and you need to change the model the strategy of your company. Maybe you already have the model that works well, and you would like to scale your business. And that's when you need extra money to do the expansion, maybe the geographical expansion. Maybe the expansion to another, Nishi, etcetera. And finally, maybe you are already fell in your company, and you need this kind of mezzanine ground so different scenarios. Scenarios would require different amount of money, and then you probably would be working with different fast. The time friends off. The process is also quite different, but normally you would spend at least six months again. Everything depends on what kind of fund you're talking to. Some fans are very fast in making their decisions. Some funds are very slow. There are some months that are kind of vital. Bigger comfort corporation, for instance, IBM, Vinto, etcetera. They all have also their corporate receive funds, so they would require that your product would be in line with the aural strategy or this mother cooperation. Some other funds are mostly investing their money off the limited partners on, uh, they can invest in why the ranch of the projects again subject to their mandate. But nevertheless, you need to know that six months would be the optimal period of time. You will be spend in on preparing all the necessary documents, etcetera. Tobe able to close the transaction and close this round the C C in the next three days. 64. Does it come for free?: Hi. Welcome to the chorus So doesn't come for free. Well, of course, nothing in this world is coming for free and especially money. If people are willing to give you their money, they're doing it for a really, um for a purpose. There is not such a finger than free dinner. If it is free for you mean somebody already paid for the dinner now gets why they paid for your dinner and the same way be the venture capital off course it it doesn't come for free . So first, before you're giving away some part off the acuity, some part of your ownership off this company. But then again, you can do the mathematics. But based on what kind of growth the company is undergoing, whether this company can grow huge in the next 1 to 3 years, maybe it would be wise decision to give away some part off its stock with the help toe grow Israel fast. Otherwise, if you will keep 100% off a very small company which doesn't make much fans and everything that you are giving away would be the control, the power. So as soon as you have a board venture fund. You are not the only owner of your company and are your decisions should be coordinated with defense at least some important strategic decisions. So when you are bringing over the VC capital, you're giving away something important to you. Beware and see in the next video. 65. Your equity is your blood: Hi. Welcome to the words. So your record, he is your blood, and you seldom want to give too much of it. And that's where true, right? Because when you are giving away some part of for off your equity, sometimes those funny numbers don't mean much to you. But keep in mind that the company that right now doesn't worth a lot in several years may be worth millions, if not billions of dollars, and then you will be selling out the company. Just make sure you are not ending up receiving nothing from this election, so it can be very careful being the part of the company or getting him it. The good news would be that the institutional funds are were aware of the motivational Siri's, and they're not trying to steal away or to take away, for that matter, the big portion of the company from you. They need to keep you motivated. They need to understand, and you understand that your motivation is the key component of the company's success. So normally they will just take some reasonable part of your company and we'll be leaving you a significant portion of that company to keep you motivated and to keep you motivated to work 24 hours. Also keep in mind that it's important to you need to reserve some part of the stock for critical in place of your company, etcetera. So all in all, just keep in mind something very now Seems like numbers without too much sense in them. Eventually may turn into the real money. So don't give away too many off your propitious give away too much of your blood, See, and then Ophelia. 66. You want to raise, what journey you are about to start?: Hi. Welcome to the Worth. So you would like to raise the money. What kind of journey you're about to start Well, racing. We see capital is a full time job. That's a phrase very wise one, because it exactly means that in order to successfully closet construction in some 6 to 9 months, you need to spend a lot off. Refers is, and therefore it's a lot off your own time. Sentra. That's why hadn't the group off co founders in the company would also be beneficial, because while you would be in charge off clothing, this conviction, your really your friend will be in charge of fry in the business because exactly racing to see money that full damn job. What kind off stage of this process would be consisting host? Well would be preparation. And on this days you will be preparing all the relevant materials documents, whether we're talking about financial statements, presentation, etcetera, the teaching you will be creating the least RBC's you'd like to a promise you would be approaching the one by one. It will be pitching them with your materials than negotiations. If they have any interest in your company, you will start to talk about numbers about the price of the company about the valuation CETRA. Then you will be able to sign the term sheet, and that would be great move forward then it would be time for the due diligence. They would be doing the audit off your company where it means the financial orders unit of the idea, etcetera. Then again, some negotiations, because as a result of the deviations, surprise may decrease so that we may increase. Trust me, then clothing and then course closing activities. And then you start of the Jordan. He just remember, remember that you have 11 10% off the probability to successfully close introduction, and also keep in mind that the money is something you have in your account. Everything else is it promises off somebody to give you the money. So until you get the man of your account, the process isn't over. Keep that mind, keep watching and see. In the next video 67. How to approach VC?: Hi. Welcome to the course. So how to approach? We see orderto hunt the animal. You need to know where to find the animal. And, gosh, I hate hunting, but nevertheless, let's talk about we seize. So what kind of process is approaching contingency fund? Well, of course, there are two options. Eyes Usually in this life as normally it happens. First of all, you can do that yourself. And second, you can hire some representative Some BC banker and this kind of professional middle man would do the work for you. Well, normally, unless you're talking about quite advanced company worth hundreds of millions, BC's wouldn't expect you to hire any kind of easy banker. Any kind of middle men toe help to approach them the normal. Uh, well, I think it would be. If you are unable toe, raise the money for your company. How can you possibly around business, So you should do everything yourself. And that would be normal Way to do that. Now, how can you do it yourself? Well, first of all, word of mouth the mid work off your connections, that would be much prefer going to do that. Otherwise you have no other options. But take the Excel pressured, writing down the contents and seven your peaches to be disease on that least well, of course, again, word of mouth will be much preferred May, because when you are talking to BC's for time for start normally you would be talking to some young clerks working for these. We see who served as the filters. And if you have the connection being network of people who know you, especially if you have this proven track off achievements, it would be able to talk to decision makers. And, of course, it makes the whole difference, but then probably already know everything about the process yourself. And if you're watching this video, probably are just talking your journey. So take your spreadsheet, write down the address. It's prepare your presentation, sanded over on. Start talking to those people, trying to impress them with your idea and with your presentation with your passion, and then you may end up making these germy all the great deals is successful. Clothing off around in the next median 68. Company valuation: Hi. Welcome to the Worth. So, negotiations. Congratulations. You made it that far. Your presentation had a success, and they're beating to invest their money into your business. And you are negotiation negotiating the conditions of the term ship. This is great news. So at this point, you would be discussing the evaluation off your business. What part of your business you would be willing to give away and what would be the next steps? Why do you need the money? What would you do with this money? Now? Running the negotiations is a tricky thing, especially because you need the money more than they need your business. So it will be the wise idea toe. Have your bottom line to discuss it internally. Then. You know, here is my bottom line and I wouldn't accept that is employed, and anything about it would be a viable option. And then you would be running your negotiations knowing kind of the bottom line. And, uh, you wouldn't be able to go below it. That would be great. Idea off. Ah, there are a lot off literature on the negotiations. The red style of negotiations, better aggressive style, the blues style, the past six times purple style, which is your commended from when you are giving something away and asking something in return. So it should be purple. You gonna read about the stuff on the Internet? Basically negotiations with the whole silence. It has to do a lot with the emotional intellect you need to be living in. You need to be talking firmly, etcetera. The one piece of advice I would be right now the one off typical missed a three year old making European negotiations is that we are beginning with ourselves. What does that mean? Well, when you are making the offer, just should shut up in and read you the answer will be pride. Otherwise, you're making the over the other body keeps the silence, and you're starting to negotiate with yourself over involved. Surprise. There would be stupid thing to do. So listen, Maybe offer and then with, um, and under them, maybe another offer and see in the next video 69. Your pitch: Hi. Welcome to the Worth. So your beach, your deck. Those words are all standing for the Power point presentation. This is something you need to prepare and something you're gonna be approaching your potential investors. Beef. Well, there are many concepts on how the good presentation should look like. Basically, we will be talking right now about Golden Circle consent. Well, this is more than one, and it's a that you need transfer three basic questions. Why? How a bout And most important question would be Why, why you are here and why your company, God is the next big thing. Well, in your presentation Steel, you would need to answer some more practical questions. Who is your customer? What kind of business problems they are having, how you're going. Toe addresses, business problem. What is the marketplace you're playing in? And basically, who are your competitors? And what are your differentiations? Tell him a little bit about your team because they are actually investing their money into the people. What kind of money would you ask from them? And what would they get in? They return. And how is you gonna stand remind? Exactly. So what is the plan. It's also the most important questions you ban spring with your presentation and keep the mind that's all that should be put in only 10. Well, 15. If maximum slides and well prepared would presentation leaves a little bit off in our game , and there are dozens of books and many websites that explain how to do that. You can just take it presentations of being guys who won. They were small guys and raised their money toe. Learn from them and try to do yours, and it should be sure, precise and really appealing for your listeners feel in the next really. 70. Negotiations: Hi. Welcome to the Worth. So, negotiations. Congratulations. You made it that far. Your presentation had a success, and they're beating to invest their money into your business. And you are negotiation negotiating the conditions of the term ship. This is great news. So at this point, you would be discussing the evaluation off your business. What part of your business you would be willing to give away and what would be the next steps? Why do you need the money? What would you do with this money? Now? Running the negotiations is a tricky thing, especially because you need the money more than they need your business. So it will be the wise idea toe. Have your bottom line to discuss it internally. Then. You know, here is my bottom line and I wouldn't accept that is employed, and anything about it would be a viable option. And then you would be running your negotiations knowing kind of the bottom line. And, uh, you wouldn't be able to go below it. That would be great. Idea off. Ah, there are a lot off literature on the negotiations. The red style of negotiations, better aggressive style, the blues style, the past six times purple style, which is your commended from when you are giving something away and asking something in return. So it should be purple. You gonna read about the stuff on the Internet? Basically negotiations with the whole silence. It has to do a lot with the emotional intellect you need to be living in. You need to be talking firmly, etcetera. The one piece of advice I would be right now the one off typical missed a three year old making European negotiations is that we are beginning with ourselves. What does that mean? Well, when you are making the offer, just should shut up in and read you the answer will be pride. Otherwise, you're making the over the other body keeps the silence, and you're starting to negotiate with yourself over involved. Surprise. There would be stupid thing to do. So listen, Maybe offer and then with, um, and under them, maybe another offer and see in the next video 71. A termsheet: Hi. Welcome to the quarters. So a term sheet terms shitty The document that demons trades that they do have the intention to read the money into your business by no means it's a final agreement. Judge the document that confirms their intentions. So your chances to actually successfully closing connection Ah, with the term shoot already signed are roughly 20%. It's more than 10 but it's still far away from 100%. So, nevertheless, the term shoot is his success. Just keeping my one think the final agreement made worth in your positions, but very seldom it can improve your position. And your provision means the term shit should outline these bottom line of yours. It shouldn't be worth and bottom line you 1/2 an option toe. Improve your position, leather off. It will never happen. The position again can be only worth at the end of the story, but not better than in the beginning. So at least in the beginning, at least in the term ship, everything should be put down the way you really wanted in your comfortable with fear in the next video 72. Due diligence: hi and welcome to the quarters. So, due diligence, it's whenever you have the term shit. They started you divisions, which is essentially the old it off your business, and it may take three months more and basically, based on the results of the due diligence, the final agreement may exist or may not exist, and your positions from the initial term sheet may get worth and seldomly better. So basically what they are doing right now, if they are checking your business, they are chicken. The financial statements we financial for fewer business and they are checking the people. What essentially they are checking is the two things. First of all, whether may have potential any problems with the governing bodies? So you're taxation structure your Texas paid before etcetera. Everything should be clear. They should know that you won't have any kind of problems with the government with the authorities, and then they are chicken rather than a very kind of productions or anything in your business that, like the business purpose so they're looking, you know, for front. But there you are transported the injured person well, also important to mention that they would be also checking the floor fight P because of the several times intellectual property is a menace, it off any company nowadays, the lof floor I be should be very clear. We should demonstrate how people from the original writers on the program off the programmers to the company itself, and then they will know that actually company has all the necessary writes for the P. Also, they will be checking the internal processes of the company, how the company hires people, find people, the legal structure, the fold, etcetera about that what would be off the less importance so that it due diligence process in a nutshell, and see in the next video. 73. The paperwork: the better work. Now let favor man the audience successfully. The new divisions wasn't success. Probably the new religions will be carried by thumbs, her body. And there, without all the tradition, they would provide their opinion to the B. C. And let's review the API meal. You will be a positive one, and then the actual agreement will be drawn, Well, the paperwork in a huge amount of work, if you can imagine, and it may take several months more and basically keep in mind the venture funds. They are not any hiring normally, and they are only beating from the delays because they can observe how the processes are going on. They can see how successfully, of course, the year, etcetera. And based on the financial results, for instance, they may have been canceled. The deal, even on this stage again, unless ever seen, have been signed. And unless you have the man on your account across, this is still going and it may end up any moment, so keep this in mind. And, well, they were presented by the world and probably had not chances but higher. The world's off your old so they meant no matter who means, no matter what happens, lawyers will be certainly with usually. And basically you should be aware of the expenses that you were the company will be carrying by doing this kind of factor work, but unfortunately, probably won't have much chance is not to carry those expenses. Well, there would be another option to convertible note so they wouldn't be signing the full blown investment agreement. And rather would be or for a newly convertible, no, some kind of a document that resorts They arrive for them to alert the money provided letter on into the shares were you would need to repay the money. But this option, while is a viable one now is you the case? Normally the full blown agreement would be preparing, and it would take months toe finalize this kind of work. So around your business, make sure you're numbers are any great and that you are successful in what you're doing and trying toe clothes production Instant as you can. CNN's the next video 74. Your new role if they kept you: Hi. Welcome to the course. So your neural So congratulations. You've made it that far. You've got the money from the B. C and these monies on your account. And you are the founder of the D C capital Back company. The founder. Yes, but the question rather they kept you are If you are the chief executive officer of that company Well, that depends. Sometimes they made keep you. Sometimes they may replace you with some professional seasons. Your sometimes even this replacement can be conditioned off the investment. So it depends. Really? But if you are this year, the company keep in mind that the level of freedom is quite different right now you are reporting to the board of directors right now and you're responsible for managing thes board. You are responsible for running the quarterly meetings. You are responsible for reporting your numbers and in general is not your only company anymore. So it's the next level. Keep in mind. See, in the next video 75. Managing the BOD: hi and welcome to the worth. So running board of directors. Well, these board the something you for your company. Think if you raise the money to rather people who are part of the ownership of your company and part of the management structure of your company, you are important to those people. So too important, uh, implications from having the board of directors. First of all, those people can be your best allies or can be your enemies, depending on how you behead them. And second, at some point of time, you're gonna need the happened since people so don't keep them in the dark room. People don't like being Captain down room without any information Trump present frequently in order to be able to rely on the way home. Those are two important implications from having the board of directors Beach. You gonna be managing from now on yourself, and that will become the part of your responsibilities. Thanks for watching. See in the next video 76. Don't get used to VC money: Hi. Welcome to the chorus in this last three Dio section number three and essentially the last week The over the course, I'd like to say, is that basically, venture money, while can be very important to and may help you grow your business. Fester is a dangerous thing. You shouldn't be used to this money. And you shouldn't consider venture money of the truth to close the holes in European. They're basically so you need to Perfectly No. When you are raising BBC money and why you're raising the VC money and still the best silent that challenge best Tasca viewers off the father of the company would be to build the healthy company before its emergence and tried to avoid and stay away from the easy money. So we see money is kind of last resort. Don't use this kind of resort unless you're most certainly needed. Thanks for watching the video sent for watching the worth. Get in touch with me and please read the descriptions, etcetera. You will find the information how to get in touch with me and how to get the materials of this course and how, Dr Aggressions and get the answers. You