Startup Essentials: Become an Entrepreneur! | Jason Sherman | Skillshare

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Startup Essentials: Become an Entrepreneur!

teacher avatar Jason Sherman, Successful entrepreneur & filmmaker

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

78 Lessons (3h 3m)
    • 1. Course Promo Trailer

      1:23
    • 2. Introduction1

      1:01
    • 3. Introduction2

      2:19
    • 4. Ideation intro

      1:06
    • 5. Core Value Proposition

      1:54
    • 6. Surveys Rule!

      7:39
    • 7. Research the Market

      3:01
    • 8. Build a Better Mousetrap & Resources

      2:07
    • 9. Lean Canvas

      2:18
    • 10. Team intro

      0:57
    • 11. Choosing Cofounders

      2:40
    • 12. Challenging your team members

      5:28
    • 13. Legal intro

      1:02
    • 14. Cross your T’s and dot your I’s

      7:23
    • 15. Equity & Stock Options

      4:08
    • 16. Board of Directors & Advisors

      2:39
    • 17. MVP intro

      1:47
    • 18. Definition & Examples

      2:33
    • 19. SCRUM & Task Management

      3:35
    • 20. Needs vs. Wants

      1:48
    • 21. Visualization, flowcharts, whiteboarding, workflow, etc.

      3:38
    • 22. Leverage Open Source Technology

      3:51
    • 23. Deciding on a Tech Stack

      2:46
    • 24. API’s & SDK’s

      2:38
    • 25. Research UI/UX

      1:38
    • 26. Crowdfunding

      1:32
    • 27. Name, Brand, Logo

      4:58
    • 28. Shorcuts to MVP

      4:38
    • 29. Beta intro

      1:01
    • 30. Press Releases

      3:21
    • 31. Blogging and Social Media

      5:32
    • 32. Q & A for the public

      1:21
    • 33. Promo Video

      1:38
    • 34. Resources

      3:54
    • 35. Analytics intro

      0:33
    • 36. Metrics

      1:18
    • 37. Google Analytics

      3:36
    • 38. User Acquisition Funnel

      5:20
    • 39. Pitch intro

      0:16
    • 40. Inspiration for your pitch

      3:06
    • 41. Elements of a great pitch

      3:04
    • 42. Pitch Tips

      1:27
    • 43. Instamour Example Pitch

      3:03
    • 44. Funding intro

      0:32
    • 45. The 4 Ts

      1:17
    • 46. Pitch Deck

      1:23
    • 47. Q & A from investors

      0:58
    • 48. No versus Yes

      0:46
    • 49. Types of investors

      2:13
    • 50. Tips to Land an Investor

      4:18
    • 51. Due Diligence

      2:13
    • 52. Term Sheets

      1:42
    • 53. Resources

      1:20
    • 54. Scaling intro

      1:00
    • 55. Catering to a large audience

      4:33
    • 56. Storage, speed, and security

      2:50
    • 57. Growth Hacking

      9:45
    • 58. Partnerships

      1:13
    • 59. More fundraising

      2:28
    • 60. Acquisition or growth

      1:46
    • 61. Applying principles

      0:56
    • 62. Dont be afraid

      0:19
    • 63. Learn from mistakes

      0:57
    • 64. Choose a job you love

      0:42
    • 65. Stay healthy

      0:27
    • 66. Praise your peers

      0:48
    • 67. It's never too late

      1:25
    • 68. Never give up

      0:35
    • 69. Exude greatness

      0:31
    • 70. Take breaks

      1:06
    • 71. Listen x 3

      1:30
    • 72. Organize your life & make priority lists

      2:50
    • 73. Never stop learning

      0:35
    • 74. Give up control & find a mentor

      1:15
    • 75. Become an expert

      2:13
    • 76. Minimize your expenses

      2:53
    • 77. Set goals

      1:51
    • 78. Conclusion

      1:18
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About This Class

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If you are new to entrepreneurship and are ready to bootstrap your first startup, or have already created something and want to learn how to get to the next level without spending a lot of time and money, then this is the course for you!

In this course, I will take you through 11 chapters.  Here they are in order:

  1. Introduction
  2. Ideation
  3. Team Building
  4. Legal Stuff
  5. MVP (Minimum Viable Product)
  6. Beta Launch
  7. Analytics
  8. Your Pitch
  9. Fundraising
  10. Scaling
  11. Final Thoughts

Some of the things we will cover in these chapters include but are not limited to the following:

  • How to validate your idea
  • How to figure out your target market
  • How to use data to drive your decisions
  • How to choose your cofounders & team
  • What to look for in mentors or advisors
  • The legal documentation you will need
  • How to build a Minimum Viable Product
  • How to have a successful Beta Launch
  • How and why you should use Analytics
  • How to craft a story to pitch investors
  • How to monetize your platform
  • How to choose and seek out investors
  • How to scale your company
  • How to drive user engagement
  • The proper way to engage the press & media
  • How and when to pivot your company
  • How to approach various funding sources
  • How to become an expert in anything
  • Ways to improve your life and reach your goals

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Previously taught exclusively at the University of Pennsylvania's Wharton school of business, this course is now open to the public by the creator and instructor of the course: Jason Sherman.

This course is based on Jason's book called Strap on your Boots.  It's available on Amazon, Barnes & Noble, and other bookstores around the world. So I encourage you to pick up a copy to use during the course.

Meet Your Teacher

Teacher Profile Image

Jason Sherman

Successful entrepreneur & filmmaker

Teacher

Jason Sherman is a successful entrepreneur, award winning filmmaker, published author, tech startup expert, and journalist. He has been featured by several media outlets including the Wall Street Journal, USA Today, The Verge, and ABC News. Jason is fluent in Spanish, is a classically trained violinist, and was a featured speaker on FOX’s Emmy award winning Futurist TV Show: Xploration Earth 2050.

Jason runs a web and mobile dev shop and film studio from Philadelphia, Pennsylvania. He gives guest lectures at area universities, and regularly supports hackathons or tech events as a mentor and judge. His methodologies on entrepreneurship and data driven decisions are his main source of education to those he helps all around the... See full profile

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Transcripts

1. Course Promo Trailer: Hello world. I'm Jason Sherman, and I've been a serial entrepreneur since the 19 nineties. I'm an award winning filmmaker. Published author, journalist, musician and futurist. You might have seen me on Fox's exploration Earth 2050 in the past decade. I've pitched in front of 1000 investors, raised funding for some of my startups, graduated from an accelerator in New York. One film festival awards secured worldwide distribution for my movies, and my news articles are read by thousands of people. For years, I've been mentoring hundreds of entrepreneurs and startups. And then last year I decided to write a startup guide to help even more entrepreneurs. The book is called Strap on Your Boots, and last year I was fortunate enough to be approached by University of Pennsylvania's Wharton School to create a course based on my book to teach their entrepreneurship program . Yep, that's the same school Elon Musk of Space X and Tesla graduated from. After watching hundreds of students create start ups using my methodologies, that warden, I decided it was time to unleash this knowledge onto the rest of the world. So here we are, startup essentials. The ultimate course for you to become an entrepreneur or if you're already an entrepreneur , I'll help you get to the next level. Some of the things you'll learn in this course are how to validate your idea. Build a minimum viable product launcher platform to the world, raise funding and scale your business. So strap on your boots and get ready for an epic journey into the world of startups. 2. Introduction1: welcome to start up essentials. Thanks for trying out this course. I hope you learn a ton. I know you will. And as you know, this course is based on my book. Strap on your boots. You can pick up a copy at Amazon, feel free to check on my website, Jason Sherman dot org's. And if you want to check me out on Twitter and tweet questions to me or tweet any kind of ah progress throughout the course, it's at Sherman Biz. In this course, there are 11 chapters introduction ideation, team building, legal stuff, building your minimum buyable product or your M V P. Launching your beta platform or product. How to use analytics at a craft. Your pitch for the public, consumers or investors fundraising and how to raise a seed round or syriza around for your start up. How to scale your business to the next level and cater to a large audience. And then, at the end, I'll give you some of my final thoughts basically my philosophies in life and work and how I kind of live my life and maybe it will help yours 3. Introduction2: So welcome to Chapter One, the introduction. These are just a couple of points I want to bring out to you before we get into ideation. And the first is don't take no for an answer. You know, a lot of people go through their start ups and a lot of people say no to funding or No. Two. We don't want to try your app or No, I don't want your product. Don't listen to them. Every single, successful entrepreneur has received tens of hundreds of thousands of knows throughout their career. And then when they get that one, yes, that's what changes everything. So don't take no for an answer. The point of my courses to help you save time and money. Because all the mistakes that you might have made without taking this course you'll avoid now which causes you toe, have less stress. And you know you'll be a lot less, you know, pressured t do everything successfully because you're gonna be learning as you take this course and hopefully achieving the results you want. In my case, achieving the results were to achieve freedom, freedom to do whatever I want whenever I want, without any consequences meeting. I don't have to worry about, you know, a job and being fired because I work for myself as an entrepreneur. So for me, it was being able to just pick up and go on a vacation or pick up and travel around the country or the world on have complete freedom over any restrictions or constraints. This has led me to become happier. I can't remember the last time I was sad for my job as an entrepreneur. I've been doing this for for well over a decade, almost two decades. So being happier is what you'll find the startup does for you because you'll learn a lot about yourself people around you, and it will help you. You know, find out what does make you happy. Along the way you'll be helping the world because hopefully your startup does some good and helps people either connect or a product that makes their lives easier. So, you know, helping the world is a big part of building a start up. You know, as a lot of startups in the world now are helping people, maybe you could do the same thing, and while you're doing that, you'll be challenging yourself. Believe me when I tell you, running a startup is the hardest thing you will ever dio. So be ready to challenge yourself and let's jump into the next chapter ideation, where you're gonna validate your idea. 4. Ideation intro: Welcome to Chapter two ideation. How to validate your idea? It should revolve around a core value proposition, and it should differentiate itself from all the other ideas out there. One of the ways to find out if people want to try your idea is to use a survey because surveys rule and I'll teach you how to build a survey in this section. Another great way to validate your idea is to create a lean canvas, which I'll show you again as well. Been there, done that. Has anybody else tried your idea? Have they succeeded? Have they failed? We'll find out. Research times three. That's one of the core principles I'll be teaching throughout. This course is research research research. You need to know your market inside and out. Or you could just build a better mousetrap. You know, there are a lot of examples out there of companies that build something better than its predecessor, and it succeeded more than its predecessor. So maybe building a better mousetrap is a better idea for you, but always keep in mind that it should have a mass appeal to a large market. It could be a niche market as well, and then it could grow from there. But it's always best to try to find something that will appeal to the entire world, not just a subset of people. All right, well, let's get started. 5. Core Value Proposition: so your core value proposition. You have to ask yourself one main question. What value does my product add to a person's life? When you ask yourself that the answer has to be compelling, it has to be something that really changes someone's perception of what they're doing at that moment when they're using your app or your product if you don't have a value than you really don't have a platform. And as one of my favorite shows, Silicone Valley has. There's a moment where these people are pitching. We can watch and see what they say. Hello, my name is saying Jobrani. I'm the CEO of meat A buck and we're here toe revolutionize. The way you report bugs on your mobile platform happen will revolutionize location based mobile news aggregation As you know it, we're making the world a better place. Two packs owes algorithms for consensus protocols, and we're making the world a better place. Software defined data centers better place through canonical data models to communicate a better place through scalable, fault tolerant distributed databases with asset transactions, and we are fooling local mobile social and we're completely so and we're Mullah so broke we were so low but now remote low. So no most so low. So although those pitches really didn't make a lot of sense and the core value proposition was kind of confusing with these companies, the core value proposition is completely transparent. And you know what it is right away. Like with Spotify, It's music. Instagram is photo video sharing Google a search eBay is buying and selling. Uber is ridesharing, etcetera, etcetera. These are all really well known brands and you know what their core value is. So you want to keep that in mind? What is your core value going to bay? 6. Surveys Rule!: and a good way to find out what the market wants out of your platform is through a survey. So here's an example question that I created for you guys. What type of videos would you curate in our mobile app? So let's say you're building a video sharing app and our video curation app, and you want to know what people want the most. Is it comedy and pets? If they choose those two, then the funny Cat videos prevail once again. Mia, Mia, Mia. But maybe they choose sports and music, and that's an interesting combination. I mean, how would you, you know, combine sports and music in a nap? Well, if the market tells you they wanted, then that's what they want. And what I found is the top five questions you want to add in a survey or the age of the person. If they're interested in your platform, what are the features they would most once? How much would they pay for those features and, of course, their email address. So let's create one of these surveys from scratch using type form. You want to go to type form dot com, and I'll wait for you to go there If you want, sign up, create a free account. Don't pay for the pro version because the free version gives you just what you need. And once you sign up, you want to click on this big plus button and click on start from scratch. Let's call this startup essentials. Well, that's what I'm gonna call it. You want to call it something else? Okay, so the first thing is gonna be Ah, welcome, Screen se. Let's call this video sharing happy survey or whatever you decide to call yours. You can add an image. Well, just had this here just to have something there and had saved. Okay? And the first question is age. Right, So we're gonna drag and drop. You're gonna click on multiple choice. You're gonna drag and drop it here. And how old are you? 18 to 24. 25 to 34. 35 to 44 45 to 75. Just put that as, ah, last one there. And it's required. Okay. And that's it. It's safe. First questions done next one is their interest. Well, just dio yes or now would you be interested or are you try to make it short. Are you interested in trying out a new social video? Curation Platforms, yes or no? If you decide you want more than yes or no, you can do a multiple choice instead and add maybe or depends on the features, etcetera. You can add other answers, but we're gonna keep this quick and simple the features they most want to use. Let's do multiple choice. Which features would you most want to try or use? Okay, let's say, uh, categories search social sharing, you know, uploading videos, aggravation from other sites. Something like that. Can you could do required multiple selections, you know. And again you can add a video are sorry video. Well, you could add a video, I says. Here, image or video, you can have a video or an image, so I'll put another video there. Foul too big. So at least we see that. Let's just put something there, okay? And save another multiple choice. How much would they be willing to pay? How much are you willing to pay for? Those features were No. Actually, if you upgrade your account to premium Okay. How much are you willing to pay each month. Kick a dollar sign 1 99 $3 or 3 50 for 99 999 Maybe you can add a 7 50 in the middle. There required multiple selections if they want safe and then your email address. Just drag and drop female here. If you'd like to be a beta tester, please enter your email address. Put a description in there. The promise. No spam. Just as a you know, let them know you're not going to spam them. All right, let's save view my type form. It's start. Answer the questions. You that's your survey. You can now send us out to people and they can answer it. And when you're done, well, you know, actually had all actually had done submit. So now, if you're going to analyze results, you'll see my answer, and you'll be able to get lots of answers. So, for example, in one of my other type forms, it's go back. You can look at analyze. First of all, the metrics are first. It shows you all the different types of people that have come to my survey results. You'll see it's much more in depth. You can download. This has ah spreadsheet to analyze the data even further. But this is a great way to get email addresses and get data which I'm gonna mention here. And the first thing is you don't want to add any fluff. So once you have those, those initial five questions don't add anything else until you have substantial amount of data to tell you that. You know this is a good platform and people want to use it. Then you can have a second survey that has a little bit more information in it to send to that same user base, which is what you're creating. You're creating. You're building a user base because as you start getting feedback and data in your survey, these people are showing interest in your platform. That's a user base. So now you can send them a second serve a little bit more detailed to get more information out of them. 7. Research the Market: So the next thing you want to do is figure out if if your idea, if it's been there, done that. If someone has already tried your idea in the past, if they did, did they succeed? If not, what happened? I mean, you need to know, because maybe you're making the wrong thing. Maybe you shouldn't be building this because it didn't work in the past. And why are you going to do it differently? Maybe they did something wrong, and maybe you could do it better come competitors. You want to see who's out there, and if so, how are they doing? So a good way to do this is why I wrote research Times three. You wanna research, research research? What is so compelling about the product? You know, for example, Snapchat. Why do people like it so much? It's just a photo video sharing app. But what if the user is engaging on the platform? What's it like with the user engagement? And why do people like that that you are you X, who are the founders who invested in it? You know you can do a simple search on TechCrunch for, say, dog walking at say you want to build a dog walking app and you look up the ones that are already out there. You can see this one rover built. They raised $40 million. Okay, you can see who the investors are. Maybe you're building an app that helps pet sitters order snacks on the go. And it's a delivery service. Well, maybe this company says here that they're going to be using the money for acquisitions. Well, maybe that you're one of the acquisitions. You're building an app specifically for this market. So you want to know these things, You want to know who's who and what they're doing? And did they already build this app? You know, and by researching these other APS out there, you'll be much more clear as to whether or not your idea is worth it. If your core value proposition is worth it, you know, how did they monetize? Maybe you could monetize the same way, and the U. A. UX design is very important. That's user interface user experiences, what it stands for, and that's basically the navigation of the app, the buttons, the icons, the style, the colors. There's a great website. I use called patterns pt trn s dot com where you can find the u I and you x for anything you know, messaging. This is all the different types of messaging you'll find tab bars. Let's see calendars and time browser bots and conversations, activity feeds. You can click on one of these and they will take you even further in. So I mean, this is a great way to look at you Why, you x throughout all sorts of different APs to kind of inspire you to help you learn how to make a better U. Y ux that is proven to have worked. 8. Build a Better Mousetrap & Resources: another good way to build a nap is not too create something brand new, but to build a better mousetrap. I mean, my space was acquired for over 1/2 a $1,000,000,000 in 2005 and Facebook Longstride around the same time about a year earlier, but they didn't really take off until they started opening it up to all the schools. And as soon as Facebook came out, everyone started flying to Facebook. MySpace crashed in birds because Facebook made a better product. So keep in mind, you don't have to build something original. It could be in the existing service or product or platform that's already out there. But you figured out a way to make it better. That's also a way to go. So for this section, we're going to keep in mind. With the resources out there, you can use product hunt to look at new products and services that are already out there. If he's never seen a product on dot com is a place where you can find your next favorite thing. I mean, these were people that have invented or created platforms or products, and you can see if maybe maybe you were thinking of building a curated selection of remote start up jobs. Well, it's already out there, So click on it and and see what this platform does, you know. So this is a good way to Teoh. Kind of see what's out there already. See what people are building. Those inspire you. Maybe you'll want to use one of the products. But also you might decide that you don't wanna build this auto correct for drawing because Google already built it. So it's a good way to figure that out. Flipboard is an app. I used to read news, and I read news every day based on my market, because you need to make sure you stay on top of things Kickstarter and Indiegogo. Great place to check out hardware products that people are coming up with, especially if you're in the hardware space. As I showed you type forms for surveys and patterns dot com for you aux These are great resources. Use them. I use them all the time. It will help you i d eight and create ideas for your platforms and for your services and for your products. And now we're gonna get into some team building 9. Lean Canvas: and a good way to figure out what you're actually building is by creating a lean canvas. For the purposes of this course, I'm gonna use my old one for instant more, which is one of my more successful companies, which is a video dating app. And the unique value proposition was to save time and money by mitigating risk through video. You have a problem. We'll have a solution. Existing alternatives, key metrics and let me go into the actual website, which is lean stack dot com. And again, it's a free resource. You want to create a new lean canvas, and you can click on any one of these and add your text and it's safe, more deleted. Um, and this is what you want to do. You want to fill this in with every single thing you're unfair advantage would be. What is it that makes your company or your team or your products better than all the other ones? Your customer segments is basically your target market. Your channels are where you plan on promoting it. Your high level concept is, you know, for example, insta more at the time. This is 2013 Skype for dating. You know, maybe nowadays you can call it OK, Cupid meets YouTube or OK, Cupid meets Snapchat or something. Key metrics. These were the main numbers and and analytics that you think are most important for your company. And then where you spending your money and where are you making money? Call structure and revenue streams. So for a homework assignment, I want each of you to create You're only in campus. Save it because you can export this as an image like I did and then posted in the comments or tweet it posted on your Facebook page posted on Tumblr, posted somewhere and send it over to me so I could take a look at it. And then whoever has the best lean canvas at the end of the course, I will give you a free copy of my book and maybe some free resources, because I do sell repository of documents. But the winner will get something, so make sure you make these lean campuses good. It will help you in your company, and it will help you decide on what your features we're gonna be and what you're kind of like. Many business plan if you think about it, this is like a mini business plans, so it's a good thing to make 10. Team intro: Okay, so now that you validate your idea, it's time to get other people to join your company. So this will show you how to choose co founders, the types of roles that you're going to need in the company and how you contest potential employees because there's lots of ways. But before we start, I want to say one thing. Choosing a co founder is like choosing a partner in life, getting married. For example. Once you choose a co founder, you're gonna be together all the time. So you have to get along. Make sure the person you choose to be your co founder, you have like minded goals. You have similar interests even, and that you get to know each other first to make sure you're gonna get along. Because so many co founders and companies have broken up because the co founders could simply just not get along, and they were just fighting all the time. So make sure you get along with your co founder before you get involved with them. It's very important. So let's jump into the lesson and learn about team building 11. Choosing Cofounders: so choosing co founders and types of roles is kind of the same thing in a way, because you're choosing these various different types of people to join your organization. So if you're the CEO, you have to make all the executive decisions. If you're the CTO, you have to make all the technical decisions. If you are the CMO, you make all the marketing decisions and CFOs Financial CEO is operations. That's what these letters actually stand for. Executive technical marketing, finance and operations Chief officer are the sea in the up guys call it all right. Until we can close that portal, our priority is containment. Martin, I want you on that roof. Eyes on everything. Call out patterns and strays. Stark, you've got perimeter. Anything gets more than three blocks out, turn it back When you turn it to ash. Give me lift. Better clench up Gore. You gotta try and bottleneck that portal slowing down. He got the lightning like the way you stay here on the ground. Keep fighting here and hope smash. Yeah, so, just like the Avengers has to put together. Ah, great team of superheroes with all different abilities and skills and talents. Same goes for your team, for example, with insta more. This was my team. I was the CEO in my CTO and VP of marketing, and we had tons of other experienced individuals doing very specific things. Branding, awareness, user acquisition, international affairs, business development. We all have tons of experience, and we showed kind of the tidbits of that as well as our board of directors shows how experienced they are and how much experience they have had in the past with managing money and exits and all sorts of, you know, qualifications. But in the end, when it comes to becoming a team, you still have to wear a lot of hats because a title is just a title. Just because you're the CEO doesn't mean you're not gonna be doing any marketing work. And just because you're the C t. O doesn't mean you're not gonna make any business decisions, because you will. You're gonna have to. So just keep that in mind. When you're the co founder of a start up, you still have to do everything. Although you will specialize in one main thing 12. Challenging your team members: So here's how you can challenge your team. And a lot of people say to me, Hey, Jason, how do I have my pick? A technical co founder, a programmer, somebody who can build my platform? Or how can I find a marketing expert to help me really market my product out to, say, the college market? Or to, you know, millenials or to an older demographic? So let's start with a CTO say you're trying to find that someone who can build your platform well and you want to pick the hardest part of your platform. Let's say you're building video sharing app, and you want to find somebody to help you build the video algorithm that will help you compress the video just like YouTube does. So maybe you've already built the profile stuff and, like the log in sign up stuff and you've already built most of your user interface. But you keep getting stuck at the part where you compressed video. Well, pick that one little part and give it to a couple of developers and see you can build it. You can also host a hackathon to do that, so let's say you're at a college campus and your student, Well, you can host a hackathon and that hackathon could say, build this video sharing algorithm, the first team or a person to do it gets the job and our company gets equity. You know, have cash prizes, if possible, that maybe you could give away a free Xbox or Free Mac book or $500 cash. So by offering prizes and offering a hackathon to try to build your hard part of your platform, you're doing two things. A. Your building, that part which you couldn't do yourself. And B you're getting somebody to join your company, preferably a CTO another way you could do it if you can't do this. Say you're not a college campus and you're just a regular person with a regular job, and you can't seem to find a way to do this part. Well, then you can start finding freelancers and give them a through 30 day probationary period led to 30 days because in 30 days, if they don't provide you anything substantial in 30 days, well, then they're not gonna be good for your company. You need to find somebody who can provide results within a couple weeks, especially if it's just one feature. So always give a 30 day probationary period, and a little later I'll show you what it looks like when you actually assigned them work. I'll show you what what's called an exhibit A in the next chapter for legal stuff you can also for marketing. This is great for marketing. Have them write about proposal so I can show you. Ah, when we did. Here's one called Social Media Requirements. This is back in 2013 and this really gives people a lot of information as to their requirements for what we were looking for at the time for instagram, for Facebook requirements. We were looking for YouTube, the kind of stuff he wanted on YouTube, and it's very specific, and it lists a lot of information. Um, and you know, Twitter, Tumbler. We did. We were trying all the platforms, so if somebody can hand you one of these, they can email this to you and say, Here's what I want to do for your company. Obviously, they did their research. Obviously they know what they're talking about, and obviously you'll want them to be a part of your company. So by getting this this proposal or this description of what they would be doing for your company, they're essentially telling you what their job would be if they can't even hand you one of these, then obviously they're not going to be doing any work. I mean, if they can't even give you a proposal, then they're not gonna do any work either. I have found in the past step if somebody doesn't spend on hour or two hours coming up with this plan of action or marketing proposal, they're not going to do any work. It's just obvious. So just keep that in mind and finally Google them, obviously. I mean, if you could do a simple search online and find that they are who they say they are, they have marketing stuff already out there. You can search on their Twitter and their length in and their and their their Facebook pages and any any fan pages they are part of, or any companies they've worked for, where they've done marketing or any technologists. You know, if you're looking for a developer, look at their get hub. Get hub is a great place to check out what they've done. Um, look at any projects or portfolios they have. If they send you a portfolio or just do some simple searching online, look at their social networks. Look at their their work, their portfolios and see if they are who they say they are. It's a very simple thing to do. And overall, when it comes to Dean Building, you want to make sure that you have a nice culture. Nice reward system, you know, keep things positive and you listen to people's ideas because in the end I mean you're gonna be working together as a team and as a family. So you have to make sure that everything you know stays positive and that you're always moving forward in the best interest of the company. All right, that's it for team building. It's pretty straightforward. We're going to move on to fun stuff. Legal issues and legal documentation 13. Legal intro: So now that you have an idea and you built the team in order to make everything legitimate , you have to form a company, whether it's now, we'll see or S Corp or A C Corp. Because you have to have certain contracts in place to let everyone know what kind of equity they're going to receive, or stock options or even cash payments. So there's a lot of documents that you're gonna need to fill out and create in order to make sure everyone is protected. Both the company, your I P or intellectual property and your team. So many people always ask me, Jason, how do you figure out how much equity or what's the percentage that I'm going to give my co founders? Well, how much money should I offer somebody to be an employee? And it's always different. The answer is always gonna be different as to how you determine that. So I'll go over some general examples for that, and there's no better way to start off the legal chapter, then, by talking about Mark Zuckerberg and Facebook, because you don't get to 500 million friends without making a few enemies, because as you know Facebook was not Mark Zuckerberg's idea. He stole the idea from the Winkle Voss twins, so let's watch a short clip about that. 14. Cross your T’s and dot your I’s: When he created Facebook, 26 year old Mark Zuckerberg made his fair share of enemies. He was accused of stealing the idea for the website, an allegation that will now play out on the big screen. Your best friend is suing you for $600 million. I didn't know that. Tell me More Social Network Hollywood's take on the Web's biggest drama, portraying Zuckerberg as a socially awkward, self centered computer geek who stole the idea for Facebook from his friends. As depicted in the film, the alleged betrayal paid off big, but it didn't come without a cost. Zuckerberg's former classmates, identical twins Tyler and Cameron Winklevoss sued him in 2004 saying they hired the computer prodigy for help with their social networking site months before Facebook launched . But Zuckerberg decided to steal their ideas and the business plan and to launch his own website. And as now we know, uh, back in 2012 when the Facebook AIPO happened, the Winklevoss twins had a lot of money because they were given so many shares in Facebook and cash that it proves that they in fact came up with the idea for Facebook and they were compensated $300 million. I mean, it's not bad. I know that Facebook's worth billions, but still, they didn't actually have to do any work. He did most of the work, and so did the developers and other employees at Facebook, so they walked away. But there's a lesson here. Cross your T's and dot your I's always have your paperwork, even if you aren't a super big company and you're just a fledgling little startup whose bootstrapping you should still protect yourself. It doesn't take that much to do, either. A lot of people think it's very confusing, and there are so many documents you need and everyone immediately runs to a lawyer and pays thousands of dollars to create all of these documents. But let's talk about them on. Article of Incorporation is basically just a piece of paper that says you incorporated your company and I'm gonna show you how I did it by going to Google, and you would type in Foreman loc in my case, P. A. For Pennsylvania. Wherever you're from, type in your your state and you'll find some documents instead of going to illegal zoom or , you know, another one of these websites that charge you to do it, which is fine if you really don't mind paying the extra money. But the truth is, every state has their own website, and if you click on the website, you'll be able to find registration forms. So, for example, if I want to incorporate an LLC limited liability company, I would click on Certificate of Organization and I would just fill out this information, my name, the name of the company address, a couple of things here, a couple of things there and then I would sign it. It's so easy. It costs $125. Okay, so when you go to these other websites and they charge you 304 105 $100 all you really need to pay is 1 25 That's it. So that's what I recommend is download the form, fill it out, takes literally 10 minutes, not even five minutes. If I can fill this out in two minutes, so why spend all this money on some website? If you could just do this? A non disclosure agreement is unending. A. This is something that people sign that says they will not steal your idea. They will not copy your idea. They will not use your idea. After you tell them your idea, they will not steal it. So it's It's a non disclosure because they cannot disclose the contents of what you tell them to somebody else or use the ideas. That's what in India is. Investors won't sign them. People like me won't sign them. We see too many ideas every day, so it's just too much for us. T sign him. You really want, uh, complete strangers who are not investors who were planning on adding to your team to sign then d A. So if you have potential marketing people or developers that are going to join your team, have them sign in India, and I can show you if you want, I can show you what one of these looks like, although keep in mind is blank because this is the repository that I sell. So the names we're gonna be company name. This is where you put your name. Um, but it basically says, you know, I can't tell anybody any of these things. Drawings, designs, product plans, finances, marketing, engineering, and it goes on and on for pages explaining, You know, the types of things that you can't do theirs copyright infringements. And there's a lot of things in here on, and then you sign it at the end. And that's that when it comes to employee contracts and offer letters, i p. A. Simon agreement, the by laws, the operating agreement, shareholder agreements, these air all contracts that you need in order to make everything legitimate in your company. I have a repository that I sell to entrepreneurs that has all of this board of directors minutes, consultant agreements and confidentiality and invention assignment. Corporate documents like I P assignment and operating agreements. You need a certificate of organization and articles of incorporation. You're nd a and stock option agreements, exercise agreements and common stock certificates, and it's a lot to take in. I understand that there's a lot of things here, so I'm just going to try to explain each one by one. An employee contract and offer letter is exactly what that issue are. Offering somebody a position or job on your company, so you're going to give them a letter that states the offer their compensation. What job they have and the terms the employee contracts get a little bit more in depth. You have something called an exhibit? A. For example. For a developer, this would be a the end of the contract. It tells them the types of things you expect them to do. And I gave this to a developer, so they had to do this job thes things. If they don't do half of these things after 30 days, 60 days or 90 days, whatever you decide, then you fire them because you have this in the contract that says you were supposed to do all these things and you didn't do them. So that's why you wanna have these contracts in place. The I P assignment basically says that you no longer own the intellectual property of the company. You are assigning it to the company. So if your name is John and you're platform is named snap dog, uh, John no longer owns the intellectual property. He is assigning it to snap dog incorporated. So you no longer own the idea you no longer own the I. P. The company owns, because that's what that way, when an investor gives you money for your company. He's investing in the company, not you. Bye. Laws are basically pages and pages of legal jargon that explains what the company is going to be doing, kind of like the operating agreement. These were pretty similar. It basically is your Bible. It's the company journal. It tells you what the company's terms are, who own stock. You know what kind of rights you have, what kinds of rights your employees have, and so on and so forth. So you need to keep track of that and and consistently updated. When when you make changes and then shareholder agreements are for your investors and for your shareholders toe, let them know of all the terms and conditions of your company. 15. Equity & Stock Options: And when it comes to shareholders and investors and employees, everybody gets either equity or stock options. Equity is a percentage of your company's common stock. So ah, 100% of your company is what you have when you first start out. If you give a C T 0 50% of the company, he now or she now owns 50% of the entire company right away immediately because you give them a stock certificate. And if you give, UH, marketing director or an intern or a junior program or stock options, that means that they have the right to purchase those options later in the future so they don't actually own equity in the company. They have the option to buy stock at a later date, but at a set price. So if one day you get acquired for $100 million and they have a $1,000,000 worth of stock, but they're only gonna have to pay like $100 for it because the set price was like a penny apiece, so they were able to basically bank out of cash out. And a lot of people say Why do we need all these who founders and employees. Well, it's just like a pit crew. A race car driver can race around the track, but if he needs to change a tire or if he's gasoline or if he needs to change the breaks, his pit crews there t help out and support him. If not, he's not gonna be able to win the race. So, you know, you really need to find a diverse set of skills, talents and value for your team. They have to have the time commitment, so they have to be able to at least give you, you know, 10 20 hours a week, if not more. They should be a part of the ideation process. If not, then you're just a solo founder. They should have some sort of domain expertise. I mean, if you're building an app for furniture like a furniture rental app, well, then the people that you work with should one of them should have been like the VP of marketing for Anchia, you know, or one of them should have worked for, you know, some other furniture store so that they have some sort of expertise in furniture. Connections to funding is always a plus, if they have investors in the family or friends that they know are wealthy and don't mind investing, that's a good reason to bring someone on the team, because you'll it's really hard to get funding. So that's just one less thing you gotta worry about. Anybody who's already had a success in the startup world or they sold their furniture business for your furniture app. You know something that you know says to you that you that this person is going to be worth your while because they've already succeeded in some way it's worth adding them to your team. I mean, let's take a look online, and I pulled up Elon Musk earlier. So if I search for Elon Musk, you know this guy has done so many things, like Space X, Tesla, Solar City. PayPal is his big one, you know, and he made a lot of money off that, and because he made a lot of money of PayPal as his success his previous success, investors started investing in him for more and more things. He's been able to succeed repeatedly because of his previous success. Okay, and financial contributions is close to this, too. If you hire, say, say you're the CTO, you're a technical person and you know how to code. But you're not gonna business. And you meet a friend from you know, you knew from college and you ask her, Hey, uh, Lisa, would you like to be a part of my company and become the CEO? And I'll build the platform? And you, you know, are the face of it. And she says, Sure. And she says, And actually, I just sold, you know, my last business and I have $2 million in the bank, and I wouldn't mind putting in $50,000. Well, if she's willing to contribute financially again, that's a win. So she may not be the best CEO. You'll find that out. But if she has skills and talents and if she has some domain expertise and some financial contributions, I mean, that's good enough. You know, you have to be ableto kind of navigate this and choose and pick the things that really matter the most to you. 16. Board of Directors & Advisors: The same thing goes for your board of directors and advisers and mentors. You want to choose them on the same things, basically. And the difference between them and your employees is obviously, they just vote on the bigger decisions in your company once a month, there once a week. Whatever you decide, you definitely have to have quarterly meetings. They have to be more formal. You have tow, uh, write down what's called board minutes and take notes for everything and send out documents and contracts to them and make sure that every time you make a decision, they have to vote on it, and then you have to sign off on it. Any time you change something in the company like a big change, you need to present it to them. Host. Ah, vote. Make sure everyone is on the same page saying with hiring, firing, you want always let them know who you're hiring, how much equity you're giving them, who you're firing and why they need to decide these things with you. They need to make sure that you're on the right track. They usually give you amazing suggestions and feedback, a lot of guidance and you should listen to them. But also don't compromise your integrity, your mission and your your overall vision and your your ideas because sometimes they may not understand you completely. But just remember, they're always there to support you. So talk it out with them if you have some sort of issue and see what their side of the fence looks like before you make any rash decisions on. I found that board of directors and advisers have been instrumental in my success over the years, so definitely leverage that resource whenever you get a chance. And speaking of resources, here are some of the resources that I've put together for you guys again. State websites are my go to resource, but if you don't want to use them in your lazy, go to legalzoom dot com or rocket lawyer dot com and work clarky dot com. Any of these and they'll automate your documents. Still, just ask you some questions. You pop it in there and you'll pay something extra. But, you know, a lot of people like to use those. If you go to a college or university, there's usually a law department there, and they are pretty good about not charging you for that stuff. So look into that because you may have that right on campus. I've had success with law firms in the past to defer the payment until company succeeds, and then you pay them so you can always do that. And there are other startup law programs out there. If you search online, you might find one in your local community, like a startup law program, or like accelerator program or something that will help you do things free or cheap. And once you have all your documents in order, everything signed. Your team is comfortable, everything is good and you feel like everything is legitimate. You can move on to the minimum viable product. 17. MVP intro: congratulations for making it to Chapter five. You have gotten pretty far, but you're only halfway done, and this chapter is by far the longest. So you need to prepare yourself mentally for this and get ready for a lot of information, so the first thing will jump into will be the definition of an M V P. A minimum buyable product. What it is, I'll show you a couple of examples of an M V. P. Then I'll show you a process called scrum that will help you move quicker and iterated faster. Part of that is in conjunction with task management and had have actually manage all the tasks for your platform of your product. And how do you determine those things? Well, needs versus wants. I'll teach you how to determine what I need is versus what I want is and how you should build your platform as as minimal as possible. Some of the ways that you'll be able to figure out what you want in your M V P and how toe relay this to your team and your employees in your investors are by using a whiteboard and creating a flow chart, you can then create amore intricate, detailed workflow document, which is kind of like an outline and then visual maps were designs regarding the workflow documents, so you can visualize what it is you want to build. Then I'll show you how to leverage some open source technology, which is smart to build faster. And obviously you'll want to choose a tech stack, whether it's javascript or PHP. Very powerful resource. Our AP eyes and S DK's. It will help you build faster and build less. And, of course, you'll have to research you. Are you X once again because that's the most important piece of a nap is what you're looking at and what you're doing on it. And of course, you have to figure out how to create a name and a brand in this world of squatters on domain names and every company almost exists. You have to be unique. You have to stand out and I'll show you how to do that 18. Definition & Examples: we're gonna go right into the definition of an M V P, according to Eric Rees, who wrote some books on the lean Startup and lean methodology Ah version of your product that can deliver the most amount of learning in the least amount of time. So this means that you're gonna build something that you contest really quickly without spending a lot of time and money, so that you can get data and feedback from customers to see if you're building the right thing that they may want. Here's how you would do that. So instead of building a tire and then two tires and then a frame of a car and then putting those tires onto the frame, people can't test these things right. But they can test a skateboard that you built and then wants to give you feedback and say they would rather have a scooter and a bicycle and a motorcycle and a car. Your customers contest every of these in orations for versions. Same goes for a burger like, say, you want to build the world's best burger. You're not going to give somebody this because if you give this to somebody, they're gonna taste the lettuce, the onions, the tomato, the bacon, cheese, the bun. They're not gonna taste the patty that much. I mean, sure they will. But you know, when you bombard it with features or condiments in this case, they're not gonna really get the essence of your burgers. So say you do a blind taste test. You can give somebody this burger, the Burger King burger and McDonald's burger. And if they choose yours, then you know you have a really good burger. So that's when you can start adding all these condiments and features to it. Because now you have proven that people like your Patty same goes for virtual reality had set. You know, you think this is the 1st 1 somebody built when Google and a bunch of other companies started getting into the VR space? I'm sure this is what it looked like with some electrical tape and some wires and batteries and that kind of thing. So, you know, even the Google cardboard is very rudimentary, but eventually they have been able to perfect that by building something beautiful like this. Same goes for Facebook. People don't realize when the Facebook first came out it really was just in online directory. It just let you connect to people in your school, and that was pretty much it. There were. There were not a lot of features. And then, of course, as they grew, they started gathering data, and they started adding games and videos and photo albums and birthdays and and and all sorts of events and things you can do on Facebook. And why is that important? Why should you build an M V P? Everyone always says to me, Jason, why can't I just build my app the way I want to? Well, because you're not gonna get any data before you build it. If you just build something based on what you think is correct, which means you'll learn faster, you'll take less risks and you'll spend less money. 19. SCRUM & Task Management: and some of the ways of doing this on gonna show you a whole string of them now is scrum is one of them. So the process of scrum is too literate, which means to change quickly test and then repeat. So you and your team have a list of things that you want to build and you start sprinting, which is these sprints are very short bursts of work that you do. And then you circle back around by having a stand up meeting. You review these sprints and you see what you did, right? What you did wrong, what's left. And then you continue back in a circle when you start all over again. So by doing this you're very nimble, very quick, very agile, and you can generate quickly where big companies can't really do that. They've got to go through a whole bunch of bureaucracy of departments and managers and all this. But you guys can do this quickly. You can change quickly based on data. And let's watch a clip from one of my favorite shows. Silicone Valley. Wait, You did DRM? Yeah, I did the arm. Why did you do DRM? I said I would do DRM. You do error handling anything to do with errors? Sounds like your whole vibe. Yes. So from rules based filtering way goto workflow average That card is moved from the icebox into the in progress column, and it stays there until it is ready for testing. Okay, this increases visibility into our team's progress. And that, gentlemen, is scrum. Welcome to the next eight weeks of our lives. This just became a job. Okay, so here are the cards I'm adding under this epic for the ingestion engine. And there are three stories here. How long do we think each one will take? I don't know. Who cares? Four hours apiece, maybe for you. So, as you can see, they're trying to organize their tasks on a big board using post it notes. There's a software that I use that is pretty similar Cold trail. Oh, and I definitely definitely recommend you use this for your organization of your tasks. I'll show you how I use it right now. So this is the board, right? And the way it works is you can create lists and you can actually drag the lists around in order of importance. You can also drag and drop the cards on the lists on, depending on importance. And if you want to add a card, you can type in need a sign in screen with logo. Just making this up hit ad. And then you can click on that at a comment and say, I'd like the button to be pink, and then you can even add a label. In terms of importance, you can add members to this. You can add an attachment, such as a photo tattoo photo in there, okay, and then that card, you can add it to the top of its that important, and people can comment on that card. It's that simple. And it always shows all these things on the right, like an activity feet so you can see what you did on the board. So I recommend using this and keeps track of everything. When things were finished, you can put complete because you completed it so you can see like all these different things that we completed in here. It's just tons and tons and tons and tons of things that we were working on. Okay, so that's how you use trail. Oh, and I highly recommend it. And you can add people by clicking on add members. You can add their email addresses here to join your board. It's that simple, so people don't say, Well, how do you figure out what to put on the trail aboard, like they usually sit here with a blank board because it obviously starts off blank. 20. Needs vs. Wants: and they say, Well, how do I determine what to actually put on the board? Well, that's where needs versus wants comes in. So let's go back to that need vs Want. Basically, the way this works is, let's say you want to build on e commerce app. You're a college student, and you want to help your students on campus buy and sell their use stuff. Sure, you can use Craigslist, and sure you can use eBay and sure you can use let go on. A lot of other upset are out there, right? But let's say that you want to build something specifically for your college. Let's say you go to University of Pennsylvania at the Wharton College, and and you want to build something that just those students can combine self. So you might think that you need a search string with filters such as price range item, category item condition, locations, all these things, chatting, camera integration, pain and processing, etcetera. But in the end, what you really want to validate here is do students want toe buy and sell from each other on campus? They don't need all of this need. They don't need all of this. To do that, all they need to do is sign up with their college email, a profile screen, possibly with, like their picture in their names so you can find them on campus and then showed the stuff that's for sale. You can maybe add categories, which isn't too hard, and then let the email let the buyer and seller email each other. So if they like something that's on the item listing screen, you can click on it, emailed the seller, then they can meet you on campus to buy it. Maybe you can share it on social media to help with hashtag you know you pen or whatever. So if you can do this, if you can just build this very simple need list, then you can validate that the people on campus actually want to use this product. Then, based on the use after getting a couple sales, you can start adding features one by one 21. Visualization, flowcharts, whiteboarding, workflow, etc.: a good way to visualize your need versus one is by white boarding. So a friend of mine wants to build a fitness app, and I told him to draw me out what the APP would do. So in this case, it would be body parts. On the first screen, you choose the type of work out you want to use, and then it would automatically start your workout based on the body part you chose and the type of work out you chose. And it does everything automatically for you. It's very simple and I understood it right away. Another good thing you can do is flow. Charting a flow chart explains how an actual website functions and how it works, and I can show you how toe make one of these pretty quick on a website called glitch fee dot com. So G l I f f y dot com. It's free to use if you build one or two of these things. And once you're in this Dragon drop editor, which you can drag and drop what you want and type in text, okay, and you can then copy and paste this if you want total control C control V, the same as every other thing. And I'm going to leave these, but you can see here I built a pretty robust flow chart to explain how one of my APS works . It has a lot of information on it. It has a lot of, you know, paths. So where things go and how they work and what the order is and all that kind of stuff. And then you can export this as a pdf. Um, right over here, just export, and you can have a pdf and show people this flow chart later on. So it's very handy, and I would recommend using it. The most important things you can use to build your app were service or product or whatever is a workflow document and what that is. It's like an outline that explains every button, every function, every navigation, every path you take, every user interaction that you use on your app or your product or your service. You should always it's kind of like a technical business plan. It tells you everything you need to know about your app. Then you take this and you build a visual map and I can show you a little bit more detailed visual map of how I build these, okay, and here is a detailed map of how every single screen works. Every I kind of tells you what the icons do. It tells you how the camera works and tells you how the alerts and recording the questions work on how the chat notification and how it takes you into the chat screen and the kinds of things you can do in the chance screen That shows you how the monetization, which is earning revenue on the app and how that works very descriptive the different types of coins you can earn, how the daily question works and how the camera records your questions and answers and alerts that pop up. It gives you really detailed explanations, you know, and even going into the search preferences very detailed, as you can see, a list of tags, you know, and even all the ethnicities and religions and preferences and all that. So I mean, you have to get really detailed. You have to show everything, and when you do this, you can show this to your team later on, and they will understand everything. Then you can have discussions based on all of this and based based on the discussions, you can decide well. Do we wanna have these features here? Do we want it to look like this? And that's when you discuss and decide on things. Not while you're building it with your team of developers. That's a waste of time. You want to do this before you build anything, that's the key. 22. Leverage Open Source Technology: okay, And then once you have all of this stuff, then you can decide on if you want to build it yourself. Or if you want to leverage open source technology, a good example of open source technology. People always say, What does that actually mean? These platforms here, like WordPress and I can show you a couple of examples of websites that I build didn't wear press. So here's one called Career in Stem. It's ah, built to foreign entrepreneur who wants to help kids learn about stem resources and their careers. And it's very intricate and detailed with tons of resources. And this is all built in WordPress and it looks beautiful. It works great. You can click on any one of the the careers, and it'll take you to a career page where you can learn more about that. And the cool part about these these sites and WordPress, especially, is that it's all responsive to mobile. So if you're on ah mobile phone, you can still use it. It still works as if it's on a on a mobile device, so that's Ah wordpress site. Here's another one called Philadelphia and Sectarian Butterfly Pavilion. It's built for a local museum that I built it for and again is very responsive. Lots of beautiful photos and lots of links to do lots of different things built in wordpress. Same with my public. Ate my news publication called Lean Tech News, which, by the way, if I were you and you want to learn about lean technologies and startups and technology and how to build start ups and you know, 10 steps to being successful, why investors this and that What tools to use, you know, the hard truth about. I mean, I have so many articles on here that you could learn a lot from so good early in tech news and read some of these articles. You might learn a thing or two. This is also built in WordPress. Very simple, you know, And, uh, But instead of spending a lot of time building a new site, I was able to build this using WordPress. So definitely leverage open source technology. This might mean that you can use a platform Ah, framework called react Js or ruby on rails. Zen cart is for e commerce, you know, And there are a lot of plug ins. You can use and a lot of different types of things that you can implement into your website without having to actually build them. So, you know, I'm not saying it's the best way to go, But if you're just starting out in your building, an M V P. There's nothing wrong with building a Zen cart e commerce platform for your college buy and sell app just to test the market. And there are there are a lot of technologies out there that enable you to build something without actually building anything. For example, say you do wanna build that college buying and selling platform using WordPress resent cart . There are technologies out there like something like maybe WP auctions dot com. I mentioned this in my book Strap on your boots. So if you're reading that along with the course and you'll see that here on, this is a way for you to build a platform. And for maybe I think it's like 40 bucks or something that by this, and you could have an auction site where people can bid on, you know, and again, this could be just for U, Penn, Wharton or whatever college you go to this could be called, you know, the warden by cell platform, you know, And the pricing on this, I believe, is I think it's four. Last time I checked, it was $40. Yeah, 40 bucks. I was right. So you can get this for $39 change the colors. You know, change the the way it looks. Change all the words and change everything on it. And this will be your site. And then that way you can start testing your theory. Will people want to spy and sell things on your website? If so, then you can take it to the next level. Show a developer your workflow document, and show them your your visual maps and idea you have and show that you have validated it by using this platform and that you have customers. And then the developers will most likely want to start helping you build the rial site. Okay, So leveraging open source technology is a very powerful thing 23. Deciding on a Tech Stack: This also goes hand in hand with deciding on a tech stack and a text stack means what programming languages are you using on the back end in the front end to build your products ? There are the staples like CSS and HTML. You have PHP, my sequel for databases. Java Java Script. Jake Weary C Sharp. There are ruby on rails and a bunch. And if you go on Google images and you type in tech stacks, you're going to see all sorts of images. This one. This is a good way here. That explains, um, the kind of the framework Web framework programming language database server operating system. So this is how the back end works the server side, and then the Internet translates these together, puts them together, migrates thumb parses to data. Whatever you want to say. There's so many terms front ends where usually Java scripts, CSS and HTML. And then on the phone you'll have, like IOS or Android. Um, and there's a lot of different, you know, click on a bunch of these to understand. For example, how Facebook event, You know how they built something. At one point, I'm not sure if This is what they use now, obviously, but this is maybe how their front and in back in and then they're matter that they're metadata was so just click around, can look around and understand how these tech stacks work. I know that at one point hula dot com, the video site was built on ruby on rails. So, you know, definitely look into these just kind of poke around. And then at some point, you have to decide what you want to build your happen. And there are all these different programming languages out there that you can you can use and decide on. And, you know, I've built stuff in PHP, my sequel. I build stuff and ruby on rails and build stuff and straight up jobs scriptures a crate I mentioned before react Js and I mention this before it's it's I believe it was built by Facebook. Yeah, it's on the Facebook get, huh? And react. Js is a JavaScript library for building user interfaces and you can use no Js on the back end. So if you were to type in examples, I don't know if there Yeah, there are examples here built with flux react Js and immutable Js Khan Academy question editors built in So here's a game. Oh, I see. So I got to try to get all these. So this is pretty cool. It's built in Java script. So there you go. It's on. It's hosted on her Roku for free. That's another resource that you can use. This Hiroko, um, gives you free free domain. So this is just something that's examples me you can build in JavaScript using react? Yes, it's an open source technology. So deciding your tech stack is important to do because it will determine what you're gonna build and how you're gonna build it. 24. API’s & SDK’s: There's another amazing resource out there. You can use their called AP eyes and SD case. Now if you've ever logged in somewhere with Facebook or Twitter or Lengthen or some other social media site logging in with AH website is called on a P I or an STK. You're basically taking the information from your profile, your name, your profile photo. You're e mail, your password, your location, your birthday, etcetera, etcetera, etcetera and you're plugging it into the website that you're logging into so that you don't have to enter all of that information which can become very tedious. So I tried to give you an analogy here on a P. I is like a recipe to bake a cake, a set of instructions. You have to get the ingredients so you have to go by the flour and the sugar and the butter and the eggs, and you put together the cake. Whereas an STK is which is considered like a line of code that is a cake mix. You're just gonna build it based on the mix that you get, so it's a lot simpler and easier. A great example of sdk would be Google Analytics which I'm showing you in a later chapter. But I can show you quickly here on Google analytics how to get that one line of code. You click on admin down here on the left tracking info tracking code and bingo. This code right here. You copy it. You paste it into your code editor by going to the bottom before body and before hte email after all your scripts and paste it right there. I like to add a comment usually like this, start Google analytics and go to the bottom of it and type. And Google Analytics. I know where it starts and ends. And this code right here now allows my website toe have Google analytics where I can actually see everything. Um, and the website I'm using this on is cashew dot tv, uh, which isn't one of startups that I'm working on. And I built this in a technology called Bootstrap and check it out. There's our survey right there on the website. Like I said, you could embed it onto your websites, so I practice what I preach people. I wasn't kidding when I told you to do. Surveys are very important. Sign up for our beta launch. So this is a typical landing page website that you can build in its mobile Responsive and I'll be showing you bootstrap in a second. Before we get into that, let's go back to Ah, a psst case. So I showed you the Google Analytics STK There's a lot of other ones out there you can use and once you determine on the technologies and the frameworks and the open source technologies in a p I s t case 25. Research UI/UX: then you can start researching your you aux, and the way to do this is to try all of these different processes in all of the absent websites that you use logging in. Creating a profile, uploading a video, posting a comment how you become friends with someone. How do you buy something? What is their dashboard look like? One of the icons detects the colors to men. Use using patterns dot com like I showed you before, is a great way, but I want you to also log into your websites, your APS. All the absent websites use instead of just using them. Actually, look at how many steps things take to do. Look at the account settings so patterns dot com p t tr n s dot com is a great resource. You can look atyou eyes and UX is You can click on different things on the left here to see other types of uru X discovery, cover page invite friends, Check out the duru X. You know, what do you like about it? What do you not like about it? Um, get some ideas for profiles, you know, And this is what I used to get some inspiration and also to get some ideas. You can click on it and it will take you into that app and you can look at more you are you X But look at the APS and the websites that use. Find out what you like about them and start jotting down the things you like. Take screenshots. Always take screenshots posted Screenshots and Trillo were using slack. Slack is a great resource to communicate with your team. I highly recommend slack dot com to talk to your team on a regular basis. 26. Crowdfunding: and another way to validate your idea. Your M V p. And maybe even pre sell It is to use Kickstarter like the Pebble Watch sold $10 million worth of pebble watches very quickly, and they were only asking for $100,000. You know, I used Kickstarter to fund some of my projects, and you have to be really, you know, intricately detailed as to how you created. And I can show you what mine looks like so I can get an example. Kickstarter dot king's highway film dot com. I made a sub domain which points to this. I make some domains for everything, and again, I recommend you do the same so as you can see here my campaign I I was trying to raise $10,000 I raised 12,000. There's video you can watch an explanation of the film graphics that I made in the graphics continue with all the text, the people that are in the movie, the people that worked on the movie or credentials, what you get as parks. You know, I did all these graphics and photo shop, and the reason why I did this is because most successful Kickstarter campaigns do this. So again, I looked at other campaigns and tried to like, kind of not imitating copy but kind of be inspired by the way there's looked. And then I put another secondary video a little longer, one at the bottom, with all of us in the video to really push it out there. So you know you can do this. You can put together a Kickstarter and sell your product or your service. If you do it the right way, and why not leverage this technology? There's no reason not to. 27. Name, Brand, Logo: So at this point, once you have determined all of this, you have to figure out what you want to do in terms of a logo on a brand and a name, right? Because these names and these brands right here, you know what? They are right away. Okay? You've seen them before. You know them well, and you want to be just like that, you know? So choosing a name and a logo, these are the resources that use, and I'm gonna go through each one of them one by one. Instant domain search. Lean domain search. Nice translator, trademark AEA and design Manti. Let's go through them. So instant domain search, which was built by a guy who worked at Facebook, is really cool because you can type in words like Let's try, I'm gonna think of a name. Right? Nationals, try snack dog. It's taken. Snack dog has taken snack dogs is not taken, so I know it's silly. It's tried dogs has taken, but if you want to see what's on this, you click on it and we'll see if it's a squatter. It's a squatter, pretty much where it's broken. So anyway, let's say that you want snack dog dot Io. We're snack dog. Got me. You're building a snack. Dog snack at that gives a healthy and organic treats delivered to your door. Right. So snack dog got me. You could buy this one right here by clicking on it. It takes you to go, daddy, and you'll get a discount for going through this website K Snack dog got me is available. All right. And if you don't want to do it through this method, you can go to lean domain search and type and snack and dog, and it will find a bunch of other types of names you can choose. You can always pick just the word dog. Okay? And you can try one of these or you can try snack. And again, just keep trying names. Keep trying words. There's another great resource I mentioned was nice translator. I love this one. I can add translators by choosing different languages. Okay. And I already chose these earlier, so must choose a couple more. Okay. And then from here, you wanna type in the works, those type of snack dog pet food, right? And it's gonna start putting these words in different languages for you. So that way I'm not saying again the chooses. But it gives you an idea of different words you can use. Maybe you like shin. Maybe you like ringin. Maybe you like, you know, commedia. Maybe you like pentru. I mean, you can come up with a different all sorts of different words in here. I mean, that's how, like, you know, certain companies have come up with their names. If you think about it, they've come up with names by using other languages. E I could see it and be called. I'm with you, you know, like, put that in here to see if it's available. It's not, but maybe I'm going with snacks. Is you know, I don't know. I'm just saying This is how you come up with names people, you know, my saying they're great. I'm just saying, is that you come up with them and another another way to find out if your name is legit. It's by doing a trademark search at trademark AEA dot com. Okay, You want to go to one type of snack dog, Steve, It's available. Looks like it's available. So you could actually trademarked that name and want to take it a step further. Find out that the social media sites are all available with that name as well. Looks like a lot of them are, but not Facebook and Twitter, the two most important in my opinion, which is my why you may. You may want to type in snack dogs and see if that's available. Facebook is not, but Twitter is now. So again, play around the names. Make sure you get all the social media's made sure its trade. It's not trademarked. Try different languages. Search for different words. Use instant domain search. And then once you have your name, then you can choose logo. I use design man tick as inspiration on Lee case of snack Dog. We're gonna go into animal and pet, show my designs. It's very quick and simple. And you just get some ideas here, right? I must say, Use them. I'm saying get inspired by them, right? You might find one that you like Like this cute one here. So then what I do is I take a screenshot using the snipping tool on windows. If you have Mac, you can take a screenshot using I think it's like command apple for something Snack dog. Okay. And then I can take this. Ah, this image and I can put into photo shop and I can recreate it. So it so it's not all pixelated. It's very simple to do that. If you're familiar with photo shop, if not, get a friend that's good with graphics to help you. But this is a cue logo for snack dog, right? I would like this, right? So now we have a logo and we have a name we have Everything we need always to do is build or product. 28. Shorcuts to MVP: and finally I made a list of shortcuts to M. V. P. By using these tools, each one of them is powerful. Each one of them will help you speed up your development time and your prototype time of you've already seen cliffy dot com. But I'm gonna show you bootstrapped by Twitter Envision app Proto io sketch for Mac Just in mind for wire frames. Prototypes. So let's go through these one by one Bootstrap, which was built by Twitter. There's a sleek, intuitive and powerful front and framework for faster and easier Web development to explain exactly how this works. I can show you on get started. You can click on, I believe, examples. And then here you can click on one of these basic marketing site and this is it. You get a drop down menu, get a log in, you get Ah, container, a three column paragraphs here, your footer and it's all mobile. Responsive, okay, and it's all prepackaged, so you can change. You can take this code right here. You can copy this code into your text editor, make sure you get all the files because you've got to go to the home pains here and download Bootstrap. Then once you have all the CSS and JavaScript and all the images you can then take this. This example that I showed you can actually start making it work. You can also take components, like if you want to get just buttons or drop down menus. There's navigations, basic navigations. There are what's called a sticky, sticky navigation that stays in the top. Kind of like the one that's right here is staying at the top is not moving on. You can get all sorts of different kinds of stuff. There are topography alerts. You can get buttons, progress bars. Um, but in groups so very powerful stuff and I used a boost dropped to build Toshoku dot TV. So if you check that out, all this was built in bootstrap by yours, truly. So proto Io is a prototype builder. It's not free. You get like a free trial, I think. But again, you can build a dragon drop prototype. Here. You can also use sketch, which is for Mac. It's like a photo shop for Mac that people seem to like a lot. I've never used it personally. I'm a photo shop guy But sketch supposedly is very easy to use, very intuitive, and it helps you build up an interface very quickly. Envision app dot com gives you a couple of examples Web prototype wire frame. Here's a mobile APP prototype, so if I click on it, it opens up the prototype, So this looks like a phone I can click on in the email. It opens it up right. Shows you where you can click if you click somewhere, right. Second goats. You can delete that. I'll click on inbox. Maybe I could start a new one yet, so lets you kind of type pretty cool. So this shows you how the prototype works and, you know, it shows you the screen so you can actually hand this off to someone, and they can actually click on their phone. They can click on it and see how your apple to work. That's envision app and just in mind, which is a prototype. Er, I have it open here. I was working on something called Show. Teach us another one of my zany ideas. You can drag and drop stuff here, so let's go and draw. It was drag and drop in image here. I right, click add snack dog. So maybe this platform is gonna be called snack dog instead. But as you can see, you can drag and drop stuff, right? And maybe now I can put some other images of dogs and you can change this to be over here on the right. You can change dogs, cats, snacks and you'll see it change life. So that's what Justin prototype lets you do. Lets you drag and drop elements from over here over here, and you can change all the elements on the right. Then you can export this to show people on a website. So this is just in mind. Prototype. This is free to download as well. So this shows you the shortcuts. 10 BP Again. I recommend you use all of these things because it will help you build something quicker without having to spend a lot of time and money. And now that you have built your M v p and you have your name in your brain than your landing page and your logo and all the data and everything is ready to go, it's time to launch your beta. Theo 29. Beta intro: congratulations for building your minimum buyable product. We are at Chapter six timeto launch your first beta platform or product to the world's. This means that you build your M V P. You have data, and you have users that you've tested your theories on. So now it's time to prepare a press release to tell the world of your amazing product, including journalists and the media and bloggers. Which reminds me you have to write blogged posts and social media content and start preparing those so that you could start releasing them every couple days. And one of the things I'll show you is how to do a Q and A. You'll have to prepare questions that people are gonna ask you. And that way, when they ask you questions, you'll have the answers instead of having to like, hesitate or stumble. And a really cool way to show off your new product is by creating a video. So I will show you ah, example video that I created for one of my startups. So let's get ready to launch your beta 30. Press Releases: so we'll get right to it and we'll jump into press release. So if you don't know what a press release already is, a press release is content that you write to target journalists and bloggers people who were going to write an article about your product or your service so it should be newsworthy and fact trip, and you don't want to write something personal. You should include your value proposition from keywords in your industry and maybe some milestones of things you've achieved. Then you can research some journalists that you like, based on articles that you read that you like or based on the market that you're in. Journalists who are in your market are more likely to write articles about you. You should definitely add a quote or two and maybe a testimonial from a customer and obviously your launch date and other important information like how to get in touch with you. Your website, your social media are are pieces of the press release that should definitely be there and definitely prepare a Q and A because you're gonna be asked questions and you don't want to hesitate or mumble like you should know the answers to these questions. Let me show you an example of a press release I wrote for the King's Highway. My my film. This was when it was launching on Kickstarter so you can see it tells you a little bit about the movie itself. What it was about. Then it tells a little bit about what the movie focuses on. I give you a quote from one of the people that was in the movie, and then it goes into some more impressive stories that were in the film. It gives more, you know, it kind of name drops Cardinal Congress, George Washington, Ben Franklin, Revolutionary work. These were all huge keywords on the on S CEO. It also has a quote from myself. It tells you that you can't believe people didn't tell this story before etcetera. There's a link to the Kickstarter tells you about the production company that made the movie, which is my company, the website. There's also if you look on Google and type in instant more press release, you'll find a bunch of press releases that we did for instant more. Ah, while back 2014 and 15 again, it tells you about, the company tells you, Ah, what we did tells you we want an award. We raised some money. We were accepted into the Start Fast Accelerator program. You'll find a quote. You'll find more information about the types of people that we have in the company and tells you another quote from one of our team members, and it gives you information about the company and some contact information, or Twitter. Handle our website etcetera. So you get you know, if you search online and look for instant Maura press release or Kings Highway press release, you'll find them on their I've done other ones as well, but these were some pretty good examples of how you keep it. Fact based, full keywords. You don't wanna be personalized. You want to keep it nice and fact driven and newsworthy. Um, and then posted online, posted all over the Internet. Social media, you know, send out a newsletter using mail chimp and try to get people to write articles about You Were your stuff, which we've had so many articles written online about the king's highway and about instant more. The press and media attention we've gotten has been unbelievable, and it's all because we did press releases and block posts, which is the next piece 31. Blogging and Social Media: so when it comes to a block post, it gets tricky. People think that you're writing about your company, but you never want to write about your company. Instead, you want to write topics right about topics about your industry. So research. Everything you're writing about mentioned other articles from journalists you like, use a tasteful amount of keywords. I always add a couple of fun or relevant images and keep it s CEO friendly. Search engine optimization back and keep it search engine optimization Friendly s CEO friendly around 500 words. So another couple examples. Here we have instant wars, blah, blah guidance to more dot com. You'll find what being 40 and single is like today. That has nothing to do with insta more one of our favorites that people have liked a lot as the Netflix and chill, the truth unraveled. So this is a story about you know what, Netflix and Children, where it came from and what it really is. A case from funny. You know, there might be a funny image or two, and then the content has nothing to do with instant more. Okay, but you definitely want to include, um links two other articles that you've seen out there the 50 50 rule of serial dating. So you know this link here, for example, goes to elite Daily too good to be true right now. Amanda, FEMA or Amanda Pharma. She has a Twitter page, obviously, in a Facebook page, and your goal is to reach out to her and let her know that you liked her article and that you included her in your block. Same with this one here. And we use bit Lee as a way to tracked those. So if you haven't heard a bit, Leah's B i t. L a. Y dot com log in and what you'll find is a whole bunch of articles in here, and you contract their views, the location of their views, what country they were from. And, you know, for example, this one here Facebook was where we got a lot of the traffic and also dark traffic United States, Canada, Sweden and six more. So it's just a good way to keep track of how many people are clicking on your article. You post, you paste the actual link up here, and then it gives you It spits out a short little link like this one here. And that's the one you include in your blogged. This is actually a bit Lee link. Okay, But again, this is going to another article. You can post this on Twitter and Facebook that that they were that this article interested you. And that's how you get the eyes and ears of journalists out there. This is another, um, blah guy I own. It's a public news publication, so you can click on any of these and find articles. So, you know, for example, this one here why investors should invest in entrepreneurs more than cos you'll find a bunch of links. These are all links to other companies. These are also very very s CEO friendly, Okay. And, um, funny image, I guess you know. But the point is, is that, you know, you really want to keep in mind that when people are searching on Google for anything in general, blog's always pop up first because they're not static websites, they continually change, and they're more dynamic, so definitely keep that in mind. When you're writing block posts. I actually have a YouTube channel. If you go to I believe if you just type in my name. 76 youtube dot com slash Jason Sherman 76 It should take you to my channel, which it does very popular, how to channel and one of the posts I have here. You'll notice it says how to create a block post with a trending topic. So I'm not gonna play it. But it will teach you how to create a block post with links, images and everything in WordPress. That's what I recommend using is where presses a 24 minute video. So I mean, this is a great resource for you to check out. And you're more than welcome to look at other how to videos that I may have in here, like how to create designs and had to be social media marketing expert. So that helps you promote the block post. It teaches you how to promote them on social media, how to write in submitted press release to journalists. So again, I give you an option to to learn that. So you know, there's other resources that I have available besides this course, so definitely use them whenever you get a chance. And speaking of social media promotion. These are the places that I recommend you post your blog's in your social media content, Facebook on fan pages and groups not just your Facebook page. Twitter, obviously Google. Plus, there are great community pages and personal pages you can post on pence. Arrest is still a good resource. I mean, I still use it because it still gets picked up by Google and other search engines. Um, stumble upon is a really awesome unknown. Same with Digg. Reddit, obviously, for community discussions YouTube, you can post some cool videos and comments and other people's videos. Hacker news is fantastic. It's a Y Combinator effort that I've been using for a long time and other blog's other forums and other message boards. You shouldn't just be posting your blogging your social media on like Facebook and Twitter , and that's it. Use all of the resources available online, and this way you'll have a much better idea of, you know, and this way you'll have a much better reach to your audience. 32. Q & A for the public: So I mentioned Q and a couple times. Who? What? Where? When? Why, How these types of things. So it's really important that when you are ready to launch your beta and you have your your company ready to go, that you have all of the information typed out. I mean, if I go through folders of instant more marketing, I mean, you're gonna find all these different files. Look at these files ridiculous. And these were all priorities and processes and scripts and business plans and app. Review e mails and emails to investors. And we have a press folder, you know, Israel press releases and email letter launch days and press releases. So you should have tons and tons and tons of content. And one of the things you should have are questions and answers, because when journalists ask you a question, you have to give them a consistent answer. Same with your team. If your team messes up because they said the wrong thing, that wouldn't have happened if you had a Q and A Ready to go and when I mean by Q and A is have a document that you ask yourself questions and then you answer them. And when people ask you questions, jot down. The answer is in a Google doc. In that way, your team can read those questions and answers so they can prepare for what a journalist might ask them or what an investor might ask them or what Ah, consumer or one of your users might ask you. You should always have the answers typed out. 33. Promo Video: And when it comes to the video, here's an example of a video I made for a shoe, which is one of the start ups I'm working with. Welcome to Gattaca, the world's first live streaming mobile app for independent sports. You can sign up using your Gmail or other emails. Then you can check out the different live streams in our feet or check out your profile to add some extra pieces of information. Once you're ready to start your own livestream, you can choose a sports category. In the last step, you'll choose some keywords, type in the title for your live stream and click the big red button to go live. - So as you can see, it shows the functionality of the APP. It kind of highlights what the content will look like. It's very quick and simple to understand, and we didn't get to in depth. It's just a quick Here's how you sign up here is that you use the app here is that you navigate. Here's what the content looks like and use, you know, sign up for our beta. Listen simple 34. Resources: There are some amazing resources out there for your beta. These are the four that I picked out for this course, and I'm gonna show you all of them. Beta list dot com where you can promote your beta. Gus dot com is for your company information to promote it. Same with Angel Co. Which is called Angel List and F success dot com, too, You know, sign up for accelerators and a lot of other cool Start a program. So let's look at these really quick and we have beta list, which is again trending start ups. It's a way to post your start up and then start getting looked at by people kind of like product hunt a little bit, but it's more for beta launches. Angel list is a fantastic resource. Where you fill in all this information, you can raise money on there. You have your accelerator. If you if you have ah, um, investor, or if you had a knack cell aerator, you can add them. Here. You can show how many users your growth that you've had over the years. Information about the company's of charts and slides and growth charts, testimonials from customers and video. You know, you can add a bunch of stuff. So this is a really great resource, and it's filled with investors and other startups. So if I go to the main page here, you'll see how many connections I have and the different types of investors that I've talked to and you can find people here you can look for connections and jobs and recruitments invest services. Same goes for gust. Gust is another way to find investors and accelerators. You know, you can post your company. You can post your company in here. So it has all of your company information so instant, More ANC. This was back in 2013. So this is, um you know what I have here for this? These are all the team members or directors. There's a video here, I guess. Looks like when you first install insta more, you'll go through a quick walk through of what? The APP, Asta. So you have a product video. You have companies. Summary. Here it is. Pitch deck. So you have a pitch deck. Here is an actual pitch deck. You could go through the slides on executive summary. There is some financials and documents so you can add all your business stuff here and submit to, ah, investor using gus dot com and believe it or not, a lot of investment companies they only accept proposals through gus dot com. So I I definitely recommend you making a can august dot com and Angel List and even F six s Success is another similar company that you can post your information on and find startup benefits, and you can 99% of accelerators. She's startups on F success. That's how we were accepted into the start. Fast Venture accelerator was through F success, and you'll find a lot of resources here as well. So if I click on insta morning here, so you'll find insta more on here as well. Obviously we haven't changed it for the new version, but we will, at some point you can see here is one of our investors. So again, I recommend that you use all of these. I wouldn't just pick one. I'd choose all four and use them all. If you do that, not only will you have older comfort company information written out, but your team will understand everything you're doing and everything that you should be saying to people You can apply to investors accelerators. You'll be able to answer people's questions and you'll be visible on the Internet because everybody looks at these websites. So I suggest you use them all like I said, And once you dio post your link, let's look at it online posted in the comments and let me see what you got and that we're going to move on to analytics. 35. Analytics intro: Welcome to Chapter seven Analytics. This is where you'll be able to use data from your M V P to make decisions in this chapter . We're going to use Google Analytics. I'll show you a little bit about Google analytics and how toe put it on your website. I'll explain some useful metrics and why they matter, and we'll get a little bit into a B testing and why you should implement that tactic into your startup. I'm just keep one thing in mind. It's always important to use data to drive your decisions, and there's no better way than analytics to do that, so let's get started. 36. Metrics: so some of the data metrics we're gonna talk about are target market revenue sources and user engagement. So when it comes to data metrics these things in the image here gender, hobbies, age, occupation this is what your target market is. You're gonna learn how to figure out what your target market is, how you make money from them and which of these users are engaging most on your app or website and why that's really what analytics gives you was well, as revenue metrics, these air some pretty popular terms in the startup world. I'm c p a cost per acquisition, which is how much does it cost you to actually get someone to sign up on your app for your website cost per customer. What does it cost you to get ah, customer to purchase something on your APP for your website and the lifetime value is how much this person will spend on your app or website for the lifetime of their account. So let's say you have any commerce platform and you're selling shoes and it cost you $4 to get a customer, and it costs you 50 cents to acquire them, and they spend $175 on your website throughout their entire account. Lifetime. While you're making 100 some dollars per customer, that's not bad. You could make a lot of money off that customer. 37. Google Analytics: and again we're gonna go through Google Analytics, which is the best way to keep track of all of this. Some of the things that you're going to get are the demographics, their location, the browser and device page trends, keywords, used conversion rates, first time or return and page views so I could go through some of these. Obviously, demographics are all the things we talked about earlier in the chapter page trends. Which pages are they clicking on? Which buttons are they clicking on Which he wasn't. They used to search for on Google or whatever search engine they're using. And then they ended up in your website, which, which, which he wasn't they use conversion rates. Mean, Let's say you have 1000 customers visiting your website where your app, where they downloaded your app. Either one. How many of those actually purchased something? Was it 200? Was it 50? That's a conversion rate. Was it their first time coming to your website of your app, or was this a return customer? You know you want to know these things. It helps you understand that maybe 20% of people that visit your website come back and, of course, page views. I can show you Google analytics that I use here for cashew. So I'm logged in and this shows you. You know how many people have come to the site? How many page views, how long they were staying on the website? About 30 seconds and you can click on left here. You'll see a lot of different things. You can try like behavior new versus returning. We just talked about that. This tells you. Have any of them are new versus returning? It's not bad. We have 38. That's 20% 20% returning. That's not a bad thing. Um, and again, you can go through a lot of different things with your demographics, interests, Geo location. You can go by what? The vice they were using the browser, the operating system, the language. I mean, there's a lot of things you can get in analytics, and you can download all of this to a spreadsheet by exporting it. That's what we're gonna I'm gonna show you now is I have this spreadsheet here that I use, and I have used this in accelerators. Accelerators have actually used our spreadsheet as a template this was used for instant war . Back in 2013 and 14 that shows our lifetime value was $18 to see a sea was four bucks and we were making $14 per user. It shows you total's marketing expenses, downloads. You know, the different types of factors we were talking about. A total new users versus mobile users versus male and female. I mean, the marketing campaigns shows you how much we spent versus how many downloads we were getting. So that way you know which ones were working, which ones were not. The data from user based database. This is the biggest one. This is basically all the data from our database that shows you knew activated males and females where they were. Was it us or another part of the world where they on IOS or android is iPhone or android where they male or female? The age ranges Okay. How many people were friending each other? How many people were leaving comments How many people were active on a daily er or weekly or monthly basis? Again? It's all female male, U. S. And other world, and then we have a funnel, which I'm gonna explain to in a few minutes that tells you the more important numbers that you need to track on a weekly basis. So close this up. 38. User Acquisition Funnel: and why does all this matter? People always save me, Jason. Why do I need to know all of this data? Well, it's pretty easy now. You don't know that 22 to 34 year olds that earn $50,000 a year they like sports day, drink coffee, They rent their apartment, they're single and they own a dog. They're the ones who want to buy your products, versus 45 to 60 year olds who are 100 who earned $100,000. They like to travel day, drink wine. They own their home, they're married and they have a car. Want to try your service? So this is why you want to get this data. You want to target your market, and you do this by using what's called the customer acquisition Funnel. The funnel drips down like a funnel always does, and you want to get to the bottom. So an acquisition is someone who came to your website were downloaded your mobile app. An activation is somebody who signed up. So they clicked on. Log in with Facebook, where they created a profile with email under the user name and password and a profile photo retention is that they came back again to try it again, maybe a week later. A day later, a month later, even a year later. Revenue is that they paid for something, and referrals is where they came from. So, you know, again, you acquired a user. He comes to your website. He clicks on a log in with Facebook. He activated it where she activated it. She comes back to your website again. Two weeks later, she's retained. And then maybe three weeks later, she purchases a pocketbook on your e commerce site and you now earn some revenue from her. Maybe she likes your you wind your your you x So much for user interface and user experience. Navigation, the colors. She thought it was so simple and easy to use that she starts referring you on Twitter and Facebook and pinch arrest and texting people and telling everybody guys, this new act is so awesome. I bought this pocketbook for 50% off and it was so easy to use. You should download this app. That's it. You got what you wanted out of this customer. The funnel worked, so keep that in mind. This is the kind of stuff you want to keep track of. And when it comes to a B testing we were I was talking a little about that earlier was you're going to make an ad for, like, Facebook or Twitter or any other website or even Google ads. You don't want to just make one ad because this may look rate to a millennial, but maybe not to a senior citizen. So you want to try different ads, target different markets and see which add performs the best based on the data you get. So if this one gets you $500 worth of sales to the millennials, but it gives you $1000 worth of sales to the senior citizen market, well, that means that you should try a different ad for the millennials and continue this one. For the senior citizens, seem goes for websites, you can make multiple iterations of a landing page and see which one performs the best in terms of acquiring email addresses for your beta launch, and we're gonna finish things off in analytics with metrics. This is ah, Big One. I showed you the spreadsheet that has all of this in it. Your marketing campaign breakdown. Like what you're spending, How much how many downloads are installed you're getting from those marketing the downloads , installs and purchases. You should keep track of them daily, weekly and monthly. I always recommend, and then you want to know their d A. Using M a user, daily active users and your monthly active users. How many people are using your platform every day or every month? These were important to know. Investors want to know them and you should too, to see if you're growing gender and age and device and location. These are standard. You should always have these. And the reason why these air important is, for example, you can put them into this analytics one pager that you can hand out to people that shows all of those numbers in one shot so they can see automatically that these are your numbers . You've been compiling them, you've been aggregating them. You've been analyzing them and these are your numbers. It also works well for growth graphs. These air from the spreadsheets. I mean, these are these are the exact data from our spreadsheets that shows how we grew the 1.3 million page views. How many unique visitors and three weeks 300,000 returning grew three times over on this is all based on ads. So when we haven't ad and it goes right here on July 27th 2014 we shot up. Why? What was that ad and why did we perform so poorly a couple days later? What was the ad we had that day? You know, seeing goes for growth in mobile and Web. You should keep track of both. How many users and you know how much money we're spending. User acquisition cost. We had its study at nine cents per user. We were able to scale this to 5000 new users a day. This means that we were able to spend, ah, very little money to get 5000 users a day. Based on these as that we were running and, ah, social media sharing grew for us. We were getting 251 shares per day. People friending each other. We're getting a lot more friends and comments again. This is all based on data and based on spending money on ads and social media marketing and blogging and word of mouth. And this is the kind of stuff you need to do in your startup in order to make sure you know , every single number like the back of your hand. And once you have all this, that means you're gonna be ready to pitch to investors, and that's the next chapter. 39. Pitch intro: we are almost there. Chapter eight, your pitch and this is me on stage, presenting in front of the start Fast Venture Accelerator Demo Day in front of a couple 100 investors for instant more. And to kick things off, I'm going to show you a short clip from one of my favorite shows, Silicone Valley. 40. Inspiration for your pitch: Since the dawn of time, mankind have sought to make things smaller. But until now, no, you definitely don't want to pitch like that. Here's a great video also from Y Combinator that will help you understand a little bit about what people are looking for in a pitch. The most important thing. This will sound obvious, but clarity. You would be shocked how few hitches are sensible. First, don't think about it like a pitch. I think founders too often think about this like comical life. Hey, now, let me tell you about this great idea. That's not That's not how that's not. What pitches pitches really is the most concise way to describe your business and why it should be interesting. Teoh, you know, to the purpose of Sit across table. It's shocking how many pitches I don't really understand, and they're never the good Cos if you really spent a lot of time an idea, if you really have a big new insight, uh, and you're really thoughtful about it usually only takes a couple of sentences to paint that picture in someone else's head. What I realized going through so many interviews is that fundamentally like the founders, who are straightforward, who are just answering the question that's provided and who, If they don't know, they say they don't know they go a lot further. Can I explain this in plain words that anyone could understand? And that I really think that there's if if there's any pitch that you cannot explain in plain words, there's a it's really bad sign. Easiest way to do this is a founder is you should say one or two lines about your company to somebody. Don't tell them you're founder and then see if they can repeat back what the company does. One of things that we teach when presenting a demo day. And one thing is that I harp on specifically is that just because you're given a couple minutes to speak doesn't mean you should take it all, and the impact of your words go up. The fewer words you say, so the best companies were able to really explain things in a concise manner. Stay on track, and when they don't know something, they say they don't know it. Usually a good interviewer, good pitch. You start off like open minded. And then if the founder is able to tell a good story, and they're able to present a narrative that makes sense. You fall, you go with them where they're gonna go. And if you follow yourself falling into the story and, like not looking at the time or not like it always said, all everything falls away and you're going with him on the story, just like a good movie or something, right? That's a good pitch. A good interview works like a conversation where you teach us something and convince us that we're working on can be a multibillion dollar company and a bad interview looks like anything else. 41. Elements of a great pitch: so I've put together a list of what I think are the best elements of a great pitch. You might have heard a rule kind of floating around the Internet that you need to have 10 slides, and I understand why it makes sense. You don't want to have too many slides, but in my case, I always usually have doubled that. I usually have about 20 slides because mine sometimes move quickly. So I don't spend very much time on one slide because maybe it's animated or it's funny. So therefore, you don't need a lot of time on it, so I don't think it matters how many slides you have as long as you hit these points. So let's go through these parts one by one. My name is Inigo Montoya. You killed my father. Prepare to die. Obviously you don't want to say that. So instead, just say your name, who you are, your title, your role in the company and, ah, some sort of introduction on why you started building the product or service which would lead you into this story. And that's where you wanna grab their attention by giving a real world example as to how your idea is applicable so that they can immediately understand what it is you're trying to do, which would, again, again, you want to keep segue Wang into the problem. The pain points. So each of these slides each of these points should Segway in some way. So you're crafting a story you're writing the words that would go well together from here. This is the problem that you're solving, maybe your a plus size person, and you can't seem to find the clothing that fits you. So your app is gonna help people find clothing that fits them better. And that would be your solution. You would tell them how you're going to solve it may be the app takes your measurements and then you have a chat on there where you can talk to people that have clothing that they don't mind swapping. And, of course, that would again lead into your target market. Who's using it and how big it is, how much money is being spent in that market every year. But then you have to tell them why you're technology is different. How you stand out from the crowd of APS that are out there. Why is your app so different? That's the differentiator. And of course you have to show that people are using your technology and that it's growing month after month. So you would say something like a year ago, we started building this product and we started to slowly gain customers. Until now, a year later, we have 50,000 users. You know anyone to keep showing that your projected growth year after year is gonna continue to grow, which, of course, leads into your customers because that's who's using the apparatus. Who's causing it to grow. So talk about your target market. Who's using it? You know, maybe some testimonials as to why they like it so much and again keep calm and then just do a recap of your whole pitch in a very short 30 seconds and keep it visual. Steve Jobs was awesome at keeping his presentations visual with not a lot of words. Very important, because you don't want to lose people when they have to read tons and tons and tons of bullet points and text and making them read the screen. Don't make the read the screen, make them look at you and look at the visual element and then look back at you again. 42. Pitch Tips: And here are some tips I have come up with over the course of pitching for literally 1000 investors around the world. Take your time. Breathe, Stay call Strategic pauses. You know, for example, um, since Tim or was built in 2013 we launched our android app in 2014. We had 20,000 users at that point. Then we were accepted into start best venture accelerator, where we grew to 100,000 users. Strategic pauses, breathing. Stay calm. Practice, practice, practice. The more you practice, the more you learn how to breathe and stay calm and strategically pause your sentences. Emphasize certain elements of your pitch. Use your hands to really kind of tell your story and look at different people looking around the room. Spend a couple seconds looking on one side of the room, walk to the other side of the room and spent a couple seconds looking at another part of the room. Don't focus all on one part of the room and show your passion. Make them laugh if you can. It always helps. Before we jump into fundraising. I'm gonna show you one of my presentations 43. Instamour Example Pitch: This is the first slide in my presentation. So in a room, it doesn't, you know, show anything. It's kind of good because that I can jump into my presentation by introducing myself. And then I explain how the online dating industry has been around for decades, but it hasn't changed one bit. Dating sites still use that profile picture, and that's why instant wars, unique video platform shows you exactly who you're dealing with, uh, dating sites use algorithms. They don't work so well, obviously, because people are better at matching themselves and the dating market is huge. I mean, tenders, $1,000,000,000 valuations. All these other companies were worth hundreds of millions of dollars. They're being acquired, left and right, and so is the video market. Snapchat, YouTube, Skype instagram. These companies were being acquired, and that's why we emerged both into a competitive landscape that nobody can touch. We have all of these features that the other competitors do not have, and that's what makes us different. Video profiles, video messages, real time video chat, and don't don't just take this from us like we're not, you know, we love our product, but so does universities in Philadelphia, Drexel and U, Penn and Temple. We've worked with these students. We've had hackathons, we've had courses with them, and they tell us that they love the fact that you don't have to share a phone number or you can video call you. Don't have Teoh worry about somebody spamming. You are being harassed because you can screen your calls and so on and so forth. We build our versions in 2013 and 14 we launched another version in 2015 and we know how to get users. We are growing at a 50% conversion rate. We are in the America, Europe, Asia, Middle East, and it's all thanks to my fantastic team. And then here I explain each member of my team. I explained. My board of directors explained that Weaken earn $10 million in two years using these methods. Here's the annual forecast. Again, this is all data and spreadsheets, and I explained that we've been able to accomplish all this because of the press and media attention that we've received on TV and newspapers and online websites as well as funny commercials. The people that we meet in person and the concerts that we sponsor and that we do have a plan of growing this from Phase one the face, too. And that's why we're raising money. And from here we'd be able to scale, scale, scale. We already have our infrastructure built. You've already seen this slide at one of my previous chapters. This is right from one of my presentations and that we'd like to join the icy family or another partner of sorts to, AH, be acquired one day. And then I say, I'll take your questions. I hope you join me on a journey of online dating and fixing bad dates forever, you know. So this is a really simple way to explain my product or explain your product. And if you stick to the tips and you stick to the slides and making visual, show your passion, take your time and practice. You will do just fine and you'll be onto raising your first round of funding, which is the next chapter 44. Funding intro: welcome the Chapter nine fundraising. This means that you've built in M. V. P. You have, ah, pretty good user base. You've probably been earning revenue. You've gotten some traction and you're succeeding in your beta launch. So now you realize that you need money to make your product even bigger. And so I'll go through the types of investors how to reach them. Some of the things you should do to keep track of them and some hacks or tips on the best ways of contacting investors and reaching out to them for your start up. So we're going to start off with something I call the four teas. 45. The 4 Ts: the forties or something I came up with. These are the four things every start up needs before you go seeking funding from an investor. The first is a solid technology. Your platform has to be spot on free of as many bugs as possible, and it has to be scalable to at least a 1,000,000 users, if not more. Because if not, then what's the point? You should have a team that backs up your technology. Amazing CEO CTO CMO in turns developers, Graphic design, marketing everything. You should have a really good team in place so that your investor feels confident that his or her money is gonna go to good use. You should have really good traction and growth. So before going to an investor, you'll want to be able to tell them that in the past 12 months we've went from 10,000 users to 500,000 users and one point to reach a 1,000,000 users in two months, and we just won't be able. Teoh, you know, handle the infrastructure and the server costs, which is why we have to raise some money. But if you're earning money turning a profit, then they'll be more impressed and they'll say, Okay, so technically, you're making money, so you don't really need my money. But if you have my money, that you'll do better. So it's It's kind of like again a confidence thing. They want to feel confident that your team is solid, your technology a solid you're growing and that you're making money. 46. Pitch Deck: now, these are the things we're gonna need when they ask you for a pitch deck. Because investors always say Semir deck or send me your pitch deck. You're gonna need an executive summary, which is a one page summary of your entire company, Power Point. I call it a slim power point because you wanted to be under 10 megabytes that you can email it to them access to beta. So if you have, you know, log in password or if it's if you charge for your product, you have to send them a free coupon code or a free log, and so they can test your beta. Financial projections will explain where you make money where you spend money and how you see that turning out over the course of 3 to 5 years on operational plan shows that you're ready to go for the next phase so that you could explain to them. Here's where I want to spend your money basically. And, of course, you want to show some growth in milestone charts, kind of like the one I showed you in the analytics chapter. Just show how you're growing and the you know, the UPS and downs and that you have a handle on it. So the executive summary once again it's a one pager. You want to have your company information in one section summary of what you're doing. The problem. The solution, the market, the competitors, your advantage revenue model again. It's just like all the other stuff I've been showing you in those those websites a Guston angel listing What not? You're basically just filling in that information so they can just look at this one page and decide if there are interested or not. 47. Q & A from investors: and, as usual, they're going to ask you questions. Human A so, seem is the marketing section. You want to be prepared, so I always recommend having ah, list of questions typed out and answers written out. And I have one of those here, See where we have that. So here it is. Investor questions. So this is right in my book. Actually strap on your boots. So if you have a copy of my book, you'll be reading this part right here. This is back in 2014. They asked me a lot of different questions, and these are the answers that I gave those investors. So they're very detailed. They explain every single thing about the company that you know why one another company build what you have. While we gave unanswered and again all my team mates and all my co founders, everybody read these answers so that they were on the same page as I was so that none of us gave the wrong answer. So you should have a Q and A document always prepared 48. No versus Yes: even if you answer all their questions, get used to hearing now because everything an investor says is usually know if they say they're interested in your product or they want to hear more about it. Or send me your deck and I'll get back to you in a couple weeks or get back to me when you have more data or get back to me when you start earning revenue or get back to me, etcetera. It just means now, no, even if they say they're going to invest in your company even if they say they want to put money into your company, that still means no, because what I have learned is that there is only one. Yes, and that is when they physically write a check out to you and it cashes in your bank account. That is, when you have a yes, and I know it sounds silly. I know that saying that everything is no and there's only one, yes, but it's so true because it's happened to me many, many times 49. Types of investors: and what types of investors are there. In case you don't know this already, the first round usually go for our friends and family. So people close to you who believe in your idea and you may want to raise $50,000 by asking 10 people to give you $5000. And there you go $50,000. If you can't seem to do that, you can try to find a local angel. It's an investor who you know, might invest. You know, between $10,000 even $3 million. Sometimes it's usually on the lower end, though angel investors. If you can't find either one of these, you can always applied Teoh accelerators. I'll show you a list of them in a minute, and these accelerators will give you roughly $25,000 to $250,000 for a percentage of your company, usually between the five and 7% range. And if you're lucky enough to talk to a VC venture capitalists there the big guns, they're usually the ones that invest in groups. They only usually invest millions 1 to 100 million, to be exact, and, uh, veces usually invest later stage, so you're not gonna get your seed round where your syriza usually from a B C sometimes v. Siebel, invest in this series A depending on how big it is. But if you're serious days only $500,000 they might not be interested. And one thing I always tell entrepreneurs that for some reason they usually don't dio is to keep track of everything right. The investor's name down their investment company named their email their phone number if you were refer by anybody, keep this all in a spreadsheet so that you're aware of whether or not they got back to you . What their answer. Waas. Then you should do some research as to what industry there in. If you are a ride sharing app and they only invest in health and medical laps, then they're not gonna invest in you. It's very, very unlikely. Also, they might only invest in Series A, and you might be looking for a seed round, so you need to check that as well. And how much do they invest? Maybe they only invest five million or more. And maybe you're really looking for 500,000 well That's gonna be a waste of time if you keep looking for investors that are in the wrong market and you should definitely research the portfolio companies because if they've invested in companies like yours, they might be more prone to invest in your company. So again, research, research, research. There's ways of doing that, and I'm gonna show you a couple of examples. 50. Tips to Land an Investor : So I'm gonna show you one of my favorite websites called crunch based dot com, where you can look up investors, companies, people, and it gives you lots of information. So let's say you want Teoh. Look up my company instant more. You type it in and it will automatically pop up and you'll see all sorts of information. The money we've raised a description or social media or website. So if you click there, it'll open up a new tab and it'll take you to our website so you can see our new products what we're building now. And this way you can get a feel for the company, okay? And you can also see press releases that were launched. Our team, all of our members, our board of directors, more more press releases from social media. So let's say that you are building a music app so you would do some research on 80 Pandora and you would find Pandora's information and all their social media and all their press releases, right. But you'll also be able to see the investors who invested in Pandora. Okay, so let's say we go all the way to the bottom here and we look up Larry. Marcus. OK, so, Larry Marcus, if you click on his name, it will take you to his profile here on crunch base. Okay, you could see all sorts of information about him. All the different board seats he holds, you know, at the top here, it even tells you he's gonna be presenting at the collision conference, which is coming up. And that way, if you were at the collision conference, you could actually meet him and talk to him in person about your music app. He has his website here. He has his twitter, his lengthen. So let's go to his website. And if you go to the about the contact page that tells you that you can email in the link to your demo and brief set snapshot of your business and team so he's accepting material from you. So give it a shot if he's in your market. And in your case, if you're building a music at he will be you can also maybe connect to him on lengthen. If you have a connection through him, it seems like I have a second connection that he's more prone to Ah, you know to connect with me because we both know certain people so I can say that I was recommended. Also, you can look at his twitter. We can see here that he is a drummer. He loves vintage hardware, so he collects vintage hardware. So, hey, maybe you have a Roland 808 and nine or nine machine. And he would probably love to see those. And maybe you can talk to him about it. And maybe that's how you spark a conversation with him is by building a relationship, building a relationship. This is how you do it. You know, if you have a warm introduction like, hey, I know so and so and you know him. And we've both talked about you. Let's have a chat. Sure. Um oh, I have a NATO 899 machine. We should talk about that. Maybe we can exchange. Uh, you know, old hardware, you know, and then maybe then you can ask for advice. Never asked for funding. That is one of the rules. In one of the pieces of advice I've I've been given by investors is to always ask for advice instead of money. So that means when you talk to an investor instead of saying, Hey, I'm raising $500,000 Say, Hey, I'm really looking for advice, suggestions and feedback on my startup. Do you have 10 minutes that we could have a phone or video chat or meet for coffee so I can pick your brain? They're more prone to say yes because the pressure is off when you're no longer asking for money. They feel like that they are in control of the situation and that you're not gonna pester them for money, but that their feedback might actually help you. And you know what it usually does. They might even find your products so compelling that they may actually want to invest. Or they'll say, You know what? I have a great guy for you to meet. He owns this company and they have an A p I that you can use. And they probably won't charge you since I'll introduce you and you might get a fantastic partnership out of meeting with this investor. Which reminds me, Always practice your Q and A. You need to know your questions and answers, because if he asks you where she asks you a question, and you don't know the answer or you hesitate where you give the wrong answer or you stutter. They're gonna feel not that confident about you, and they're not gonna want toe talk to you or help you out. So make sure you always practice for Q and a. Now if you're lucky enough to pass all their tests and they show interest and they actually want to invest in your company for reals. 51. Due Diligence: they're going to engage in something called due diligence. Okay, This is the most crucial part of the investment process. This is when they investigate everything about your company inside and out. They want to know everything about your team, your product, your technology, your infrastructure, your organization, your documentation. Do you have contracts? Signed? Is everything in the I P agreement sign that lawyers go over your documents? Do you have a cap table? Do you have stocks and options? You know they want to see everything. Okay. It's like it's like an I. R s audit. Almost. And some of the pieces of documents you might want to show them I have here for you. One of them is your financial projections. This shows you how much money we spent on insta more over the course of certain time. And then it shows you how you start to turn a profit. You can see at the bottom here on the green that starts to show you a monthly profit. And at the end of month 37 we should be earning $21 million. That's called the projection. And if they see this, they'll say, Oh, wow. If I give you money in 37 months, you should be able to make $21 million. This makes them want to invest in your company. Okay? There's also something called a plan of action. I have two different ones. This one was on overall corporate plan of action. That kind of explains what we're going to do next if we raise the money is to do tons and tons and tons of optimization and tweaking and partnerships and building and and, uh, monetization techniques and incentives for our users. Just tons of stuff. Right. And we also had something called the user acquisition. The user acquisition plan. You know, this is a way to bring more users. And how are we going to do it? How long will it take? How much will it cost? Where we're gonna get to users. How are we going to keep them engaged? What kind of information do we need about our users? These are all the things you have to do. And then, of course, there gonna want to see everything else about your company. So be prepared to be investigated. Okay? And if you pass to due diligence, which is huge. If you can pass this and I have a 26 page document of a due diligence that was done by a huge investment company, it's very robust. 52. Term Sheets: they will give you what's called a term sheet. Okay, this is the final piece of an investment. An investor will give you this term sheet. It's going to be a document typically between five or 10 pages, Maybe more, maybe less. And it tells you the terms of the investment which will say how much money you're getting at what valuation? Which means which percentage of stock are they going to get for the money, what the value of your company is? And then there's gonna be a whole bunch of quote unquote terms that the investors were gonna get. One of the most popular they get is called right of first refusal and anti delusion, which means they can refuse new investors where they would be that wants to invest instead . And anti delusion means that when your next round comes in after this one, their shares don't go down. But yours dio dilution means that everybody shares gets gets diluted so that the new shares are being compensated from the original shares. But the investors who who invested in this round will not be diluted. They will retain, say they got 20% of shares and you have 80% and someone else comes in next round and takes another 20% that 20% coming out of your shares, which means you'll be down to 60% and the other investor will still have their 20. So you gotta watch for these things. You definitely should get a lawyer. And in the end, the investors are probably not going to budge on these rules in these terms. So you're probably gonna have to suck it up and just, you know, take the money, build the company up, trying not to take any more money so that you still retain at least 51% of the company. And if you can do that and you can raise money and you can scale and have millions and millions of users using it like a Snapchat or instagram or Facebook or a uber or Airbnb, you could possibly become the next unicorn. That's right, I've said it. So if you want to become a unicorn, do everything that I just showed you 53. Resources: now we're gonna go through a couple of resources. I already mentioned Crunch Base. You've already seen gusts Angel F success and beta list. Remember the East? They're very important when I didn't show yet and I wanted to kind of end this section on it. This website called seed dash db dot com Cades over here and it lists all the accelerators available in the country, even probably the world you can search through them and start applying through them using F six s like I showed you. So click on any one of these and it'll show you. And also there's an investor graph which I found very interesting. This is pretty cool. What you do is selected investor on the drop down menu, and you will see all these companies. It's crazy and investors, and you can click on any one of these. Let's pick one. I'll just pick one at random and had submit and it will show you all the investments this person made and what the accelerator was, how much money it was. And that way you can again find out more information about every single investor in here. It's crazy. How How intricate and how detailed it gets and how you can pretty much see anything from any investors. So you see db dot com with a dash in the middle. Don't forget use the accelerator link used the investor graph Really do your research. And like I said, you might have a unicorn and you'll be able to scale this to the next level, which is our next chapter scaling. 54. Scaling intro: congratulations to making it to the final chapter. Well, almost last chapter. But in terms of learning how toe build your start up, this is the last chapter scaling. So this is where you're gonna wanna learn how to cater to a larger audience. You want to enhance your storage or speed in your security, and you may want to implement what's called growth hacking techniques, and I'll show you a couple of examples of companies that have done that in the past. I've been doing it for my startups for years. You also might be ready for partnerships. Now, with larger companies, you'll have to continue fundraising. Keep in mind when you're scaling, you have to keep fundraising. It's a misconception. People don't realize that, and you might be lucky enough to be offered an acquisition from a larger company. Or you could just keep growing with the funding a raising. So to explain how to scale to a larger audience. I want to show you a clip from the 19 hundreds, when Henry Ford first invented the Model T automobile and how he was able to cater to a much larger audience by using a process called the Assembly line to build his cars. So let's watch this short video 55. Catering to a large audience: Back in Detroit, Henry Ford wondered how he could bring the price of the model t down to where everybody could buy it. He figured that the more cosy maiden so the cheaper he could fell each one, and he went to work on this idea. In those days, each car was built from the frame up on stationary wooden horses. There was a different crew for each car, with same cruise date on the car until it was finished. That meant duplication of effort a lot of times way. So they tried moving the men from car to car. Each man had a special job to do, and soon as he finished it, he moved on to the next car, did the same thing there. That was better. But it still took 12.5 hours to assemble each model. T. Henry Ford watched it for a while, and he had an inspiration. Instead of moving, the men passed the car. Why not move the car past the man one hot August morning? They tried it that way. Husky young fella put a rope over his shoulder and then report called Let go, And at that very moment, as the workmen began to fast in the past onto the slowly moving car. The assembly line was born, a technique that was the revolutionised mass production all over the world. Once they found that the idea would work, they began to improve it, refine it. They rolled a chassis down a single line of track, pushing it from crew to crew on the one expert. They became this new method. The fast of the cars came off the assembly line. The price of the model T began to drop. They had the same idea in all the various parts of the car and created what were called subassemblies. Each man on the line became especially. He did one thing, and he did it perfectly and passed the work along. The next man, minute by minute production was winning the battle against waste of time and wasted effort . Parts were fed to the workmen by gravity tried so they wouldn't have to stop and wait for new parts. Then they put the part on moving conveyor belt. This was a great step forward because now they could regulate the floor work and keep it moving at a constant rate of speed on the conveyor belt longer and more complex as they move the work from place to place in the huge shops. They became fantastic masterpieces of planning and engineering, but the battle against wasted time and wasted effort was being one. Cars began coming off the assembly line at the rate of one every 40 seconds, and what Henry Ford is foreseen happened mass production and the assembly line drove the price of the Model T down from 850 to $300. Now everybody could have won. So as you see, Henry Ford wanted to make his cars more affordable. He was only able to sell these cars for $850 to a certain amount of people, so he was able to implement ah process and scale it to millions of people to purchase the cars at $300. So he was able to make more money. So more cars make more jobs for more people. And that's what you want to do for your company as well. 56. Storage, speed, and security: Yeah, I know this slide looks familiar because I've shown it to you. This is the third time now there's a reason. Okay? And the reason is, most people who build platforms or APs they really for they forget about this stuff. They forget about the fact that you really have to use Amazon AWS to scale your service or your product or your app. You can use Rackspace. You can use some heroic who you can use other platforms. I'm not saying you have to use Amazon AWS. It's just in my experience. They offer one of the better services, and you do get one year free. So by doing a search on Google for Amazon AWS startup promo, you click on start ups and you'll find that even says it been benefits and building and scale your start up on AWS. I do believe startups get special programs and perks, so let's go to AWS activity. If you are in an accelerator or incubator, you do get a lot of promotional credit. I actually have used various credits. You also I'm pretty sure that if you if you don't do this, activate part and you just sign up as a startup. I believe you do get one year free using the Amazon server, So definitely keep that in mind that you get one year free or, if you do AWS activate and your with an accelerator or incubator like you know, if you go to a university or college and they have a built in incubator, which most colleges do, you can sign up for this, and you won't have to pay for Amazon for up to two years, which is amazing. That means you'll be able to test your product for two years without paying $15,000. So that's why I always recommend AWS three layers of security. You know there are things called sequel injections and you know, malware and all these other things you need to protect the data on your database. You can't let people you hear these stories online of, you know, Yahoo lost a 1,000,000,000 email addresses and I cloud being hacked and people's phones being hacked and you know, people's personal data is being spread out to the world and on wiki leaks and everything. You don't want to be one of those companies yet to protect it, and you also have to build a database and an infrastructure that is scalable beyond the 1,000,000 users. I can't tell you how many times startups build a napper, build a website or build a platform or whatever they build, and it starts to crash. Once they get a lot of users, you have to make sure that it's modular scalable and that it can handle the influx of users . This is what scaling is is making sure that you can handle, you know, like Facebook has 1.2 billion users. How do they handle it? Maybe, you know you can. One of these days, you can do what they did. They build a room full of servers, you know, and they have their own servers and their home. Their own engineers toe handle those servers, and that way they can. They can handle the band with 57. Growth Hacking: Okay, Once you have all this set up and you're ready to go when you're ready to scale, you need to get those users. I mean, how we're gonna get millions of users. Well, there's something called growth hacking that works really well. And I'm gonna show you a short video from Silicon Valley that shows how they did some growth hacking. Um, and I don't advise doing what they do, but let's watch it anyway. Jared, are those numbers legit? Of course. All right, then. This is Jared. So Yeah, it worked out great. So let's keep you 7000 users that I bought and add another 1000 a day for the next week. - So obviously you don't want to pay for a click farm in India. You don't wanna pay for fake users because it's not gonna be good. Okay, You want to experiment with your marketing by like I showed you before using different ads , different social media content, You know, you want to look at that data and analytics based on that and try to find some sort of trend in the market. Let's say that working we're going to stick with the snack dog market right that app that we were talking about earlier. So let's see if there are any, you know, dog food events coming up the global event for the pet industry. Okay, so let's see what this one is. I've never heard of this one before. Okay, it's in Kansas City, Missouri. Okay, record attendance, you know. So this is just, you know, a new example in coming up with on the fly. Let's say that your APP helps thes pet food companies that attend this conference swap recipes cell to particular breeds of pets and other things that, you know, people haven't been able to previously dio. By showing up to this event and letting everyone try your app, you may inadvertently get yourself of 1000 solid customers to start buying products on your app. You won't know unless you actually show up to one of these things and do it. So by looking at trends in the marketplace, which you can also look at Google trends. Okay, click on Google trends and type in pet food. See what pops up shows you interest over time shows you the main countries that show the interest related queries Fresh pet food company that pet food recall. Here's another good example now that I see there's a recall which I have noticed. And actually, one of my dog food that I buy for my dog was recalled back in 2013. Maybe your app helps people protect their pets from recalls. Maybe it shows you alerts from recalls. Maybe it's just a simple app like that. But again, by using trends and looking at the trends in the marketplace, you'll find out whether or not what you're doing is worth it. And not only that you'll be able to tap into this world. Maybe you can type in pet food recall app. Maybe it doesn't exist. I don't know. Let's find out. So let's see safe pet treats. I don't know if that's what we're talking about. I don't really see like Annapolis. Click on and see if this is what I'm thinking. I'm not sure. Yep. Scan. Pet food. Barcodes. Yeah. There you go. So that already existed. And, you know, it might not be the best one. Maybe years could be better than this. Maybe it could be easier. Maybe you can upload your dogs profile and link with other people in the area to see if their pets were sick by this dog. So it's kind of like a social aggregator of people's pets and whether or not they have been sick from this pet food. So this this is a perfect example of building a better mousetrap. It sounds good to see a barcode, and then you can see if that product was recall. But take it a step further, making a better. You know, this you Why and you X looks pretty generic. So by making ah more beautiful you are you X and then integrating social Aspect people in your neighborhood or in the world that have eaten this food and their dog has shown symptoms of being sick. What were those symptoms? Okay, so maybe you'll want to avoid that food. Maybe the breed of that dog is the same breed is your dog. So now you want to avoid it. Okay, So these air what's called growth hacking techniques and leveraging the market trend. Okay, so that way you're not just, you know, coming up with something on your own. You're looking at what's popular in the market. Okay? Leveraging other platforms This is very important. I've talked about this before. Let's look on Google for AP eyes, for example. And look at all these platforms you can leverage Google, YouTube blogger, Yahoo, Twitter, Facebook Lengthen Pinteresque Tumbler, Instagram flicker. You know, these air social networks and platforms that have so many users and so many images and so many assets that you can leverage like foursquare. You can leverage foursquare. Lets say that you want to use four square's AP I because you're gonna build a new app that lets you check into places around you that only served gluten free food. Okay, so why would you build your own check in process and your own Google Maps process and your own? You know, searching for places in the area process. When you can use four square's and Google maps, for example, or what not? And just add some filters for gluten free food. You know we're just sushi or just wine or just whatever you want, right? Leveraging an A P. I like this one is a smart move because you'll be able to dio these things here without building them, So that means you're gonna be growth hacking plus four Square has a lot of users on it already. So when people see that you're using foursquare, they may want to use your product even more. So okay, and we talked about real world events with the Dog Expo. But this goes for other things. Like again, let's say you're building this this gluten free check in app, right? Well, maybe there are gluten free meet up groups. Maybe there are. Maybe there's no sections in whole foods where you can put flyers for your new app for gluten free only I've seen, like local farmers markets that sell bread like fresh. You know, fresh bread. Is it gluten free? I don't know. But if you can hand out flyers there and get users to use your product, you're going to do things that most people don't dio. Okay, so real world events, college events and there are hacks to make things free to. This is a little tougher to do, but I've recently done a couple of these, and what that means is, instead of paying for certain services or for certain things, there's ways of getting them for free. Okay, so let's say you want to host photos OK, but you don't want to spend your server space money. Say you don't have that free Amazon credit anymore cause you've used it up Well, flickers ap. I'm sure you can upload photos. OK, there's a lot of things here. Photo upload a P I. OK, so you can. You can basically store your photos on Flickr. Why would you pay to store them on your own server if you can upload them to flicker? This is not the best example, but it's un example of not paying for something. Okay, Instead of hosting all those photos and eventually having to pay for that storage, you can probably host them on Flickr for free. I don't know you know what the limit is or what not. But this is an A P I that's sitting here waiting for you to use. And there's a lot of other types of ways of making things free in different AP eyes and different haps in different platforms. So you have to looking for them. Looking for those things is the essentially what growth hacking is finding ways of getting new users, leveraging other platforms going into the real world, hacking things to make them free. That's what growth hacking really is. A perfect example of a large company that used growth hacking to grow exponentially overnight is Airbnb. They leveraged Craigslist, which is a platform where people can post classified ads, rent their apartments or their homes, and Airbnb use that to allow their users to click a box when they listed a home for rent or a room for rent on Airbnb automatically post that ad on Craigslist. So they were getting all these people on Craigslist looking at their ads on Airbnb, and they were getting millions of users overnight because of this hack on. Then, of course, Craigslist lawyers sent Airbnb a cease and desist letter to stop doing that because it was , you know, quote unquote illegal. But the problem is that Airbnb already group. So they said, Sure, we'll stop doing it. But look, now we have millions of users, so it didn't matter. You know, once you once you perform the growth back and you grow, that's it. You did it. So you know, kudos to Airbnb for figuring that growth back out. Now it's your turn to do it 58. Partnerships: and speaking of real world events and leveraging other platforms and cos that's what you can actually do at this point, if you're at the point of scaling now, you can reach out to these partnerships and start talking to them about what you offer their company and what they can help your company with. So it has to be mutual has to be mutually beneficial. So if you're building, you know, and after help gross sustainable food in your local community, you might want to reach out to feeding America or dull or another food company and say, Hey, we've built an app that allows consumers who can't afford to buy food to grow their own sustainably. We would really appreciate a partnership with your company. You'll get new, um, you know, advocates for your company, and we will get users from your company by putting you in a press release and you can put us in your newsletter will put you in our newsletter and, you know, it's basically I scratch your back, you scratch mine. And of course, these companies are gonna want PR because they're helping your company out. And of course, since you at this point should have funding and users and a beautiful platform. Then they have heard of you in some way. And if they haven't, they'll do some research. Still, see that you're pretty big at this point, so there's no reason why they wouldn't want a partner with you. 59. More fundraising: and one of the misconceptions of scaling. And at this point in your startup is that you no longer need to raise money because you say you just raised $500,000. Okay? You just raised 500,000 hours. You're growing, you have a partnership, and you think that you're good to go wrong. You have to keep fundraising, for example. Snap. Okay. They raised roughly $500,000 in 2012. Look at how much? Soon after they raised $12.5 million and just a handful of months later, they raised 80 million and then another 20 and then 50. And in a you know, another year later, 485 million. Another a year later to not even six months, not even three months. I can't do my math right now to it because it's just so much money being thrown around, making me go nuts. And then, you know, in May of 16 2001.8 billion. I mean, they just consistently raised money every couple of months, and that's what you have to do. And I'm gonna tell you why. Because let's say you raise this $500,000 in 2012. You're gonna be burning through that money immediately, hiring people, paying for resources, marketing money developers. So if you don't start raising money right away, you're gonna run out of money and you're not gonna have enough to pay for your employees, and your company's gonna be bankrupt. So by raising 12.5 million a year later, not even they were able to continue growing and continue growing and continue every single time they raise money, they were able to hire more people you know, be able to handle more band with become more scalable, advertised, you know, marketing to the to the advertisers and whatnot. So this is a misconception. You have to continuously fund raise, which means, in your power point presentation all your documents, everything that you show investors you have to change the numbers of what you're raising. So say you're raising 500,000 and one presentation. Next one should say 12 million or whatever you're raising, and all your documents have to be changed now to show your growth. So your growth charts have to be different. You know, your presentation has to be different cause Now you say. Now we've you know, a year ago we had this. Now we have, you know, 10 developers instead of to developers. And we have, you know, a marketing team that we were in the press on USA Today and TechCrunch and whatnot. So he needs a kind of show your progress over the past year and show you know that you're valuable and that you are worth getting more funding. So you to keep evolving your presentation in your documents and keep raising money consistently. 60. Acquisition or growth: then you may be at the point like Snapchat was where they were offered $3 billion by Facebook and you may be ready for an acquisition. Who knows? I mean, look at these companies in all the companies they've purchased, right? I mean, Facebook bought Instagram WhatsApp and Oculus Rift. So I mean, maybe you built what's up? You know something similar and maybe Google wants to buy, so they will buy from you for X amount of money. This is where you have to make a decision. Do you want to sell your company? Where do you want to continue growing your company? Hiring employees running the day to day operations? Where do you want to sell the company and start doing something else? This is the age old question. And I always say that if a big company wanted to buy Instant War one of my other companies or one of my movies or one of my books or any of my assets, I would gladly sell it, because for me, I'm constantly working on various projects at the same time. So for me to stick with just one company for my entire life, basically I just can't see myself doing that. And I don't know how these other guys do it. Sure, they're making tons of money and they're very popular and their app is popular. But that's all they're doing all day long. And I mean, I just I can't see it, but maybe for you may be free. That's the best thing in the world is to just run your start up for the rest of your life for 10 years or whatever for me. I'd rather sell it within 2 to 5 years and then move into something else and start helping entrepreneurs like you build your companies. So this is the end of the chapter. And hopefully you've learned a lot in my course. We're gonna move on to my final thoughts, which is more about my experiences and how I feel like you should look at life and how you should treat other people my philosophies and the ways that I live my life, and I feel like they might help you. So see, in a minute 61. Applying principles: Now that you understand the fundamentals of running a tech startup, you can apply these principles to any business. So let's go back to snack Dog instead of building an app to help pet owners get their snacks delivered. Maybe you want to create your own snack, and maybe you think you're snack is the healthiest alternative to the other snacks out there. You Some of the methodologies that we talked about earlier, kind of like a survey. Or maybe do a taste test. Do customers like your snack over the other ones? Did you do a blind taste? Tests. You have to find out things like ingredients, flavors? What do customers want more than anything else? Can you start making the treat yourself in your home and sell them online? Kind of as a test to see if you can sell these as, ah, as a mass item. Have you started taking your snacks to local conventions and pet stores and dog parks, and you know anywhere where you might find pet owners to test your theory as to whether or not you're snack is the best 62. Dont be afraid: One of the main reasons why people don't actually do these things is because they're afraid that, you know, they have, ah, comfortable job home, maybe a family. And they're afraid to take a chance to take a risk. And I'm here to tell you, Do not be afraid. You have to try. If Master Yoda was a tech entrepreneur, he would say no failure. There is only learning. 63. Learn from mistakes: so learn from your mistakes. One of the big things that people say is all these tech startups they have failed in the past. In my opinion, all the tech startups that I've run that didn't succeed doesn't necessarily mean they failed. It means that I learned a lot from those start ups. I'm not gonna make those mistakes again. Another thing people always say to me is, Jason, I can't really start a company because I have a full time job and I'm so busy in my life and I just tell them, Look, well, you need is like 15 minutes, 30 minutes a day, tops. If you really want to start something, don't spend all your time on it. Spend a little bit of time, but do it every day. This way, every day you're chipping away at the tech startup, where the company or the business or the idea you have, and after six months or a year, you might actually have something tangible. It doesn't mean that you have to go all in. That's actually a misconception. You don't have to go all in. You can go partially in and slowly build your way up to validate your idea to make sure that you should pursue the company in the first place. 64. Choose a job you love: since the late nineties, I've been enjoying every second of my journey, and Confucius once said, Choose a job you love and you will never have to work a day in your life and I feel that way. I feel like I haven't really been working. I feel like I've been enjoying what I've been doing, whether it's making a movie or writing a book or this course or building a tech startup, we're making music or painting art or helping entrepreneurs at colleges and worldwide. I love what I do, and you should, too. So make sure whatever it is that you do, whether it's a job or a business, where start up or what not. Make sure that you truly are passionate and you love what it is you're doing, or else you're gonna be miserable no matter what it is you're doing. 65. Stay healthy: make sure you stay healthy. I go to the gym a couple days a week. I eat smoothies and salads. I know this sounds silly, but if you're not healthy, you're gonna exude that on healthiness and your start up your business and you're gonna be tired and be miserable. You're gonna be kind of angry. And I rate to your your peers and your and your colleagues. So make sure you stay healthy, go for walks, go for runs, exercise, eat healthy drink lots of water. 66. Praise your peers: And instead of being mean to your peers, praise them. Tell them how great they're doing. Tell them that the job they're doing has been incredible. And tell them why they're doing so well and give them bonuses and take them out to dinner. And, you know, throw a party to celebrate a big milestone that you achieved really kind of create a culture around your startup that tells your peers that you value hard work that boosts the morale of the company and helps the company grow in a way that it couldn't have without them. So don't forget that Celebrate the small things, not just the big things. What you'll find is that everybody around you supports you and likes to be around you, and you're gonna reinforce the familial bonds that you create within your startup. 67. It's never too late: you know, it's funny. I talked to a friend recently. He was miserable in his job and I said, You should become a programmer because you're already in the computer industry And he said , Jason, I'm too old. It's too late, You know, I'm 40 41 years old. I can't learn how to program. And I looked at him and I said, I'm 40 years old and I started learning how to program when I was in my late twenties, early thirties and I didn't even really learn that much about it, just the basics until I was like in my early mid thirties. It's never too late to start something new. There are so many celebrities and inventors and billionaires like Warren Buffet, for example, who didn't make their first Millie until they were like 50 years old. It's never too late. If you're breathing and you're alive, it's not too late. You can start something new, you know, just because you see a start about their like Mark Zuckerberg's a perfect example. Just because he started Facebook in college and became successful right away doesn't mean everybody was like that, You know, that's actually the small percentage the larger percentages people in their thirties and forties and fifties that are becoming successful because they're working hard for their entire lives to reach a certain goal and when people say it's too late. I just think it's ridiculous to hear that I could give you lists of people who didn't become successful until their late thirties, forties and fifties, even sixties. 68. Never give up: and I think the key and the reason why people that are older are successful is because they never gave up. You can't give up. People always say, work hard, pursue your dreams and never give up. It's so true. So just because you didn't succeed in your multitude of projects over the course of 25 10 years, it doesn't mean you have to give up. It means that you've learned so much. But now in your next project you should succeed in the way that you want to succeed. So you can't give up. Don't give up, never give up. 69. Exude greatness: and I always tell entrepreneurs that they should always exude greatness. So what this means is fake it till you make it, you know, make it seem like you're always doing well. Always speak positive about your business or your product. You know, don't always jump into the problems you're having or the challenges you're facing unless you're asked if you are being challenged in some way, you know, by gluing greatness, people want to be around you. They feel as though you're succeeding, you're successful and you know you'll always be able to attract that positivity and into your life. 70. Take breaks: people always say to me, Jason, how do you do it? How do you run so many companies? How do you build so many projects? Well, here's my secret. Take a lot of breaks. So, like I said earlier, going to the gym, you know, taking walks with my dog, going to events, watching movies, even playing Xbox, sometimes with my friends going to family dinners, meeting up with friends for a drink, grabbing a coffee at the park with my dog. Once again, you know, taking breaks is crucial in my life. If I just worked for, like, 10 hours straight without stopping, my brain would fall out of my head and I'd be a big pile of mush. So instead, I strategically take breaks every couple hours or every two hours or every hour. Even small breaks. Nothing long. Five minutes, 10 minutes, sometimes 30 minutes. Take a lunch break. You know, going to the gym exercise to get the blood going. By taking lots of breaks, you will be healthier. You'll be more productive. And when you do go back to work, you'll be energized because you just came back from a break. So definitely take breaks 71. Listen x 3: okay. And when it comes to talking to other people or learning from other people, I have three words for you. Listen, listen. Listen. You should listen to people I know you want to talk to them, and I know you want to interrupt, and I know you want to be the focal point of every conversation, but that's just not the way it ISS. You need to listen to people. If you go to a tech event or you're talking to an investor, we're talking to a startup, co founder or appear, or a colleague or a friend or a family member or anybody listen to what they say to you. Just here's a trick when you're listening to somebody go like this and just look at them by covering your mouth and holding your face like this. I don't think you're really interested in what they're saying and you and you might be. I'm just saying this way you won't interrupt them because your mouth is covered, so that's what I do when I'm listening to someone, I always go late. This that's such a great habit. Tohave it forces you to listen to them once they take a break from what they're saying and they pause. Then say something. Make it short, Make it sweet. Make it simple. But trust me when I tell you this, the more you listen to people, the more you will learn. You'll see what they think of the world and what they think of your idea and what they think of tons of things. So listen, listen, listen, trust me. It's a valuable tip that I learned. 72. Organize your life & make priority lists: now if there's one thing I have had to do in order to keep things going and to keep things in check. So I've had to organize my companies and organize my life. The best way of doing this is with lists, priority lists, workflow documents, task lists. Keep yourself in check spreadsheets, Time logs. I've had to organize every single piece of my life to the point where everything is completely organized and I always know what I'm doing, you know for the day, for example, like, Say, you want to lose weight. This has nothing to do with start up, but it's a personal goal. How do you organize that into a list that you follow? So you have to make a list of everything you need to do to accomplish that goal. First, drink lots of water. Second, eat healthier foods. Whole grains, plant based. You know a better diet full of protein, but not so much junk food. Go to the gym exercise. Those are two different things. You know, exercising means you might go go for a run every morning where I was going to the gym, you might exercise your muscles five by a dog. It forces you to exercise. He has to go for a walk a couple times a day. By the way, this is the instant more mascot. His name is Wolfgang. Say hello, Wolfie. In the world. But yeah, if you buy if you buy a dog, not only does it alleviate your stress because you know you have to pet him and play with them and take care of him. It also gives you a sense of responsibility because this is a living, breathing thing. Most days he has fallen asleep on me right now. But by taking him out for walks, I'm exercising inadvertently. So by making this list of the things you have to do in order to lose weight, stick to them and you will lose weight. Seemed goes for any other thing in your life. You know, maybe, you know, maybe you wanna have the perfect house with the perfect things. Make a list of the things that you want in your house. The way that you want your house, organized the furniture you want the paintings you want, the gadgets you want. And instead of worrying about it so much, just get one thing every week. Little by little. 52 weeks later, One year later, you will have all the things you want in your house and you'll be so happy. People always want that instant gratification, especially nowadays with the on demand society we have. Everything is right now. Netflix movies right now. Amazon Products right now, Uber car. Right now. You know, everything is right now food right now with insta cart, You know, Slow it down, Take a breath. Relax. You don't need everything right this second. If you organize your life with a list, your start up with a list workflow, documents, everything. You will slowly start completing these tasks one by one, and you'll start to realize Wow, I'm actually accomplishing things. 73. Never stop learning: While you're accomplishing all these things on your lists, you're gonna be learning a ton. And that's one of my key rules to every entrepreneur. Never stop learning. You should be constantly be researching, reading articles, learning new things, learning new skills, talking to people, to learn more. Your brain is a sponge. You know, if you don't use it, you're gonna lose it. So you should be constantly learning new things. I've learned so many things in my life that people always say to me, Jason, what can't you dio? Well, I can't fix houses and I can't fix cars. But besides those two things, there's a lot of other things I can dio because I've learned them. 74. Give up control & find a mentor: about 10 years ago, I had one of my mentors. And yes, I have mentors, and you should, too find a mentor who helps you grow. Find a mentor who helps you learn. Find a mentor who has your best interest in his or her heart. My mentor once told me, Jason, you got to give up control of everything sometimes. And he was right, because I was constantly doing all the work myself. So one day I started delegating tasks to a new employees, another employee, freelancers, contractors and I started delegating work out. It was getting done. I was becoming a project manager. I was becoming a manager of all these people, and I was doing less work but getting more work in from the outside world because I was able to handle the influx because of all the people that I was now working with. So my companies grew and grew and grew, thanks to that bit of advice. Now it's hard to give up control, but you have to. If you don't give up control, you're gonna be what I was like. You know, 15 years ago I was tired and miserable and really overworked and not growing, so you have to get others involved in your startups for your companies or your businesses, and you have to trust that. 75. Become an expert: one of the things you will inadvertently dio when you're learning and growing and building is you're going to become an expert in something. So, for example, when I created my first movie, the Bucks County Massacre, and my second movie, The King's Highway, both of these were distributed online and DVDs worldwide. I became an expert in filmmaking by accident. I just I wanted to make a movie. I wanted to learn how to use a camera. So I bought the equipment. I spent so much time going to video events and talking to videographers and volunteering my services to video production companies going to film festivals, watching movies, learning the history of filmmaking back to the 18 hundreds by reading articles and reading Wikipedia and kind of getting like a master's degree in filmmaking, just from reading and learning and watching all the old movies from Buster Keaton and Charlie Chaplin. And you know all of the old movies and just tryingto learn how cinematography and transitions and an effects came into play and how dialogue was created. I can't tell you how many screenplays I've read over the years and started to write, but I learned tattoo write a screenplay by reading screenplays. Becoming an expert in something is crucial because even if you don't become successful in your own, start up with all the skills you're learning, you will now have skills that are valuable to the outside world. Now I'm a consultant for so many different companies, whether I'm doing Web development, where videography or mobile apse, where workflow documents and prototypes and you y ux design even music for movies and writing as a journalist and writing books and writing screenplays and getting paid to write for other publications. You know all these skills that I've acquired over the years. I'm now able to make money off of them to the outside world. So become an expert in not just one thing but many things. And there's that 10,000 hour rule where if you do something for 10,000 hours, you automatically become an expert in that in that thing because you did it for 10,000 hours, so I don't know if it's exactly 10,000 hours or not. It could be it could be not, I'm not sure, but I've become an expert in so many things that that means I've, you know, done things for hundreds of thousands of hours 76. Minimize your expenses: Another really important thing with start ups and businesses is money. It's a It's a tough thing finding funding out there, especially nowadays. You know, with the 2000 bubble bursting and the banks not lending money to small businesses anymore. And investors don't really invest in companies in certain cities like I'm in Philadelphia and it's almost impossible to get funding here if you're not in the education, space analytics, biomedical, civic, health care, like if you're not in one of those spaces, you're not like if you're a Snapchat, you're not gonna get funding in Philadelphia. It's almost impossible. You have to be, you know, a B two b business or something. So my point is, how do you run a start up in a city or a town, or with people that, uh, doesn't make any money and you don't have any money? Well, do the opposite. Minimize your expenses. So, for example, I make my own coffee. I know this is silly, but instead of going to Dunkin Donuts and Starbucks or while while no offense study those companies, I still drink that coffee. Sometimes I generally make my own, believe it or not, by making my own coffee. I save thousands of dollars a year because those cups for five bucks apiece or more. Sometimes, you know, and there's a lot of ways you can save money. Get roommates, you know, offset the cost of your rent or your mortgage. Don't own a car or buy a car with cash. And don't pay a bill every month. Use a coworking space instead of renting an office. So many things you could do to minimize your expenses. So if your expenses come down, then the money you make might either equal your expenses or might surpass it. In my case, it surpasses it. So that way I don't have to earn as much money in order to be able to afford my lifestyle. Minimize your expenses and the money make actually seems like a lot. And in all my startups, I was the only one out of all the co founders I've ever had in all the companies that didn't need money, they needed money to survive. They need the money for they needed a job to pay the bills, and I didn't I could get away with being a consultant and a contractor in a freelancer and earn enough income to survive comfortably without having to seek funding, whereas everybody else was always about funding. I got to get funding. We got to get funding and I'm like you don't need funding if you minimize your expenses. So when I would look at their expenses, they were outrageous. I mean, these people are buying brand new cars, big office spaces, clothes, dinners, extravagant vacations. Well, no wonder you need funding. That's not the way to live. When you're in a start up, you need to be bootstrapping. My book is called Strap on Your Boots. People not strap on your Guccis, right? Bootstrapping means who spend as little as possible and try to do everything for free. That's what my course has been teaching you. That's what my book is all about as well. If you didn't pick up a copy, it's on Amazon. You can go to amazon dot Jason Sherman dot org's and pick up a copy. Leave me a good review. I could use him. Thank 77. Set goals: Another important thing you should do is set goals. So I know I talked about organizing your life by setting lists, goals kind of thing. But this is bigger, you know. For example, for me, a goal last year was to make an award winning film, The King's Highway One best feature documentary at the first Glance Film Festival. It's now on Amazon Prime, soon to be in deflects, and a couple other distributors have been talking to me, even PBS. If you said at least one big goal a year and maybe a couple of small goals in a year. That way you you're constantly setting goals and constantly achieving goals and constantly progressing your life and getting better M better at things. And by by making those priority lists and by constantly evolving your skills, those goals will be easily attainable. Trust me, the lists you make, the skills you're adding, becoming an expert setting your goals. If you do all these things eventually, you're going to see how easy it is to do this. I can't tell you how many people say to me every single day. Jason, I don't know how you do it in 2016 I wrote, produced and directed the King's Highway. It won an award. I wrote Strap on your boots. I taught this course that were that I'm teaching you right now at the Wharton School of University of Pennsylvania, I meant toward at colleges. I was a judge at HACKATHONS. As a journalist, I had the most read article in 2016 for technically Philly, I wrote a screenplay about the history of a spy in America called White Marsh. I pivoted instant more and started creating instant or discovery. I started helping the new company called Cashew, that I mentioned in the course, and I started volunteering my services last year to my community and my neighborhoods to start enhancing it and making it better through history. So if I can do all of that in one year, you can at least do one of those things in one in one year. Think about it 78. Conclusion: and people say to me, Jason, how do you do it? Because to me it's easy. I've been doing it for so many years and setting lists and goals and becoming an expert and learning and learning and listening and listening that these things become second nature to me. So if if an accountant goes to his job or her job every day and sensitive desk and punches numbers, that's easy to them, they do it every day. This is easy to me, and it can be for you to, so I hope you enjoy startup essentials. I hope you enjoyed my book. Strap on your boots again. Pick up a copy. If you don't have a strap on your boots, you'll learn everything in the course a little bit more detail in here as well. Some examples and feel free to go to Amazon to watch my movie The King's Highway. It's the history of America, untold, in a different way, and it's beautiful. I spent a lot of time on this, and if you're curious to learn about America, this is the movie to watch. All right, so me wolf, you're going to say bye. Hopefully you enjoyed the course. I hope you learned a ton. I hope you became an expert in something. I hope you build something amazing. I can't wait to see what you've built. Excited to talk to you more and, as always, feel free to reach out to me. Jason Sherman dot org's my website. I'm very responsive to email. Lincoln Google Hangouts, text Whatever is out there in the twitter sphere. Uh, looking forward to seeing you in the future. Talk soon. Strap on your boots.