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10 Secrets of Sales-Driven Websites
TERMS OF REPRINT You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included and you follow these rules: *Email distribution of this article MUST be opt-in email only. *If you post...
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Show me the Money!!
Show me the money!!!
Are you ready to raise money for your startup?
Leslie Mitts, Managing Practice Leader at the Wharton SBDC and Lead
Advisor for the Wharton Venture Initiation Program, tells us that most
entrepreneurs coming through her programs are focused on raising
capital, even though there are higher priorities in many of their
businesses. Since fresh dollars help drive the business engine, this is
a natural entrepreneurial concern.
But are you ready to raise money?
Going to investors before you are really ready can damage your
reputation and may actually hinder future funding efforts.
Team and a Dream uses a unique Fundability Diagnostic to help companies
assess their strengths in four key areas:
Team - This is the most frequently cited attribute examined by
investors. Many investors will invest in an A-level team and a B-level
product, but not the opposite. Having your Seed Team nailed is crucial.
Traction - Showing momentum is a critical element to demonstrating
progress and your ability to execute.
Perceived Pain - Do people really need your product? Why? Will they
need it in the future?
Product Eco-system - How does your product fit into existing and
emerging landscapes? Who else is out there and how big will this market
grow?
Find out what you need to succeed and discover your roadmap to getting
there. Take the quiz below to see how well you might expect to score
with investors. For each of the four sections outlined above, see
which hurdles you can clear given the current state of your business.
PROCEED WITH CAUTION: Only self-aware entrepreneurs should take these
results seriously.
ASSESSING YOUR TEAM
Part A:
If you or any member of your current team are not planning on being the
CEO, give yourself two points and proceed to Part B.
If someone on your team IS planning to continue on as CEO, then youÂ’ll
need to answer yes to both of the next two questions in order to score
two points; otherwise, take a zero.
A1.Our CEO has significant, previous management experience in a startup
or comparable operating environment (i.e. middle management in a large
company doesnÂ’t count!) ( 1 point)
A2.Our CEO is able to rapidly assess and prioritize our work with the
respect of the team ( 1 point)
Part B:
Score one point for each answer.
B1.Someone on my team has significant experience in the domain space in
which we are starting the company ( 1 point)
B2.Our team understands and acts as if they understand the difference
between tasks that are urgent, urgent and important, important, and
none of the above ( 1 point)
B3.This team has terrific chemistry ( 1 point)
Your score (0-5) is your Total Team Score.
If you scored three or more, you pass the Team Hurdle.
TRACTION
Score one point for each item you can answer positively.
1.We have made a few initial sales and have positive indicators from
the marketplace for additional sales growth ( 1 point)
2.So many good things are happening I am bouncing off the walls with
excitement ( 1 point)
3.I have added a significant team member (besides myself!) in the past
two months ( 1 point)
4.In the past two months, I received press coverage that would be
acknowledged by my prospects as legitimate business coverage ( 1 point)
5.We recently have achieved a significant product or marketplace
milestone (includes a single, initial sale) ( 1 point)
Your score (0-5) is your Total Traction Score.
If you scored three or more, you pass the Traction Hurdle.
PERCEIVED PAIN
Award your Team the number of points indicated after each question that
you answer positively.
1.My product or service solves an important problem for a well defined
group of people ( 2 points)
2.My product or service will be in great demand in the future in order
to solve problems emerging from a new trend that has a large population
of prospects ( 2 points)
3.My product or service takes advantage of newly available market
forces (technology, demographics, societal). The result is an offering
that will clearly appeal to an existing, well-known market demographic
( 1 point)
Your score (0-5) is your Total Perceived Pain Score.
If you scored three or more, you pass the Perceived Pain Hurdle.
PRODUCT ECO-SYSTEM
Score the stated number of points for each item you can answer
positively.
1.My product is unique in a clearly defined (i.e. I can describe the
difference in one or two clear sentences) and useful way ( 1 point)
2.My product is patented or can easily be patented or I have another
competitive barrier (e.g. trade secret, unique manufacturing process,
etc.) that will make it difficult for others to compete directly ( 1
point)
3.My marketplace is well established but fragmented or my product has
“category killer” potential because it is so unique to the market ( 1
point)
4.My marketplace is either very big (> $5 billion/year in sales) with
clear room for a product like mine or is rapidly growing with well
documented trend lines ( 1 point)
5.My marketplace is wide open and there are no competitors ( subtract 1
point)
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how
“fundable” your company is. Before we do, it’s important to realize
that this is a snapshot in time. If you are not satisfied with your
score, there are plenty of things you can do to improve it. IÂ’ve seen
many of my clients make tremendous progress along these dimensions by
extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a
lot of work to do.
Perhaps you just know you want to start a business and are looking for
ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard
about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale –
you just canÂ’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be possible
Number of Hurdles Cleared: two
IMPLICATION
Funding from family and friends network may be possible
Number of Hurdles Cleared: three
IMPLICATION
Professional investors will consider this, but youÂ’ll need to be
prepared to explain how youÂ’ll address your gaps.
Number of Hurdles Cleared: all four
IMPLICATION
Put the finishing touches on your business plan and hit the funding
trail!
You will have the best chances of success in fund-raising if investors
see that you can clear the hurdles in all four areas.
NOTE: Team and a Dream offers a professional version of this assessment
that offers additional detail and examines nuances that arenÂ’t possible
to convey in a simple quiz. If you have an interest in the
professional assessment, please visit us at
http://www.teamandadream.com/contactus.htm
Contact Information:
http://www.teamandadream.com
skip@teamandadream.com
(610) 687-9195
Copyright (c) 2005, All rights reserved by Post Destiny, Inc. d/b/a
Team and a Dream(SM)
About the Author
As an advisor-builder with a sense of adventure, founder Skip Shuda has worked with numerous startups since 1983, including Destiny WebSolutions, which he founded in 1994. Destiny was named Startup Company of the year in 1998's Philadelphia Area Enterprise Awards. Destiny grew to $25 million in annualized revenues in 2000 and employed over 120 people.
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