How The Startup Race Validation and Revenue Generation system works

1 – Choose a good startup idea

Click on this tool https://bit.ly/Startup-eval inspired by Inspired by Matt Blumberg’s book Startup CEO to evaluate your startup idea

• Does the market need my idea?
• How many people can benefit?
• Can I beat my competitors?
• Is this a problem I can solve?
• Can I afford to solve this problem?

2 – Become a Visionary Leader

Creating a Vision for your startup is the most important leadership task you will ever undertake in the life of your startup as you will use it to recruit, unify and motivate CoFounders, Customers and Investors. Time invested here will enable you to clarify your thinking, find the right people to help you build your startup and prevent you from mission drift.

3 – Use a Lean Canvas instead of a Business Plan

Using a Lean Business Model Canvas will enable you to focus on building your startup and achieving growth more quickly because it enables you to develop a plan that you can easily test, update and share with your CoFounders, Advisers and even Investors.

4 – Analyze Market and Funding Opportunities

Do you have any Competitors? Good now you know there IS a demand.

5 – Get out of the building

Silicon Valley Entrepreneur and Mentor Steve Blank explains how entrepreneurs fail when they wait too long to gauge real customer interest in their products in this 2-minute videohttps://bit.ly/Steve-GOOTB

6 – Create a Minimum Revenue Product and Start Selling It!

A Minimum Revenue Product is the SMALLEST thing you can create to sell: It could be one hour of your time, a pre-order or Beta access to your SaaS. People paying you MONEY is 100 X more valuable than people saying “Yes I like what you are doing.” Entrepreneurship is about making money and you need to develop your sales skills. The revenue you generate is also one of the main ways Angel Investors will value your company.

8 – Start building your team

It’s impossible to be successful on your own, but finding the right people to join your team quickly is very hard. Here is a short video we recorded to guide you https://youtu.be/Rq-HUE6t5ZY

9 – Set up your legals and team logistics

It’s important you know how to build your startup correctly from the beginning and avoid common disasters. Don’t give CoFounders equal shares right a the beginning. Make sure you use Vesting.

10 – Test until you find Problem/Solution Fit

The more effectively you run experiments that enable you to ‘Build-Measure-Learn’, the sooner you will discover effective and efficient routes to market in order to accelerate your startup’s growth.

11 – Create a Hi-fidelity MVP

Once you have validated the steps above, you can confidently build something you can be proud of.

12 – Launch

Learn how to launch your startup and achieve real scale.

13 – Track the Metrics that really matter

It’s important to measure the right things such as the ‘Pirate Metrics’ popularised by Dave McClure of 500 Startups. These will determine whether you are heading in the right direction or not and save you from wasting time, money and effort.

Our basic premise is that you need to create the right goals and measure your progress in achieving them to determine whether your system is working or not.

Just like in most areas of life such as in school, university and work, the most successful people are those who can create and implement systems to help them achieve their goals. The most successful startups are led by Entrepreneurs who complete ‘Build/Measure/Learn’ cycles quickly.

Your three most important goals are to:

• Determine whether you can convert a Solution into an ‘Offer’ i.e. create a mechanism which enables people to pay you money.
• Determine whether you can get that mechanism in front of lots of people
• Determine whether people will pay you money or not for what you have to offer