A Startup Guide for Founders - What to Know Before You Launch

A Startup Guide for FoundersW h a t t o K n o w B e f o r e Y o u L a u n c h

This presentation consists of insights from Connect and Be Heard: An exclusive interview series profiling female founders and investors.

Table of ContentsPage 4

Page 16

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Page 59

Page 70

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Page 85

Page 93

Ch 1 - Don’t Go At it Alone: What to Consider Seeking Co-founders and Strategic Partners

Ch 2 - Establishing Your Mission: Clarity of Goals and Early Success

Ch 3 - Navigating Product Development: How to Test, Iterate, and Validate Your Product

Ch 4 - Funding Your Business: What You Need to Know Raising Capital

Ch 5 - Securing an Influential Press Launch: How to Craft Your Story

Ch 6 - Developing Your Go-to-Market Strategy: How to Utilize Grassroots Marketing

Ch 7 - Entrepreneurial Grit: The Emotional Realities of Life as a Founder

Credits

Don’t Go At it AloneWhat You Need to Know About Identifying

Co-founders and Early Partners

Chapter 1

“The practical reality is that there is no way you can be good at everything. Being

able to talk to someone, rely on their strengths, and solve problems together helps you avoid feeling alone. Trying to put it all

on your shoulders is a lot.”

Inspired by

Susan Solomon, Drive-Thru Branding & Women’s Entrepreneur Festival

Finding co-founders is situational. Nell explains when to partner with one

and what to do if you can’t.

Inspired by

Nell Derick Debevoise, Inspiring Capital

“If no one is ready during your opportunity

time, you just go.”

Inspired by


TWEET THIS

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While it’s tempting to bring on co-founders, partners, and team members, never

convince someone to join your team.

“The shine of a new job wears off. If someone isn’t intrinsically motivated by

your mission they aren’t the right fit.”

Inspired by

Ashley Smith Merrill, Lunya

Navigating exciting and stressful situations with current or former colleagues lays a strong foundation for future co-founder relationships.

Before partnering on an independent venture, you should feel confident that the two of you

can handle any challenge that comes your way.

Inspired by

Galyn Bernard & Christina Carbonell, Primary

Build a Voluntary Board of Advisors

Reach out to founders and investors in your field who can guide

you as you overcome the current and future obstacles you’ll face in your industry.

Actively target individuals who fill in your strengths gaps. They will provide direct insight into where you need to grow your business.

Inspired by

Kim Plyler, Sahl Communications Inc.

Elevate your impact by developing close partnerships with individuals and

companies (i.e. design firms and manufacturers) who can supplement how your product exists in the market. This is especially

critical if you are a solo founder.

Inspired by

Kelley Chunn, Kelley Chunn & Associates

“It takes a village to be an entrepreneur.”

Inspired by

Kelley Chunn, Kelley Chunn & Associates

Use the parenting test to evaluate potential partners.

“Your company is your baby. Don’t evaluate partners as if you’re trying to find a babysitter. Think of it like giving someone joint custody of your child.

When you’re seeking a partner, you’re looking for someone to co-parent with you.

If you’re not aligned on vision it’s never going to be a successful partnership.”

Inspired by

Brittany Hodak, ZinePak and Per Diems Against Poverty

Be Deliberate in Your Partnerships

While numerous programs exist to help you launch your startup, be wary of

companies seeking to capitalize on founders during the early days.

“You don’t have to follow any path other than your own to launch your business.”

Inspired by

Leslie Ali Walker & Rachael Ellison, Need/Done

Never burn bridges. It does you no good.

“Be nice, gracious, and embracive to everyone who crosses your path. You never know where people end up and

who you’ll want to work with in the future.”

Inspired by

Joanne Wilson, Angel Investor, Blogger, Women’s Entrepreneur Festival

Establish a Clear Mission The Direct Correlation Between Clarity

of Goals and Early Success

Chapter 2

Articulate a Single Value to Your Audience

Especially during the early days, simplicity is the core driver of customer adoption and retention. Resist the temptation to add fancy features to your product. The goal is to avoid saying ‘and,

and, and’ when describing your work.

Inspired by

Susan Solomon, Drive-Thru Branding & Women’s Entrepreneur Festival

Align Your Short and Long-term Goals: Crista shares how focusing on near-term

profitability during the early days negatively influenced Phin & Phebes growth trajectory.

Inspired by

Crista Freeman, Phin & Phebes

“Growth that isn’t aligned with your long-term goals is detrimental to your vision.”

Inspired by


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Test and Validate Your Product How to Ensure You’re Fulfilling a Real Need

Chapter 3

Especially if you’re self-funding your business, it’s vital to validate your product

before you start developing it.

Ask potential customers:

Inspired by

Emily Johnson, Tutorlist




Have you ever used a product like this before?

Inspired by





How did you find it?

Inspired by





How much did you pay for it? Would you pay for this?

Inspired by





What did you like about it? What did you dislike?

Inspired by





How could it be improved?

Inspired by


“Call everyone you know and ask: ‘Why is our idea bad. What are we not thinking of?’”

Inspired by


In addition to phone and in person interviews, surveys are a comprehensive tool to gain a

deep understanding of your customers needs.

Create and distribute in-depth questionnaires to colleagues, family,

and friends through Facebook and email. The results will reveal where your solution

can fill in gaps in the market.

Inspired by

Chedva Kleinhandler, Lean On

After validating your idea with family and friends, demo your product where a large

group of potential customers congregate, such as a food fair, farmers market, or fashion expo.

When there, trade small samples for surveys and ask people to rate your products.

Inspired by


Ask these questions to gain a clear representation of how your product exists

in the market and compares to competitors.

Inspired by




What brands are you currently buying?

Inspired by




How does our brand compare to those brands?

Inspired by




Would you buy our product?

Inspired by


Don’t outsource product demos.

“As a founder, you need to see customers react to your product.”

Inspired by


The data you glean from product demos will help inform future design

and product decisions. Ensure that your marketing materials clearly answer the

questions your customers asked to demonstrate the benefits of your solution.

Inspired by

Devin Donaldson, The Optimist Co.

Approach each communication platform

as a continued conversation with your customer.

Inspired by

Devin Donaldson, The Optimist Co.

Don’t expect everyone to say yes. Shadiah explains why her team built

HoneyBook despite customers saying they didn’t need the product.

Inspired by

Shadiah Sigala, HoneyBook

Resist the temptation to hire outside consultants or partners to accelerate the development of your first product. There

is no way to circumvent the process. It is long and unexpected.

Prepare for multiple rounds of iteration, and know that positive or negative, small changes will make a big difference. As a founder, you

need to be incredibly detail oriented and clear about what you want with your feedback.

Inspired by

Lauren Scwhab, Negative

Good is better than perfect.

“Whether it’s a color change on your website or a word in your product

description, obsessing over something for a few more hours, days, or months likely

won’t yield a better outcome. Know when good is enough.

Inspired by

Rachel Blumenthal, Cricket’s Circle

Inspired by


“When you make a decision:

Be decisive, confident, and stand behind it

wholeheartedly.”

Leave room for unanticipated experiments.

As you develop your product, customers will cling onto different aspects of your service.

Monitor their behavior and build features that respond to their demands rather than trying to

validate new ideas in the market.

Inspired by


Even after receiving positive feedback from your customers, experiments can result in

different, sometimes negative, results.

When faced with an unexpected outcome, go back to the drawing board and ask: ‘What is

our customers real pain point here? Where did we go wrong?’

Refocusing and taking a closer look will enable you to uncover new opportunities to

successfully fulfill your customers needs. Inspired by

Kellee Khalil, Loverly

Don’t associate failure with your self-worth. The most effective way to respond to

an unexpected outcome is to stop blaming yourself and move on.

Inspired by

Brooke Moreland and Sara Chipps, Jewelbots

“No matter how big, you aren’t going to be judged

on a single mistake.”

Inspired by

Brooke Moreland and Sara Chipps, Jewelbots

TWEET THIS

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Conduct Small and Cheap Experiments

Hack together an inexpensive prototype. Leslie and Rachael explain how they hacked together Twilio and Slack to test Need/Done.

Inspired by

Lesli Ali Walker and Rachael Ellison, Need/Done

Embrace the MVP: Your Minimum Viable Product. Natasha shares how Coolhaus conducted

their first trial with Whole Foods.

Inspired by

Natasha Case, Coolhaus

“You can do all of the analysis and marketing tests you want. Nothing tells you the truth like when your product is

out in the world.”Inspired by


Develop a Clear Understanding

of Your Customer

The more you develop your product the more customer behavior you can analyze.

Try utilizing products like Crazy Egg, Intercom, Mailchimp, and LeadPages.

Inspired by

Jean Brownhill Lauer, Sweeten

http://www.crazyegg.com/

https://www.intercom.io/

http://mailchimp.com/

https://lp.leadpages.net/

“Every single feature and page on your site

can be tested.”

Inspired by

Jean Brownhill Lauer, Sweeten

Look for patterns when evaluating customer feedback. If one person shares an insight, note

it. If five people point something out, it is not a coincidence. You have to explore it.

“The patterns are what it’s all about.”

Inspired by


Customers will have a very strong opinion about how they want

your product, but remember, you’re the expert. Know when to draw the line and say:

‘Let us do what we do best.’

Inspired by


“There are times when you need to assert the

knowledge you have that your customers don’t.”

Inspired by


TWEET THIS

http://ctt.ec/sfn44

Avoid Unintentional Bias

“Don’t make assumptions that your users will have empathy for the features that you personally want. Constantly check yourself and recognize that every single person has

different needs and requirements.”

Inspired by

Leslie Ali Walker and Rachael Ellison, Need/Done

Actively cultivate conversations with individuals outside of your field.

“Explaining yourself to individuals who aren’t in your industry forces simplicity and clarity

and uncovers any bias you may be acting on.”

Inspired by


Go Beyond the Data.

“It’s easy to get caught up in the day to day of running a business but you can’t forget to

stop and appreciate who your customer is and what their demands and needs are; Not just

in a tangible way but in a very emotional way.

It goes along the lines of how you speak to them, when you speak to them, and your brand’s visual identity.”

Inspired by


“An emotional understanding of your

customer makes you a prime candidate to acknowledge

the psychology of their problem and address

it in your solution.”Inspired by


Funding Your Business What You Need to Know About Raising Capital

Chapter 4

You don’t have to raise outside capital to launch your business. Brittany shares how her co-founder and

her used American Express charge cards to maintain 100% equity at ZinePak.

Inspired by

Brittany Hodak, ZinePak & Per Diems Against Poverty

“Once you give your equity away it’s very hard to get it

back. Hold on for as long as you can.”

Inspired by

Brittany Hodak, ZinePak & Per Diems Against Poverty

TWEET THIS

http://ctt.ec/Avre0

Funding is critical to launching and scaling your business, but it’s never wise to partner with an

investor solely for the capital. After working with two angel investors, Natasha distinguishes the

difference between a value additive investor versus one who is toxic.

Inspired by


“Your partnership with your investors should be about empowerment, trust, and an alignment of

vision complemented by different skill sets.

When you’re taking money you have to think: This person is so lucky to be

involved with my brand.”

Inspired by


Value your time fundraising.Before securing a meeting, ensure that an individual is an accredited investor who is looking to invest in your space.

Inspired by

Elham AyoubZadeh, Zvelle

“When you fundraise, you’re taking time away from your

business to achieve a set goal: You need the money.”

Inspired by

Elham AyoubZadeh, Zvelle

Own your pitch! Every individual you share your business with will have an opinion about

the direction you should pursue, who you should hire, and the best way to structure your

business model. Listen to their opinions but don’t let them run the conversation.

Prepare for meetings by getting into a state of mind that: ‘No one knows this better than me.

I’m going to be confident and speak up.’

Inspired by

Sara Hicks, Ongo Works

Be patient choosing investors.

You’re going to meet with a lot of investors who have differing beliefs about your business. Stick with your convictions. Don’t let outside

opinions undermine the way you believe your company should exist in the world.

“You’re going to find an investor who is like-minded and passionate about the same

idea. They are the right partner for you.”

Inspired by

Galyn Bernard and Christina Carbonell, Primary

“If you believe in it, stick with it.”

Inspired by

Galyn Bernard and Christina Carbonell, Primary

TWEET THIS

http://ctt.ec/s387f

Be 100% confident in the role a potential investor expects to play in your company.

They aren’t there to run your business.

Inspired by


Crafting Your Early Story How to Secure a Positive Press Launch

Chapter 5

It is entirely possible to do your own press during the early days. Spend many

months pre-launch reaching out to and building relationships with editors at key publications in your industry. If you’re capable, dedicate a day

each week to meet writers and editors.

Inspired by

Marissa Vosper, Negative

“Your launch story is your easiest story to tell. Everyone wants to know

why you started.”

Inspired by


Alex and Jordana explain how they used an ambassador program and close relationships with the media to ensure

an organic press launch for LOLA.

Inspired by

Alex Friedman and Jordana Kier, LOLA

Avoid this PR Misstep

“Companies expect that they’re going to launch and be on TV right away. Your story has to be

applicable with current events and the right fit for a specific publication.

Don’t worry about being published in The Wall Street Journal. Find the media

outlets that are appropriate for your business, and build relationships with them.”

Inspired by

Kim Plyer, Sahl Communications Inc.

Whether or not you’ve officially launched, you can start conversations

around your brand using social media. With an engaged community of over 21,000 Negative

fans, Marissa explains the team’s three-pronged approach — showcasing the brand, humor, and inspiration — to drive sharing and engagement.

Inspired by


“You can have all of the budget in the world but you can’t

put a value on creativity.”

Inspired by


TWEET THIS

http://ctt.ec/P0O63

Countless marketing and social media channels make it tempting to experiment

with them all. Hone your team’s efforts on the three primary channels where you have the highest potential. Execute to the best of your

ability and master your approach.

Inspired by

Gayln Bernard and Christina Carbonell, Primary

Don’t underestimate the power of your network. Camille discusses how First Round Capital pooled together 30,000 of their contacts

to announce The Review and developed an initial subscriber base of 6,000 readers.

Inspired by

Camille Ricketts, First Round Capital

“People don’t think as broadly or as big as they should when it comes to who they

know and who their community is. It should be a combination of everyone you know, everyone

your team knows as well as anyone your supporters know and are willing to reach out to.

You need to think as broadly as possible when you’re launching a

very important initiative.

Inspired by


Developing Your Go-to-Market Strategy

How to Meet and Interact with Your Early Customers

Chapter 6

Before and after launch, the most effective way to raise awareness for your new brand is going

out and physically talking to your customers. Lara and Lindsey explain how to use grassroots

marketing to meet your initial customers.

Inspired by

Lara Crystal and Lindsey Andrews, Minibar

“It’s easy to get a few customers if you have a good product.

The difficult part is figuring out why those customers

should use you in the future.”

Inspired by

Lara Crystal and Lindsey Andrews, Minibar

In an era where we have thousands of places to shop, customers have

a deep craving to feel valued.

It’s more effective to go the extra 30% and blow away your existing customer rather than

paying to buy a one-time customer.

Inspired by


“Making your customers feel valued is timeless.”

Inspired by


Cultivating Your Entrepreneurial Grit

The Emotional Realities of Life as a Founder

Chapter 7

Beware of The Dip.

“The Dip is the highs and lows of running your own business. The highs are amazing

but the lows can be so discomforting that you almost feel suffocated. Nothing can prepare

you for that feeling of nauseating, suffocating, can’t breathe discomfort.”

Inspired by


Always default to perseverance.

It’s common to assume that when things don’t go your way it’s a sign that you shouldn’t be pursuing your idea. Remember that growing

pains are a part of the process.

Next time you face a challenge tell yourself: ‘This is normal. I’m going to push through.’

Inspired by

Kimberly Dawson, K.Dawson Company

“You’ll never know if you can succeed unless you stick it out.”

Inspired by

Kimberly Dawson, K.Dawson Company

TWEET THIS

http://ctt.ec/0x2Qu

Every day running a startup will present a new challenge for you as a leader. The most instrumental habit you can develop is trusting

that you’ll be resourceful in the moment. You have no other option.

Inspired by


“The only way to learn something is to spend every day experiencing it,

learning from it, talking to people, and moving

forward.”Inspired by


Embrace the Unexpected Journey.

Joanne on why you shouldn’t prescribe a set path.

Inspired by


“Being an entrepreneur is about learning to juxtapose

self-trust with never being satisfied.

Always be thinking about the next big thing.”

Inspired by

Grace Garey, Watsi

INSPIRED BYthe founders and investors in the WeFestival community?

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Small Business & Entrepreneurship

A Startup Guide for Founders - What to Know Before You Launch