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Ready, Set, Start-up: Table of Contents

Ready, Set, Start-up - published by Drumlin Consulting




Section One: Validation — Convince Yourself 

Section Two: Planning — The Start-up Plan

Section Three: Development — Plan Execution

Section Four: Start-up Business Planning

Appendix A: Market Research

Appendix B: Market Report

Appendix C: Value Proposition

Appendix D: Business Planning

Ready, Set, Start-up: Introduction

Have you ever had an idea for a business you knew was destined for success? An idea that could serve humanity and make you wealthy in the process? You are not alone. Every day, thousands of people worldwide have great ideas for The Next Big Thing. Yet, how many of those ideas ever reach fruition? Not many. According to one venture capital source, about 1.5% of reviewed start-ups were funded and only one-half of those returned capital to investors. Statisticbrain.com reported, of the start-ups that became businesses, 50% failed after four years of operation. And the reasons? First, many entrepreneurs do not appreciate an idea is not the same as a start-up; and, those that became a business did not adequately understand their market.

The success rate associated with start-up situations is disturbingly low. First, recognize that an idea is not a start-up. It is an idea. Objective validation of the idea as a potential business is the initial step. It is the starting point in the quest to create a successful business. Idea validation appears to be an underemphasized requirement of the process. This guide is about process: from an idea, to validation, planning, development, and ultimately to a solid business plan. It is not a thought-experiment or an intellectual exercise. It is the real world with significant consequences.

Min-Liang Tan, CEO of Razer—a leading gaming company—noted that not too long ago, start-ups were not common entities. Today the start-up has achieved near cliché status as an easy avenue to success. Easy it is not. Success demands hard work, time, patience, passion, and a desire to be your best. “Embrace excellence as a concept and a goal.”

A successful start-up, CohBar Inc. (www.cohbar.com), is  based on research started almost two decades ago. After many years of diligent research, an idea emerged. Validation of an idea as a business opportunity led to creating a start-up. The company is now on the verge of achieving a major accomplishment: the discovery of treatments for currently untreatable medical conditions. CohBar is a textbook example of persistence and belief in a goal. Guided by a solid business plan, its market capitalization is about $250 million.

A goal of this start-up guide is to persuade you to apply a disciplined process-oriented approach to examining your idea. If the idea meets the criteria, employ the Drumlin Process to transform your idea into a well-managed, profitable start-up success. This is the challenge. Establish and maintain focus, pursue excellence, and be passionate about achieving success.

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