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starting and running a business
October 25, 1998 (as amended)

concept and background

1. describe vision and goals (why this is a good idea)
2. describe internal environmental conditions (6P's) (why can I be good)
3. describe external environmental conditions (PESTN, market (customers, suppliers, competitors)) (what's out there)
4. describe consequent synergies, challenges, potential problems and opportunities (matrix swot)
5. describe short-term and long-term objectives and strategies, listing likely outcomes, explanation, congruence with goals (what's going to be done, how, where, when, who by, and why)
6. solicit feedback - revise strategy

practicalities

1. create todo list
2. register the company (articles of association, share ownership, AGM, year-end documents, secretary, dividends)
3. open a company bank account
4. get essentials: expanding file, PC, mobile phone, email, website, postal address, insurance
5. create transaction spreadsheet
6. develop logo
7. explore possible market opportunities (trade journals, websites, customer impersonation)
8. solicit feedback - revise strategy

initial approach

1. develop best market entry opportunity (target market, confirm suppliers, conditions of sale, sale pricing)
2. advertise - direct marketing?
3. solicit feedback - revise strategy

adapting to initial experience

1. develop letterhead, business cards, website, intranet
2. develop products
3. develop supplier network - mail order
4. develop pricelist
5. develop partnering opportunities
6. solicit feedback - revise strategy

revised approach

1. advertise - newpapers, target market
2. develop intranet, templates (invoice, purchase order), databases (customer, supplier, competitor)
3. solicit feedback - revise strategy

strategic approach

1. consider current state of affairs
2. consider alternative responses
3. select convergent responses
4. respond
5. solicit feedback
6. see step 1

sample bootstrap strategy

1. define business strategy
2. build core team - get some attention
3. define business plan - what do we want/what can we sell/what can we buy/what do customers want/what is our target market?
4. build brand (eg. sell some stuff)
5. revisit strategy
6. use profits to finance tools with which to make additional products - which?
7. polish product offerings with latest tech - how?
8. blitz brand (eg. try and sell lots of stuff)

typical startup tasks

• problem formulation
• strategy and planning (the method of execution of the solution)
• financing (raising money, cashflow management)
• marketing and public relations (forecasting, market research, promotion...)
• shop-front construction (premises, vehicles, website)
• back-office management (banking, telecommunications, IT, equipment, tools, stationery, facilities management)
• managing suppliers (procurement)
• manufacturing and production
• sales (incl. winning the initial set of key customers)
• accounting and debtor management
• customer service
• human resources (incl. attracting managers and key staff)
• research and development
• insurance, regulatory compliance and taxation

typical mid-term tasks

• build out policies, procedures and automation
• build out the product line
• develop internal knowledgebases and skillsets
• develop relationships (particularly with key customers and suppliers)
• form partnerships with complementary businesses
• market strategically
• formalise business strategy

seek to constantly..

• reduce costs
• improve communications
• respond to competitive forces
• improve decision-making
• improve customer service

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