Kendall's "Internet startup checklist":

1. Idea:

  1. Would YOU write a check for your idea?
  2. Don't spill your candy in the lobby.
  3. Is your idea refining or revolutionizing?

2. Funding:

  1. Are your financials realistic if nothing goes right?
  2. Could you see your investors with a 10X, 20X return in 3 years?
  3. Do you have back-up plans b,c,d before quitting your day job?
  4. Do you have a great answer for the most cynical of investors?

3. team:

  1. Can you build your idea or will it take a team of pros?
  2. Is a specific person on your team essential or can he/she be replaced?
  3. Dont give up the farm to recruit talent.
  4. Hire brave & passionate smart people.

4. Product:

  1. Does your product SOLVE a problem?
  2. Beware of feature creep! Customers & prospects add features, not developers.
  3. Stay focused on money earning features, not cool ones.

5. Marketing:

  1. Is it costly (time/resources) to get branded in your target market?
  2. Make a goal of closing a core group of customers the first year. (traction)
  3. Adjust marketing resources to get traction (don't need much).
  4. Be sure to test your "seo / ad-words / ad-sense" properly before banking on them
  5. Nothing is better than "boots on the street." Start knocking on doors.

6. Customer:

  1. How many "loss leaders" do you have?
  2. Does your idea help your customer or is it just a "nice to have"?
  3. Make each customer feel like they are the only customer you have.
  4. Can your customers be up-sold? Do they have peers they could refer?


July 24, 2009 inventory

One of the worse things you can have in business is inventory. Sounds silly, but the best companies cannot keep inventory on their shelves, or cannot service customers because their schedules are booked-up. You are in trouble however, if you have inventory of time (these experts laying around), or your products are sitting on a shelf ready to be marked down (again). Simply put, your inventory needs to move.

I was thinking about it…my life is kinda scaled that way. God has given me an inventory of skills, knowledge, and time. The big question is, If I can harness my inventory, can I move it?
Photo: [flickr]
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I seem to feel my inventory is either wasted on my selfish wants, comfort zones, or wasted on watching golf (too many lazy Sundays). I always loved the saying “you know you are successful when you want what you already have.” For me, I have a burden on my heart. I want not to waste this inventory.

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Posted by Kendall in Leadership

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