Entrepreneurship

Attention Traps

As early moves are sequenced, a few creative assets can help founders translate emerging insight into valuable snapshots of the business. One-pagers, pitch decks, and investor memos are additional types of attention traps that entrepreneurs can use to ignite interest.

One-Pager

The one-pager is a punchy asset built to describe the most important elements of your business. Concise is nice, as the goal is to create immediate intrigue. One-pagers should be made to be seen by anyone. This means you must find a balance in giving enough details to show substance and realistic potential without giving away the secret sauce.

While you may know a lot about your business, the goal is to guide others through new layers of understanding. As you consider what content to include and how to format so much goodness into such a tight document, focus on creating curiosity to keep conversations flowing.

Extra Shot
The FliteBrite one pager from 2015.

 

Extra Shot
My guest column on consistency in the Business Record.

With a one-pager ready to share, invite feedback as you build confidence by sharing it with strategic investors, partners, and those who may kindle fresh progress.

Pitch Deck

Slide decks support a verbal presentation. Pitch decks add more information to help recipients (often investors) learn about your venture. With 10–15 slides, present the story of your business with eye-catching visuals, data-driven details, and links to more supportive content. Keep this asset concise and entertaining. Do so while identifying the market, problem, solution, signals of traction, moat-digging differentiators, team, competition, the ask, compelling calls to action, and contact information.

Knowing this attention trap is most often needed by founders raising financial capital, even if it’s in a closing appendix, it’s good to include more data-driven details to show research-based comprehension. Like back slides that support Q&A portions of a verbal pitch, market research, conservative financial projections, how money will be spent, and customer discovery results are all ways to prove you understand your business plan and how the numbers work.

That said, don’t numb readers. Avoid small font and word salads. Incorporate imagery that supports a captivating story. Translate your mission while making it clear how this venture will deliver serious returns. Like the one-pager, pitch decks are not crafted to secure an investment. They are designed to fuel interest and more conversation.

Investor Memo

Commanding an influential investor memo keeps people informed with the ongoing progress of your company. Along with sections you include in a pitch deck, investor memos create space to highlight the evolving details of your fundraising campaign, key performance metrics (KPIs), data visualizations, recent milestones, multimedia, needs of the team, and future goals for the company. Online platforms make it easy to manage dynamic, accurate, and interesting investor memos. The quick-to-digest but also real-time information is why investor memos are popular among well-articulated founders raising venture capital.

Extra Shot
If you can’t explain it simply, you don’t understand it well enough. -Albert Einstein

With these attention traps set, alternate versions of each asset may help you share impactful details with the right audience. For example, a pitch deck for local angel investors may be different than a pitch deck for a global venture capital firm.

Connecting everything adds efficiency but maintaining a well-organized data room is not for the faint of heart. As any company expands, so will the need to update different types of attention traps that support an evolving story for a growing variety of onlookers.

 

BACKGROUND CONTEXT
We had spent all month exploring early moves to evolve business ideas into reality. Using our time dedicated to no-code wireframing, actively listening to others, telling customer stories with a colorful business model canvas, and escorting execution with business plans, to translate emerging insight into snapshots of a business. The one pager, pitch deck, and investor memo are distinct types of attention traps entrepreneurs can use to connect with those who care.

By Ben McDougal, ago

Escorting Execution

After a few early moves, developing a business plan is a hearty exercise. Business plans are less pivotal than scholars may preach, but developing a business plan does force you to pick through the specifics of any business. The detailed planning can pave a path toward sustainability and help you articulate opportunities to potential co-founders, new hires, outsourced talent, investors, and early adopters.

The first version of a business plan does not need to be long, but it should include a handful of key elements:

    1. Executive Summary
    2. Company Description
    3. Market Analysis
    4. Products & Services
    5. Marketing & Sales
    6. Operations
    7. Financials
    8. Appendix

One size does not fit all, and earlier moves like canvasing and wireframing will lighten the load as you flesh out details. To determine how particularized your business plan needs to be, consider who will be reviewing this dynamic document. Learn more and explore different templates online, then craft something you’re proud of.

Even without an audience, creating a business plan is rarely a waste of time. They can also become a required asset when you’re raising financial capital. Situations where you’ll likely need a business plan include grant applications, bank loans, and pitch competitions. Entrepreneurial support organizations (ESOs) may request a business plan to warrant professional services as well.

As you build a business plan, use clarifying frameworks, concise content, and mark areas that may need to more frequent updates. This makes the document interesting, more digestible, and easier to maintain.

As you update this dynamic document, consider how your business plan supports other related resources that collectively paint the picture of your company. Sharp business plans integrate with a cool one-pager, slide decks that ignite verbal presentations, a pitch deck with similar content brought to life with enhanced visuals, and ongoing investor updates. This shapes a forwardable investor pack geared to keep your ideas from slipping toward someday.

By Ben McDougal, ago

Wireframing

After a holiday season full of creative conversations with family and friends, the New Year inspires an openness to what’s next. This leads many to consider building something new. To kickoff 2023, go beyond only being the idea machine. Let’s start building now.

We’ll begin with a common scenario – there’s a cool concept and maybe some industry insight, but the idea requires technology and you lack an ability to code. This often makes first-time founders feel like there’s nothing they can do without paying for development or immediately recruiting co-founders to help build the product. This locks the idea in limbo, when in fact, there are many methods to make purposeful progress without writing a line of code.

One easy way to start is to visualize the idea through a process called wireframing. Wireframing is an entrepreneurial exercise that only requires a pencil, paper, and time. This activity is thought-provoking and allows anyone to conceptualize the structure and flow of their idea. It helps identify each type of user and the user experience (“UX”) with no tech required.

Extra Shot
This twitterstorm connected 78+ tweets and highlights all of my weekly writings from 2022. I work toward this all year, so I hope you’ll enjoy clicking into each satisfying rabbit hole. Please be sure to RT and LIKE your favorites to connect with others as well!

Ready for action? Excellent! Use a wireframing template to draw everything on screens of the device(s) your product will be used on. For example, if it’s a mobile app, find a wireframing template that includes blank smartphone screens and space for notes (example) to describe each state and how everything connects within the user interface (“UI”). Wireframing is mostly used to outline technology-based products, but some thoughtful sketching helps jump start physical products as well. If you’re thinking about a physical product, test your drawing skills by highlighting how different elements collectively come together to form the final embodiment.

Along with clarifying concepts for yourself, coordinated wireframing makes it easier for others to follow how everything fits together. The time spent here will save you money if you outsource development, as a solid roadmap helps lone wolves avoid costly detours. Wireframing helps you hire a team that can build what you want without pushing the idea into a more ordinary direction that works best for them. If you decide to seek co-founders who can effectively help build ideas into reality, (which would be my recommendation, but will take more time), wireframing is one more way to show you’re serious.

As you plug into the startup community, which is critical, this wireframing activity helps support the early versions of a pitch that tells a more impactful story as you breathe fresh air into the idea with feedback from others. While product design and the business to support it will need to evolve, earnest wireframing will help idea machines avoid melting momentum.

By Ben McDougal, ago

Not to Lose

Whether it was traveling with the teams my dad coached as a kid, playing club soccer at an early age, monopolizing my time in high school, playing all through college, or being the focus of my first entrepreneurial venture, soccer was a part of my identity for over 20 years. I’ve since shifted toward the more secret exercise of golf, but memories remain, and sports have so many playful metaphors.

Sports and other organized activities help us push to be our best, and the sense of belonging is the real magic.

No matter the sport, it can be easy to get ahead before slipping into a dangerous trap. Instead of staying sharp by maintaining the offensive pressure that earned an early advantage, it’s natural to start playing not to lose.

In soccer, this often means a team sinks back into an overly defensive formation. Less variety invites frantic desperation, and the added pressure often leads to the opposing squad scoring an equalizing goal. Even if the need for another goal shifts your team back into a more balanced attack, the momentum has shifted.

When applied to business, getting ahead and then playing not to lose can be seen all over the map. For instance, snagging a few early adopters, then assuming customer discovery is over. Hiring new talent, then just hoping everyone can work together. Launching a new product with existing customers, then not supporting them through the chasm of change. Securing product-market fit, then avoiding innovation due to a misguided sense of risk. Finding generous mentors, then forgetting to nurture relationships. Those are just a few ways we get ahead, then play to lose, but many leaders are lulled into this trap.

Tactics to stay ahead differ based on situational factors, but when in doubt, trust that uncertainty is certain. Be strategic to avoid recklessness, then maintain pressure and stay on the offensive by leaning into the pain.

As you find fresh ways to serve customers, continue celebrating milestones and stay ahead with more initiative to keep playing beyond the fear of losing.

Brewed From Within
📖 Entrepreneurship

By Ben McDougal, ago

Sticks on Ice

A friend suggested I write about micro vs. macro.

These two words have related, but opposite meanings. Everything happening right now (micro) is transitory, yet these micro-moments coalesce into the story of our comprehensive progress (macro).

The distraction of each micro-moment is impossible to avoid, but the Canadian saying, keep your stick on the ice, reminds us to chill, keep it simple, and be ready for anything. No matter where stuff lands on the spectrum between good and bad, micro eventually accumulates into macro. Alright, take a deep breath, enjoy a sip, and let’s brew on how staying mindful of the macro, helps us appreciate the micro.

Extra Shot

Want me to lean into a topic on your mind? I’m ready when you are.

Last week’s writing on intrinsic motivations seemed to resonate, as it was encouraging to hear from many of you. After a few dispirited days, I was back at full speed with Global Entrepreneurship Week. Our web3dsm gathering, 1 Million Cups, an angel investor event, premiering our Techstars Iowa Accelerator 2022 Demo Day video, and watching friends like you bring so many things together, was a groovy way to celebrate entrepreneurs who serve their local communities and bolster the global economy.

A focal point for me, was an opportunity to speak at the United Fall Leadership Conference. To maximize the impact, I cranked up the volume in a new talk tuned specifically for students and educators. I call it “No Permission Required”. The energy of accelerating others is unmatched, but there’s an extra boost as we’re exploring education and making a ruckus to activate linchpins along the way! It was cool to connect with 200+ high school students from all around Iowa and one of my sessions was recorded, so here’s me sharing my heart in full effect.

Alright, by now you’re thinking, how does this have anything to do with micro vs. macro or staying ready for anything by keeping your stick on the ice?

Well, after this whirlwind of wonderful, the brutal cold season found it’s way into our home. The highs of so much stimulant collided with the lows of isolating sickness. As always, mental fitness was tested. Within the worry of caring for loved ones and the frustration of my own pain, the goodness from days before felt distant. Agitation is hard to fend off during tough times, but with sticks on the ice, we can better embrace the challenge, bend without breaking, and appreciate what makes good times great.

As we give thanks, keep your stick on the ice by recognizing how special each micro-moment is, as they compile into our own macro-moment called life. Happy Thanksgiving!

By Ben McDougal, ago