Ideation

Escorting Execution

After a few early moves, developing a business plan is a hearty exercise. Business plans are less pivotal than some scholars preach, but writing a business plan does force you to pick through the details of your business. This deliberate planning will help pave a path toward sustainability. The understandings will also help you articulate honest details to potential co-founders, investors, and early adopters.

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I considered sharing the original FliteBrite business plan from 2016, but decided to keep this detailed document offline. That said, if you’re building and would like to look at this multimedia masterpiece, send me a note and we’ll look at it together! If you’d like feedback on your emerging business plan, I’d be happy to discuss that as well.

This first version of a business plan does not need to be super long, but it should include a handful of key elements. While this can feel heavy, the work you previously put into wireframing and canvasing will lighten the load as you flesh out details. Below are the traditional elements to include:

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

While using a standard form may add efficiency for readers, one size does not fit all. Consider how you’ll be using this dynamic document and who will be reviewing it. There are more details and endless examples online, such as this guide from the U.S. Small Business Administration, which will help you cater a business plan to your needs.

Creating a business plan is rarely a waste of time, but they do become a required asset when you’re raising financial capital. A few situations where you’ll likely need a business plan include grant applications, traditional bank loans, equity financing, and pitch competitions. Entrepreneurial support organizations (ESOs) may request a business plan to activate their services as well.

As you build a business plan, use a clarifying framework, concise content, and mark areas that may need to be frequently updated. This makes the document interesting, more digestible, and easier to maintain. Along with keeping this evolving asset fresh, consider how your business plan connects to support other emerging resources that collectively paint the picture of your company.

Stay tuned as we’ll look at one pagers, pitch decks, and investor memos next week, then explain how to weave everything into a forwardable investor pack as we conclude this month of themed tactics geared to keep your idea 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.

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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

Sequencing

Perhaps everything is an enumerated collection of objects in which repetitions are allowed and order matters?

Even when it all connects, discovering how endless sequences relate is impossible for even the most methodic mind. Be it system thinking, design thinking, meta-synthesis, neural networking, or whatever mindset you choose, the intensity of such complexity makes it hard to see how a few things connect, let alone immeasurable members in infinite streams.

Machines can add computed awareness, but the squishy nature of each member within a sequence feels like it will remain a futile enigma that will forever transform based on if, who, what, when, where, why, and how something is being observed.

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Nerd alert, but hopefully you’re smiling because that first sentence and many of the terms I’ve sprinkled in, is how a sequence is defined in mathematics.

The processing power required to source the root connection(s) of every moment would paralyze your thoughts. One reason our brain is awesome, is its ability to deduce answers with limited real-time input, but even the way our brain works is like a sequence of positioned memories that provide reasonable assumptions toward what’s next. This saves time and helps us avoid insanity, but it’s interesting how this type of internal sequencing actually mutes the depth of each sequence.

Enjoy the moment and be a serendipitist, but keep a hint on how each member fits into the length of sequenced sequences (not a typo, haha). This mindfulness brews awareness, appreciation, and understandings from the past. It also adds a lightness to each moment, thanks to the liberation of future elements that are yet to arrive down string/stream.

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Merry Holidays! This year-end tour of seven 1MC communities in just four days, was wonderfully wild. As I shared in our Roasted Reflections Discord server, we’ll also be minting the last 5 tokens in the Roasted Reflections NFT Collection, we’re hosting a nationwide holiday party for active 1MC organizers today, and I’m looking forward to crafting the year-end Twitter thread (example) to highlight my second full year of writing every single week! Whoa, cheers to sequencing, eh

By Ben McDougal, ago

Not to Lose

I’ve been around soccer the majority of my life.

Whether it was traveling with the college team my dad coached as a kid, playing club soccer at an early age, focusing on the sport in high school, playing all through college, or being the product of my first entrepreneurial venture, soccer was a part of my identity for over 20 years. This team sport helped me push to be my best, but the sense of belonging is what made it special.

As I’ve enjoyed the World Cup in Qatar, I’m reminded how easy it can be to get ahead in a match, before slipping into a dangerous trap. Instead of staying sharp by maintaining the offensive pressure that earned an early lead, it’s tempting 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 an equalizing goal being scored by the opposing squad. 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 hoping everyone can work together without initiative. 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, but many leaders are lulled into this trap that’s defined by a sense of scarcity.

Tactics to stay ahead differ based on situational factors, but when in doubt, trust that uncertainty is certain. Be strategic to avoid recklessness, then stay on the offensive by leaning into the pain. As you find fresh ways to serve customers, continue celebrating milestones and stay ahead with initiative to keep building beyond the fear of losing.

By Ben McDougal, ago

Tenured & Tired

Recognize, connect, and support those who consistently delight those they serve over a prolonged period of time. Rewarding such an initiative makes sense, but at what point does the comfort of a rewarded role devolve into a willingness to sail into the sunset?

When starters run into the aloof, misaligned energy can lead to a standoff. Time is the ultimate release, but what if progress is needed now? Every situation is different because of the complexity of an environment and the people/organizations involved, but here are tactics that seem to work no matter the circumstance.

The first uses social currency. It requires a change maker to set their ego aside, and instead, celebrate all that’s been achieved by the accomplished, yet tired gatekeeper. Use respect, kindness, and appreciation to form a bond. Relationships that feel less transactional often create leniency toward new ideas. When a crack in the wall of inactivity is created, be glue that maintains the integrity of the existing system. For example, “I’m too busy” is a common qualm, so lean into that pain by offering to execute on the idea that has sparked mutual interest. It’s important to be realistic in these moments, because when promises are made, credibility is on the line. As you not only light a path toward progress, but also champion change by evolving ideas into reality, trust is gained and your ability to continue making a ruckus increases. Want to extend your leash further? Take responsibility for failures, but give all the credit away when success is achieved.

If a larger organization is involved, another interesting tactic invites the tenured leader to level up the team by activating a colleague. This provides a new hire the chance to get involved within the entrepreneurial ecosystem, while the organization is seen as engaged within their community. It’s hard for some to understand that time spent in the wild is often more valuable than clocking time in the office, but if the organization allows this person to show up without limitation, everyone wins. The new community member feels the innovative energy and brings more intrapreneurial vibes into the organization, while the community benefits by having another trusted organization in the mix.

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“The way we make things better is by caring enough about those we serve to imagine the story that they need to hear.” -Seth Godin

If you’re reading this, you may be tenured, but it’s unlikely you’re tired. That said, we’ve all found ourselves in a motivational rut or lacking a clear sense of purpose. Along with a few solid sleeps, when I feel the urge to settle, it helps to have fun, build into other areas of your career portfolio, take a few days to rest if necessary, and then get back into the startup community. This creates opportunities to #GiveFirst, ask for help, or get extra curious about the creative work of others. Soon you’ll find new opportunities to collaborate.

New connections that emerge can bring you out of the motivational rut. They can boost your care meter and will add fresh personality to your work. Along with sparking fresh direction(s), you’ll be motivated by others and soon find new ways to be generous with your art. If you’re still thirsty for motivation after tapping into the entrepreneurial ecosystem, I’m here for you as well. Together, we can refuel the idea machine to avoid wasting any more time with being tenured, but tired. Sleep when you’re dead, my friends. Let’s keep building.

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“There will come a time when you believe everything is finished. That will be the beginning.” -Louis L’Amour

By Ben McDougal, ago