Roasted Reflections

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

Recursion

The achievement of writing every week for two years has me considering the future of this ambitious frequency.

For most of us, the recurring year-end audit includes a look back on how we spent our time. I love how writing helps me coordinate, understand, and translate thoughts, but the contemplative time poured into Roasted Reflections has also required intentional, lasting dedication.

As I sip on The Holiday Walk, considering what’s next, I wonder if I should give myself a break? Reducing the frequency would add ease and would subscribers even notice? Increased personal bandwidth and self-doubt aside, I still really enjoy shipping this art and I love considering how my writings will help unfold a life well lived. Along with personal growth, hearing how these weekly jolts help people is deeply rewarding and I believe we collectively have more to share.

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Ready to write more? Let’s collaborate on a Caffeinated Contribution!

Recursion is a computer science term that describes the process of defining a problem in terms of itself. This form of problem solving divides a problem into smaller parts of the same type. I’m quick to encourage others to start/continue writing so I’ve decided, at least for now, to keep building. By writing, I will uncover why and what to keep writing. Expanding this web of thoughts will feed an intrinsic motivation toward perpetual learning and will remained brewed to keep you building as well.

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

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.

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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