Ongoing mentorship guide - entrepreneur edition

Startup Boot Camp Ongoing MentorshipGuide

Guide for Entrepreneurs

June – November 2014

Ongoing Mentorship Program Guide Entrepreneur EditionCRDF Global

Welcome to the mentorship program!

Thank you for taking the time to read this over. We hope you’ll see the mentorship program will be a great investment of your time!

Sincerely,Natalia, Ovidiu, Amanda – CRDF Global


Mentorship table of contents

Mentorship Program GoalsExpectations and requirements of mentees

Deliverables you’ll create during the program

Guide to help you prepare for mentorship

Curriculum of mentorship meetingsResources to help with customer interviews


Goals of mentorship

That you take in lessons from your mentor that will enable you to work in ways that will lead to your company’s success.

Do this through:

Clear communication to your mentor about your of business

Use your website, PowerPoint Presentation and Business Model Canvas

Being open to advice, no matter what! Mentors may have some insights that are different

than you expect. Keep upbeat.

Creating and improving five key documents: Your business model canvas using LaunchPad Central Completion of 20 customer interviews logged into Launch

Pad Central Your investor presentation A YouTube video of your thirty-second pitch Your venture’s public profile page on GUST


Expectations of entrepreneurs

Take charge in setting up meetings with the mentors The mentors have busy schedules. Take the lead by offering them a wide swath of dates times that you are available. Write them at least 1 week from the date you’d hope to speak with them. Consider writing meeting times in both you and your mentor’s time zones in order to avoid ambiguity. Example:

Example: Dear Mentor, I am available from 5pm BDT to 11pm BDT // 7am to 1pm EST on Monday, Tuesday, Wednesday and Friday next week. Would you be able to pick one hour that works for a meeting?

Use a tool like http://www.worldtimebuddy.com/ to help!

Punctuality when you have a meetingCompleting assignments on timeBeing open-mindedTreating your mentor as an advisee, not a funder

http://www.worldtimebuddy.com/

http://www.worldtimebuddy.com/


Preparation for mentorship

This mentorship is intense. And the rule is: You get out what you put in. So, lets get down to it! Here’s what you can put in:

1. Learn about Lean Startup Methodology Watch Steve Blank’s videos on LaunchPad Central

2. Create your Business Model Canvas on LaunchPad Central Before first mentorship meeting

3. Prepare yourself to do some Customer Development Interviews Get used to the concept Discuss it with your mentor during the first meeting Try out customer interviewing anytime you like, and all

throughout the 6 month program

4. Update your investor pitch After first call with mentor

5. Record your 30-second pitch When assigned or anytime during first 3 months of

mentorship

6. Create a public profile on GUST.com When assigned or anytime during first 5 months of

mentorship


Preparation for mentorship

We won’t leave you guessing on how to make the most out of this mentorship. The following slides will detail how you can prepare yourself for some amazing feedback from mentors. That means by bringing something of value to the table!


PREP:Learn Lean Startup Methodology

Watch this video, then watch the course on the LaunchPad Central webportal.

During the video you’ll begin to understand: How Lean Startup Method can help youWhy you want to try it out right awayHow LaunchPad Central helps you organize all your business thoughts

How LaunchPad Central will maximize your benefits of mentorship

Aim to watch two lessons a week from Steve Blank’s course to finish the content in one month’s time.

http://youtu.be/VZvgj6B2JZs


PREP:Learn Lean Startup Methodology

Watch this video, then sign up for the course at: https://www.udacity.com/course/ep245

During the video you’ll begin to understand: How Lean Startup Method can help youWhy you want to try it out right awayHow LaunchPad Central helps you organize all your business thoughts

How LaunchPad Central will maximize your benefits of mentorship

Aim to watch two lessons a week from Steve Blank’s course to finish the content in one month’s time.

http://youtu.be/VZvgj6B2JZs

https://www.udacity.com/course/ep245

https://www.udacity.com/course/ep245


PREP: Use LaunchPad Central

The mentorship focuses on Lean Startup Methodology and uses LaunchPad Central, an online program approved by Steve Blank.

You will create your business model canvas, which will be viewable to your mentors, on Launch Pad Central.

There is a series of YouTube videos created by the makers of LaunchPad Central to help you learn to navigate LaunchPad Central.

https://www.youtube.com/playlist?feature=edit_ok&list=PLamwGWYhWKtwg_Mq6DxZRPUOjOSk_0bEJ

These videos include how-to on:

Team Profiles – How to set up your team profiles, and what you’ll learn in the process

Business Model Canvas – What is a BMC and how to make yours rock

Discovery Narrative – What are you learning during this process

Team Presentations – Presentations are key for your success

Messages – How your mentor may communicate with your team, keeping your inbox uncluttered

http://www.launchpadcentral.com/




http://youtu.be/bBu5mQg4R8I

http://youtu.be/AHKyjikyq2U

http://youtu.be/TDITZ9K7UGU

http://youtu.be/yUhWSZgOQRk

http://youtu.be/GKncLziUgJY


PREP:Create your business model canvas

While signed in to LaunchPad Central (LPC) you can create your business model canvas (BMC).

On the platform there are hints on how to create your profile and on-demand videos to remind you of the best ways to think about the different segments of your business model as you create the BMC.

You may change your BMC at anytime, updating it is encouraged!

You have access to LPC for 1 year since the beginning of your mentorship program.

Anything you put into LPC is yours to keep, and is downloadable.


PREP:Customer Development Interviews

WHY: Customer development interviews will give you invaluable information from your customers about your product. With help from your mentors you should be able maximize the benefit of that feed back.

HOW:Determine who your customers / potential customers are.

Get introduced to these peopleSet up in person meetingsDo the interviews

More information is found in the Resources Section of this document.


PREP: Your Investor Pitch

You should have an investor pitch that has been successful for you, as to get into the program you had to pitch to the audience. However, it can always be made better!

During your first meeting, you may be asked by the mentor to pitch your venture. This is a great way for the mentor to have a first formal introduction to your venture and how you think of it and present it.

Remain open minded to the feedback the mentor will give you.


PREP: Your 30-second elevator pitch

It’s undisputable. Being able to hook your audience when you talk about your venture is KEY in gaining partnerships, investors, customers and future employees. During the program the mentor will listen to your 30 second pitch and help you improve it. You will record your pitch to YouTube, where it can exist to be shared with investors or partners via targeted online platforms such as GUST.

There are two great articles that introduce the structure and some strategies for preparing your elevator pitch:Create the perfect elevator pitch to an Angel Investor

Creating the unforgettable elevator pitch

http://www.venturegiant.com/news-channel-309-create-the-perfect-elevator-pitch-for-an-angel-investor.aspx



http://venturebeat.com/2011/01/27/creating-the-unforgettable-elevator-pitch/

http://venturebeat.com/2011/01/27/creating-the-unforgettable-elevator-pitch/


PREP:Create your profile on Gust

Fundraising can be a long and daunting process. Gust simplifies this process by bringing together everything entrepreneurs need to connect and collaborate with investors.

Your Gust startup profile contains the information investors want to know. Taking the time to complete it in a professional way will help you articulate your venture effectively to investors. Sign up here: http://gust.com/startups

In creating your profile, you will notice you use many elements that you have created during the mentorship program: Your 30 second video pitch, your venture presentation, and messaging that you have perfected through conversations with your mentor.

Once you have a profile, submit your company to join the GIST Initiative group!

https://gust.com/organizations/gist-initiative

http://gust.com/startups

http://gust.com/startups




Mentorship Structure

Meetings last between 30min-1hour.Mentee will take notes during the meeting and upload to LaunchPad Central.

For each meeting the entrepreneur should perform at least 4 customer interviews and log information from the interview into LaunchPad Central.

Entrepreneur should be ready to discuss the main points they have learned from their customer development interviews.


Reporting

At the close of the mentorship, the entrepreneur will answer a short online survey. In the survey the entrepreneur will be asked to share: the dates and duration of mentorship meetings

which deliverables you completedgeneral feedback on how you feel you’ve improved or benefits you feel the mentor has provided you

suggestions to improve the mentorship program

This feedback will be used to comprise a part of the Monitoring and Evaluation report. Suggestions will be considered in future mentoring programs that CRDF Global coordinates.


Suggested Mentorship Agenda

This is a suggested agenda. Mentors may follow their own agenda. However, this will give you an idea of what may be covered during the mentorship process.Meeting 1 - Introduction and Issue Identification– The Venture Pitch and Business Model Canvas

Meeting 2 - Review updated presentation and business model canvas

Meeting 3 – Discuss and practice 30 second pitch

Meeting 4 – Review 30 second pitch and Partnership planning

Meeting 5 – Pulling together the online presence for investors: The Gust Profile Page and financials

Meeting 6 – Final review, closing, and next steps


Meeting one:Introduction and Issue Identification– The Venture Pitch and Business Model Canvas

IntroductionsEntrepreneur introduces the business

Discuss what you understand the business is about and the Business Model Canvas

Be open to feedbackPotential homework assignments Identification of customers and creating a customer list, people whom they would interview.

Validation of the market through first developing and then doing 4 customer interviews and reporting to you what they learned.

That they address and improve their presentations and business model canvases.


Meeting two:Review updated presentation and business model canvas

Review updated presentation and business model canvas

Review list of customer development interviewees, and interview sheet

Discuss what you learned from the customer interviews you’ve done so far

Potential homework may includeDevelop a 30 second elevator venture pitch and record it and send the link to your mentor. Mentor will watch it before the next meeting.

Complete 4 more customer development interviews and log info into LaunchPad Central.


Meeting three:Discuss and practice 30 second pitch

Recommended agenda items:Learn ways to improve the 30 second pitch.

Discuss ongoing experience with customer development interviews

Potential Homework: Complete 4 more customer development interviews and log them into Launch Pad Central.

Re-record the 30 second pitch based on feedback and send the link to the mentor before your next meeting.


Meeting four: Review 30 second pitch and partnership planning

Recommended agenda items:General review of progress (this is halfway mark!)

Discuss role of communications in recruiting future partners, investors, and team members.

Potential HomeworkCreate Gust profile, and send link to your mentor when done.

Complete 4 more customer development interviews and log them into Launch Pad Central.


Meeting five:Online presence for investors: The Gust Profile Page and financialsRecommended agenda items:Review the Gust Profile Page and how to improve it.

Focus on financials. Ask your mentor what to share and how much. How to value the company, discuss the profitability, and other key numbers that should be presented.

Potential Homework: Polish and improve the Gust Page according to mentor feedback

Complete 4 more customer development interviews and log them into Launch Pad Central.


Meeting six:Final review, closing, and next steps

Recommended agenda items:Review the progress. You should have created a great investor pitch, a confident and clear 30 second pitch, a fantastic online presence, and be ready to strike forward to gain new partnerships.

Be open to further feedback on how you can still improve

Create a plan of action


Resources:Customer InterviewEmails to get the meeting

Personalize each email (don’t spam)Highlight the problem you’re trying to solve quickly (2nd sentence) but keep it broad This can be derived from your value proposition in the Business Model Canvas

Keep it short (4 sentence max)Keep track of how many people get back to youIf many people (20% or so) get back to you, you are clearly solving a problem that is important to the people you emailed

Source: http://customerdevlabs.com/2013/10/08/finding-customers-to-interview/

http://customerdevlabs.com/2013/10/08/finding-customers-to-interview/




Sample email to secure a customer interview meeting

Hi Susan,

Sentence 1: Intro sentence personalized for each recipient.

Sentence 2: Introduce what your venture is trying to do (value proposition) and if the person would like to talk about it.Example: A friend and I are trying to help photographers share their photos, and were wondering if we could talk to you about the hardest part about doing that today.

Sentence 3: TimingWe’re available at 10:30 am Wed, and 2:00 pm Thursday if either of those work for you.

Thanks,YOUR NAME[Optional link to your good looking website]

Source: http://customerdevlabs.com/2013/10/08/finding-customers-to-interview/




Sample customer interview questions

Remember: Interviewing is about listening.1. What’s the hardest part about [problem context] ?

The “problem” can be derived from your value proposition in the Business Model Canvas

2. Can you tell me about the last time that happened?3. Why was that hard?4. What, if anything, have you done to solve that problem?5. What don’t you love about the solutions you’ve tried?

Source: http://customerdevlabs.com/2013/11/05/how-i-interview-customers/

http://customerdevlabs.com/2013/11/05/how-i-interview-customers/#context

http://customerdevlabs.com/2013/11/05/how-i-interview-customers/




Beyond customer interviewing

Customer interviewing is a great way to get detailed market feedback, but there are additional ways! Try more to make sure your product is serving the market in the best way.

Demo your app/productSet up on a busy corner and ask people to try your app/product for free. Get real time feedback

Create online surveys to send to your customer list

Host webinars on the topic, this is particularly helpful for B2B venturesWatch how easy it is to get attendees If attendees come easily, then you know you are serving a pain point

Survey the participants following the webinar


Thank you for participating

If at anytime you have any questions, please email [email protected] and we will respond!

mailto:[email protected]

Ongoing mentorship guide - entrepreneur edition

Small Business & Entrepreneurship