55 Strategic to Ensure Success & 54-Point Checklist for First-Time Entrepreneurs

27 Reasons to Be a First Mover (and 51 Reasons Not To Be) & 55 Strategy to ensure success

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In this article, you will learn the Immutable Insights about the following EIGHT topics

???? I.??????? 27 Advantages?of First Mover

??? II.??????? 55 Strategic Questions Ask Yourself Before You Jump In The Entrepreneurship Game With Half-Baked & NOT TESTED Ideas & Assumptions

? III.??????? 54 Sample MUST Do Due Diligence Questions & Checklist for Startups, Entrepreneurs & 1st Movers

?IV.??????? 51 Challenges, Potential drawbacks & Disadvantages of First Movers

?? V.??????? 69 Examples of Great Game Changing Disruptors and 1st Movers [Many YOU MAY NOT HAVE HEARD]- AND WHOSE advantages would be cashed by Fast-followers

?VI.??????? 16 MUST Read Articles - on Business-Leadership and Entrepreneurial-success FOR ACHIEVING PHENOMENAL BUSINESS, PROFESSIONAL & PERSONAL SUCCESS

VII.??????? 69 Examples of Great Game Changing Disruptors and 1st Movers [Many YOU MAY NOT HAVE HEARD]- AND WHOSE advantages would be cashed by Fast-followers

VIII.??????? 40 Sample Emerging Trends and Opportunities Fields - Beyond the Known & Popular

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Businesspersons, Startup Owners, Enterprise Leaders & 1st movers – your entrepreneurial journey would be unique.

Your voyage would be full of challenges, mistakes, and failures and you could create the power to inspire and change the game's rules.

Your ideas must be distinctive and exclusive – then only you have a distant chance to be a game-changer and create a disruptive masterpiece.

But if you are bitten by the bug of disrupting the business & market landscape – you will soon have the mindset of using the crises and setbacks – to trigger inspiration and use them as learning opportunities and would also discover unconventional ways to overcome them.

Highly Successful people and great business leaders work to develop the mindset of being unstoppable - champions & winners.

They identify, create, and occupy a niche to establish a very distinctive positioning in the minds of their customers.

They Work on things that – no one can take away from them

To be the greatest of all or G.O.A.T. ?- you need to sharpen, strengthen and utilize - your uniqueness, your skills, your attitude, your mindset, your character, your values, your discipline, your efforts, your learning and reinventing yourself continuously, your self-acceptance, your self-worth, your self-pride, your knowledge, your expertise etc., etc. ?

When A first mover has succeeded, and the market size seems large & profitable enough – they are almost always followed by competitors that attempt to?capitalize?on the first mover's success and gain?market share.

54 Sample MUST Do Questions & Checklist for Due Diligence for Startups, Entrepreneurs & 1st Movers

1.??? ?Sample FINANCIALS Due Diligence Checklist

???? I.??????? ?Can you read &?review financial statements, including balance sheets, P&L statements, income statements, and cash flow statements etc.

??? II.??????? ?What is your business model, revenue model & marketing model

? III.??????? ?Do you know how you are going to make money, from where your money is going to come

?IV.??????? ?Do you know where all you must spend money – specific head wise in details

?? V.??????? ?Can you verify the accuracy of your financial projections and assumptions

?VI.??????? ?What are the startup’s current revenue streams and how sustainable are they?

VII.??????? ?Are there any outstanding debts or liabilities

VIII.??????? ?How much money do you need to raise and how will you raise it

?IX.??????? ?Are you sure that you can sustain your operating and all other initial costs – from your projection

?? X.??????? ?Analyze the quality of revenue. Are there any one-time sales or non-recurring revenue streams that inflate the numbers?

?XI.??????? ?Assess the customer concentration risk. Are a few customers responsible for a large portion of revenue?

XII.??????? ?Calculate and analyze key financial ratios such as the current ratio, quick ratio, and debt-to-equity ratio to understand liquidity and leverage.

XIII.??????? ?Evaluate the startup’s burn rate and runway. How long can the company sustain its operations with the current cash reserves?

2.??? ?Sample LEGAL Due Diligence Checklist

???? I.??????? ?Do you know what regulations, licenses, intellectual property laws, permits, patents, trademarks, copyright agreements, ownership documents, and other legal documentation is needed

??? II.??????? ?Do?check for any pending or past litigation involving the company – in case you are buying or taking over

? III.??????? ?Verify whether the company compliant with all relevant regulations and standards

?IV.??????? ?Verify What intellectual property the startup owns, and is it adequately protected?

?? V.??????? ?Verify if there are any existing or potential IP disputes.

?VI.??????? ?Verify compliance with industry-specific regulations and standards. Are there any upcoming regulatory changes that could impact the business?

VII.??????? ?Review the startup’s data protection and privacy policies. Are they compliant with GDPR, CCPA, or other relevant laws?

VIII.??????? ?Scrutinize all significant contracts, including customer agreements, vendor contracts, and partnership deals. Are there any unfavorable terms or clauses?

?IX.??????? ?Check for any change of control provisions that could be triggered by new investments or ownership changes.

?? X.??????? ?Conduct a thorough audit of the startup’s IP portfolio. Are all patents, trademarks, and copyrights properly registered and maintained?

?XI.??????? ?Evaluate the strength and enforceability of the IP. Are there any potential infringements or challenges?

XII.??????? ?Assess the startup’s IP strategy. How does it plan to protect and leverage its intellectual property in the future?

XIII.??????? ?Review any IP-related litigation history. Has the startup been involved in any IP disputes?

3.??? ?Sample Market Dynamics Due Diligence Checklist

???? I.??????? ?Analyze market trends and growth drivers. What are the key factors influencing the market, and how is the startup positioned to capitalize on them?

??? II.??????? ?Assess the startup’s market share and growth trajectory. How does it compare to competitors?

? III.??????? ?Competitive Landscape -Perform a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for the startup and its main competitors.

?IV.??????? ?Evaluate the barriers to entry and competitive advantages. What unique value propositions does the startup offer?

?? V.??????? ?Conduct a thorough market analysis to understand the competitive landscape and market potential.

?VI.??????? ?Validate the startup’s market positioning and growth strategy.

4.??? ?Sample Risk Assessment – Mitigation & Management Due Diligence Checklist

???? I.??????? ?What are the biggest risks facing the startup, and how are they being mitigated?

??? II.??????? ?How does the startup handle crisis management and contingency planning?

? III.??????? ?How efficient are the startup’s operational processes?

?IV.??????? ?Are there any risks associated with the supply chain?

?? V.??????? ?Assess the scalability of the startup’s operations. Can the current processes and systems support rapid growth?

?VI.??????? ?Evaluate the supply chain resilience. Are there any vulnerabilities or dependencies that could disrupt operations?

VII.??????? ?Evaluate the startup’s operational processes and efficiency.

VIII.??????? ?Assess the supply chain and vendor relationships.

?IX.??????? ?Review the startup’s technology stack and infrastructure. Is it robust, secure, and scalable?

?? X.??????? ?Assess the innovation pipeline. What new products or features are in development, and how do they align with market needs?

?XI.??????? ?Review the governance structure. Are there effective oversight mechanisms and advisory boards in place?

5.??? ?Sample Leadership Vision, Organizational culture & talent Due Diligence Checklist

???? I.??????? ?Did you?perform background checks on key team members?

??? II.??????? ?Did you?review employment agreements and HR policies?

? III.??????? ?What is the startup’s target market and how large is it?

?IV.??????? ?Who are the main competitors and what differentiates the startup from them?

?? V.??????? ?Did you?evaluate the leadership team’s track record and experience? Have they successfully scaled businesses before

?VI.??????? ?What is the long-term vision for the startup, and how does it plan to achieve it?

VII.??????? ?How does the startup plan to adapt to potential market disruptions or technological advancements?

VIII.??????? ?Assess the company culture and employee satisfaction. Are there any red flags in terms of turnover or morale?

?IX.??????? ?Evaluate talent acquisition and retention strategies. How does the startup attract and retain top talent?

?? X.??????? ?What are the backgrounds and qualifications of the founding team?

?XI.??????? ?How is the company culture, and does it align with the startup’s goals?

55 Strategic Questions Ask Yourself Before You Jump In The Game With Half-Baked & NOT TESTED Ideas & Assumptions

1.?? ??What problem are you trying to solve? Are there enough potential customers? Is it growing?

2.?? ???What’s your unique insight into the problem- What do you understand about it that everyone else doesn’t – why your assumptions are correct – what if they are wrong – what are the evidence to prove this

3.?? ??Is it a necessity product/service or a luxury or glamour need

4.?? ??What’s your unique insight into the problem? What do you understand about it that everyone else doesn’t? What value for customers are you bringing? What are the key brand messages for your product & service

5.?? ??Is the job to be done clearly defined and targeted?

6.?? ??Identify the Key Metrics that you need to track & measure your success – Some samples – Unique & SMART KPI-based PMS, JBTD analysis PMF-validating milestones Bain Value Pyramid MVP fit NPS CAC?? LTV targeted IRR MoM growth rate time-to-market

7.?? ?If the business succeeds how would the game field look like – Are you about to get suckered because of high testosterone excitement

8.?? ?What are some megatrends in the industry – why you think this is the right time Do you know something nobody else does like technical innovation

9.?? ?What is your product/service replacing - Is it a big problem or a small one -How big is the market for your solution?

10.??????????????? ?Are there any startups/products that already failed? If yes, what’s different in your offer & proposition to make you feel confident of succeeding

11.??????????????? ?How do you know that this problem is something a large mass would pay money to get it solved - Is there a real need for the product/service by targeted customers - What is the evidence that proves this

12.??????????????? ?Are there solutions for this problem already available in the market - Has anyone else tried to solve the problem?

13.??????????????? ?Who are the competitors and - How are they solving it?

14.??????????????? ?What’s your unique solution to the problem

15.??????????????? ?How the market leader is performing -Have they been successful or unsuccessful? Why?

16.??????????????? ?What is your unique value proposition

17.??????????????? ?Why this is a niche worthy of occupying?

18.??????????????? ?What is your proposed niche - Which market category you are competing in? What value for customers are you bringing? Will you have a differentiating advantage?

19.??????????????? ?What is your positioning strategy?

20.??????????????? ?Will the company be able to capture value?

21.??????????????? ?What could be the barriers that can derail your success & sustenance – have you any plans to overcome these barriers

22.??????????????? ?What are the Key Learning of Your SWOT of your value proposition – Biggest Weakness, biggest threat, biggest advantages, biggest opportunities

23.??????????????? ?What type of talent pool do you have – TOP talent or average

24.??????????????? ?What type of top talent do you need to have – how relevant is their expertise and exposure

25.??????????????? ?Have you done any financial feasibility - What are the revenue projections? -What are projected expenses? – What is your pricing strategy? – When will you break-even – When will you become profitable

26.??????????????? ?Have you done any risk assessment - What are the risks?

27.??????????????? ?Do you have any mitigation plan

28.??????????????? ?What are your contingency plans – in case your venture fails

29.??????????????? ?Have you created a timeline with milestones

30.??????????????? ?What’s your fundraising strategy? How many fundraising relationships do you have?

31.??????????????? ?Have you tested your sales pitch with a real Venture capitalist

32.??????????????? ?How will you ensure the conversion of customers from their existing providers

33.??????????????? ?How do you know that there will be creating demand for our product?

34.??????????????? ?How easy it is to switch the customers to your product/service – can their investments in older products/services may prevent them from switching to your product/service

35.??????????????? ??Are you trying to disrupt an existing category - are you defining a new one?

36.??????????????? ?Your proposed venture category - how is the industry/business doing - Is the industry/business category in any kind of difficulty? Are you solving the difficulty, or you too are likely to get stuck in the challenge? What is exactly proof of those changes on a macro level, in numbers?

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This article was originally published as “27 Reasons to Be a First Mover (and 51 Reasons Not To Be) & 55 Strategies to Succeed “ in https://successunlimited-mantra.com/index.php/blog [1st]for more than 3000+ blogs, articles and answers on creating metamorphosis in every aspect of your life - personal, professional, business, mental, emotional, social, relationships - please visit all three links https://relationshipandhappiness.com/ [2nd] and https://www.quora.com/profile/Subhashis-Banerji [3rd]

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