Hey! It's Susan Jones from Ready Set Startupand I want to talk to you today about How to evaluate your startup in 15 minutes.
By the way, if you like this video, and youfind value, please share it.
That will help me know to make more of them.
So this story starts 7 years ago.
I was teachingentrepreneurship at University and one of the things that students did every semesterwas come up with business ideas.
and at the end of the semester, they had to pitch methe ideas.
And I had to give them a mark.
So I would sit there for 3 hours.
I wouldlisten to a 10 minute pitch, there would be 5 minutes feedback and from that I had todecide how good their idea was.
Listening to all that information all at oneis really overwhelming.
And I wanted to make sure that1.
I marked students properly and that it was objective and2.
that I gave them great feedback.
Because I knew some of them were serious aboutthese ideas and they really had worked hard and they deserved to have some good feedback.
So what was really interesting as I was listeningto these pitches semester after semester, is that it became really obvious that it wasn'tthe idea that determined whether this pitch and business was going to be successful ornot.
It was actually about the business model that the students had put around their idea.
So what I decided to do was to put togethera template that assessed them on how they did in these different areas of the businessmodel.
Because I wanted to make it objective.
Well at the same time, I was blogging aboutlaunching startups at my blog Ready Set Startup and I had people coming to me for help allthe time.
Especially for help really at the beginning stages of their startup.
And theywere saying "What do I do? What's going wrong? What's missing in my startup?" And I thought, I would love to be able tosit down and really dive into everyone's business and look at their business plans but I justdon't have time to do that.
How can I help these people? And as I was thinking about that, what I realisedwas that this template that I used for University students I could also use for real world startupsand it would be really helpful.
And what's more, I could automate it and peoplewouldn't need to disclose their ideas to me or any confidential information.
So, what I decided to do was to try and testout my idea – which we always should do right? Any new startup idea should be tested.
So I found 8 people who were willing to testthis idea with me and went through the process with them and they were all really positiveand found it really helpful.
So with the help of my husband, we createdan online software tool where you can go online, answer some questions and then the programon our servers will create a personalised report giving you feedback about your startupfor free.
So, since then, we've had over 500 startupsuse the tool to evaluate their businesses and they've found it really useful – whichis really awesome.
People find it gives them a lot of clarity.
It reduces the overwhelm that they are felling.
You know there is so many things to do startingup – what's really important.
And what's really interesting, is what I foundwhen people started coming to me for help was a lot of people – when we talk about thebusiness, not just the idea.
Starting a business, there's 7 key areas thatyou need to cover and a lot of startup owners are not really aware of what those 7 areasare.
So people do Score Your Startup and get theirStartup Score and it gives them a lot of insight about some of those areas that they hadn'tthought of or that they were missing.
So, if that sounds like something that wouldbe useful, I'd love to invite you to use Score Your Startup for free as well.
All you haveto do is to go to www.
Com – and I'll put the link in the first comment- and answer the questions and within 15 or 20 minutes, our server will send a personalisedreport evaluating your startup to your inbox.
So go and grab that – and if you find it useful,come back and comment 'Done' here and tell me what you learnt from it.
Okay, that's mytip for today.
Talk to you soon.