Startup Financial Modeling, Part 2: Start with Your Assumptions
In the previous post of this series we described what financial modeling is and why it is important for startup founders to build their own models from scratch. Today, we’ll begin by diving into how to practically start building a financial model.
Startup Financial Modeling, Part 1: What is a Financial Model?
Our plan is to break this out into a four-part series and guide you through the components necessary for building your own financial model from scratch: Part 1: The why and what of financial modeling // Part 2: Assumptions // Part 3: Income statement and custom detail tabs // Part 4: Cash flow, balance sheet, and keeping the model updated.
Startup Rocket helps entrepreneurs build better companies
Along with my partners at Prota Ventures, I’m excited to announce today the public launch of Startup Rocket, a service that helps early stage entrepreneurs ideate, validate, create, grow, and fund new ventures. Startup Rocket provides a comprehensive operations framework, a collaborative online coaching tool, personalized coaching, and a ton of helpful resources for every step of a new entrepreneur’s journey.
Introducing the Startup Rocket Framework
Based on decades of experience ideating, validating, creating, growing, and funding startups (from both sides of the table), my partners and I are developing a framework to help entrepreneurs with the first critical steps of their journey. Our goal is to help founders build upon the traditional business plan and ideation tools out there to focus on executing what matters: acquiring and retaining happy, paying customers.
How to architect data flow and storage in a new startup
You may think you have a good idea, but it’s data’s job to tell you otherwise. Ironically, in the startup world today where everyone knows they should make “data-driven decisions”, few founders actually setup their data architecture and flow to give them the data they need on a daily basis to make smart choices, let alone facilitate growth.
Five questions to ask when choosing a technology stack for your startup
Almost as dangerous as stating your political or religious opinions online is suggesting software tools and languages for a startup. Software engineers are an opinionated and tribal bunch; say the wrong thing and you’ll be ridiculed and cast out of camp faster than you can say “spaces are better than tabs.”
Why writing a user interface spec (UI spec) is critical for startup teams
Building a software product is hard. While we’ve all heard stories of hero developers cranking out projects in a weekend that go viral, that’s obviously not the norm. For the rest of the world, a smart and diligent approach is needed to build something useful and keep their team (however large or small) on the same page to avoid wasting time.
Data-driven startups: How to design and build smart funnels within your product
The dance between product and growth in a new startup is rarely elegant, especially when founders fail to bake smart funnels into their product.
Startups: How to set a realistic timeline when building a software product
“Sure, we'll have that done in three weeks.” says the engineer. The marketer rolls her eyes, of course, and expects it in five. Eleven weeks later, it's delivered (and it's not very good). After an additional seven weeks of ironing out the basic bugs and UX kinks, marketing finally feels comfortable promoting it. Why didn't the engineer just say “about 20 weeks” and aim for delivering a tad early?
Seven reasons why a Rails, Redux, React, and React Native stack is fantastic for new startups
Here are the reasons why I'm all-in with this software stack.
Most of us — if we are fortunate (and whether we like it or not) — have people in our lives who help point out our blind spots and teach us new things. Significant others, friends, colleagues, kids, parents, sports coaches, teachers, music instructors, etc. are often the people that pour into us and/or remind us that we’re human. (Seriously, we have many people to thank!)
Introducing Prota Ventures
Along with our first set of portfolio projects, my partners and I are excited to unveil Prota Ventures, a venture-building and early-stage investment firm based out of Seattle, Chicago, and Jacksonville.
How to conduct free and low-cost experiments to validate your new business idea
Entrepreneurs are always tempted to build their products secretly in a cave. This, however, is rarely the most effective way to succeed. According to common Lean wisdom, the better route is to get the idea in front of customers early and often, smartly collect feedback, and iterate rapidly toward product-market fit. But, as anyone who has ever tried it knows, this is easier said than done. How do you actually validate an idea? How do you best design experiments? Who do you ask to participate in them?
How (and when) to select advisors for your new venture
Like all entrepreneurs who have been in the game for awhile, I too am forever grateful for advisors who have helped shaped the course of my career and the ventures I've co-founded. However, finding the right advisors and formalizing the relationship properly is often a confusing process. I've fallen into many traps (as both a founder and an advisor) that are avoidable with — you guessed it— the right advice.
Building a new web product: How to best setup engineers AND creatives for a win
Pre-launch startup operations are always chaotic. That being said, equipped with your idea, team, market analysis, customer personas, early validation via surveys and interviews, and a brief overview statement (yes, do all that first), there is something simple you can do to setup your engineers and creatives for a win.