It happens all the time, entrepreneurs find ways to derail their company before getting it off the ground. This worksheet and its corresponding video are designed to help you identify just how close you can get to blowing up your company.
Instructions:
Before you begin, watch the 21 Ways to Blow Up Your Company videos with Jason Mendelson, Partner at Foundry Group
Then, look at each statement below one-by-one. On your own, mark how true (T) or untrue (U) you believe each statement to be for you and your company.
For each prompt, provide specific scenarios or reasons that led you to respond as you did.
Discuss with your mentor why you evaluated these comments the way you did and take notes on their feedback.
Determine what your next steps will be to reinforce the prompts you rates as true, and to fix those you marked as untrue so you don’t blow up your company.
This section will help you to identify which of your activities, behaviors, and motivations may threaten your efforts to build a company.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our idea has been validated from customer research and is a need in the market
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True False |
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Our team completed a business model that can be clearly understood by others
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True False |
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Our team has clearly defined goals that we work to execute each week
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True False |
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Our team continues to test our hypothesis to ensure the viability of our vision and efforts
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True False |
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Our team is diligent about securing our intellectual property and discussing it with the appropriate people
|
True False |
This section will help you to reflect on your customer and competitor efforts and on-going responses to public feedback.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our team is consistently analyzing and understanding our competition
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True False |
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Our team is diligent about managing customer and public feedback about our business
|
True False |
This section will help you prepare for the first few employees you plan to hire who will set the culture for your company. If you have employees then reflect on how your decisions regarding these hires impacts your company.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our initial team members reflect the mission and culture we want for our future
|
True False |
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Our initial team members reflect the mission and culture we want for our future
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True False |
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Our team consistently reviews our staffing needs and budget to afford taking on new talent
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True False |
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There are some in our company whom it would be best to let go
|
True False |
This section will help you get a sense of how well you are paying attention to the incentives, goals, and objectives of a potential lead investor as well as your equity partner selection process.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our team strives to understand the incentives of a potential lead investor before we pitch for money
|
True False |
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Our team makes a point to personalize each communication with potential investors
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True False |
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Our team is actively tracking potential investors and our network link to each person.
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True False |
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Our team is strategic and selective when choosing the right equity partners for our company
|
True False |
This section will help you reflect on the vetting process for professional advisors and how the quality of their advice could change the trajectory of your company.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our team has fully vetted our professional advisors who help guide our decisions
|
True False |
|||
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Our team has taken steps to get our legal affairs in order
|
True False |
This section will help you reflect on the kind of leader you are and how your behavior and reputation factors into company culture.
|
Prompt |
True/False |
Evidence to Support Belief |
Mentor Feedback |
Specific Next Steps Regarding this Prompt (Don't forget to set a deadline!) |
|
Our leadership team is respectful, culturally conscious and empathetic with our employees, customers and service providers
|
True False |
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Our team works with each other to recognize what we can/can’t control to manage expectations and outcomes
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True False |
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Our team helps each other maintain positive mental health
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True False |
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Our team holds each other accountable for internal and external commitments to others
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True False |
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Our team recognizes that our work life and personal life will collide
|
True False |
First, take time to reflect on each of these prompts, and think of some specifics that reinforce why you responded the way you did. In some cases you may feel very good about how you rated the team, but it’s important to understand why you responded the way you did.
Be cautious about injecting your own bias to these answers and it’s recommended to seek out a mentor to discuss each prompt. Mentors can help you review responses (especially the prompts you marked as untrue), ask you in-depth questions, review scenarios, and think more broadly about the prompt. Use this is a learning moment and talk with your mentor about these topics to avoid blowing up your company. Record notes from your mentor’s feedback and outline your specific next steps for your team.
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