Hello again, I'm glad you're here. This is the next to last step, it's going to give your brain a tickle. In the next few minutes, we'll jump into the what, why and how planning a new enterprise. And inside is a handy tool for you. How to create a sketch of your idea for a clever new business. I'm excited.

I know you're in a hurry. So let's get going. We'll start by examining your what and why you still want to do a start up now. And finally how you think you'll do it. What's your idea? I'll bet you're gonna tell me and others.

I always enjoy hearing where an idea came from. serial entrepreneurs know that ideas for startups come from everywhere and anything. But what's important is your response to the question is your idea a good idea? veterans know the initial idea is just the beginning. The good idea used to launch a new business arrives after a lot of changing, shaping and altering of the initial idea. All startups go through that process apps, franchises, venture backed companies and so on.

So your job is to make your initial idea better, start the process and keep on advancing. I offer a collection of short, quick streaming courses designed to help entrepreneurs in a hurry. People like you. The lessons are based on the experiences of the best startup minds. You can find them at start one now calm. Remember, the average experience is cheapest secondhand.

So take advantage of experience, transform your initial dream into a good idea for a great business. Learn from the best of the best. Why are you going to do your startup? By now you should have a clear answer. If you're hesitating, review the earlier snippets, then try listing both the good and the bad reasons for you to do your startup. Stare at the list.

Share it with people you trust, then declare why you think you should do your startup. Now let's finish by looking at the how of doing your new enterprise. How you do your startup is all about going through a process. It starts with your initial idea and like a lump of clay in the hands of a sculptor, it will start to be transformed into something you hope will be a beautiful dream coming true to life. It will take much longer than you want. It will confront you with surprises every day Good and bad ones.

Most will be about people issues concerning employees and customers mainly and it will take a lot of hard work. First months will be very Exciting. The first two years will be crazy. What do you think your plan will look like right now? For instance, what is your final goal? That's part of a plan?

How will you cash in on your chips? That's very important. For instance, do you expect to live a lifetime on the cash flow from the enterprise, or sell a business or perhaps go to initial public offering? That's a glimpse of some of what's involved with the how to do a real startup. Now it's quick sketch time, I promise to show you how to do a quick sketch of your idea. And early sketches handy.

It gives tangibility to your initial idea and adds details important to the plan for building your business. The steps you're about to see is what successful new business veterans use to create that sketch. They like to keep things simple and not use weeks of time to create it will do the same. Start your sketch with these three steps. I'll go through each one at a time. You might want to have a paper and pen handy as we go through them.

Or if you prefer, pause, type on the computer and then come back, continue the snippet. Let's start here. What is your idea all about? Try pausing right now and write a very short paragraph describing what your idea is all about. Just a paragraph. That's all you need.

Now add another paragraph about how you will make money will you be selling an app or perhaps some hardware, perhaps offering a service over the internet, doing some e commerce or selling advertising. Put that into another paragraph for your third paragraph Describe who the competition is that you expect to run into, for instance, what large companies do you expect to compete with? ones that exist today? And who are the other startups that are similar? They don't have to be identical, just similar. And what makes your idea unique, something no one else has.

Finally, why do you think you'll be able to triumph over competitors? Put that into another paragraph. Now that your sketch is taking shape, let's proceed to finish by having you respond to these remaining steps. What about your idea is going to stir the emotions of your ideal customer so much that they say wow, when they hear about your cool idea that deserves its own paragraph, write it carefully. Now use some numbers to suggest asked how large your idea might become. Try estimating the total number of potential customers for your idea, then pick a selling price, then multiply that price by the number of customers.

That will be your potential market size. You will not be expected to have everyone purchase what you're offering in that market. But the number of zeros in the size of the market will give an a reasonable idea of how great the potential is for your idea. And be careful here. Customers, such as companies advertising on your website, send you real money, but and users are often expecting to get something for free. You would be wise therefore, to count both and users and customers.

Then assemble the numbers in words and presto, you now have your market paragraph finished Cash feeds your startup. Take a moment to estimate how much cash you will need for the first six months, and then for the first two years, declare the date of your launch in this paragraph. Tell the reader Where are you planning to get the cash you need for the first six months to launch your product and over the first two years. Finally, tell the reader the reasons you want to do this startup. Your motivation is central to the future of your plan. Everyone reading your sketch will be looking for what you say about why you want to do your startup.

So conclude with a clear simple statement. And now you're done. I hope you had fun creating your first sketch of your idea and congratulations. You have significant Frequently advanced your idea into one with a lot more potential for success. Shall we still continue? Do you think your idea is holding up to this increasingly intensive thinking?

And how are you doing with your big decision? By now realism should be sinking in. That's good. It means you're advancing thinking more and more like a true startup veteran. The pros know the first sketch of their idea will be refined later to add even more realism. That's done by examining what's required to do a new enterprise.

Let's do that next. What is required to get your new business started? A lot of things need to be thought about found and prepared before you get going. When done well, this phase of your thinking will transform your sketch into a clearer, more realistic picture of what you need to get your new business started. That will increase the quality of your decision. Should I do a startup now?

The more you know about the requirements for a new business, the more realistic your decision will be. The most important thing about your startup idea is you. So your next step is to examine just exactly what is required of you to get your business started. So let's go there right now.