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Startups Made Simple: The Scorecards

Below is an excerpt from our book Startups Made Simple: How to Start, Grow and Systemize Your Dream Business. Learn more about the book here.

Startups Made Simple: The Scorecards 1

PART THREE: The Scorecards

There are two simple scorecards in this section: 

  1. The Founder Superpowers Scorecard which helps you determine how well you are doing on acquiring the superpowers (or hiring others to take that function). 
  2. The 6-Step Scorecard which goes through the main points of each step and allows you to quickly determine how you’re currently implementing your vision. 

Tip: Complete a scorecard every few months to see how you’re doing (and for your team as well if you’d like).  

Visit http://www.startupsmadesimple.com to download digital versions of these scorecards and tools that are mentioned.

The Founder Superpowers Scorecard

The Founder SuperpowersScore (1-5)
Energy
Superpower #1: Health
Superpower #2: Perseverance
Superpower #3: Optimism
Superpower #4: Momentum
Vision
Superpower #5: Clear Vision
Superpower #6: Clear Goals
Superpower #7: Product Obsession
Execution
Superpower #8: Agency Mindset
Superpower #9: Resourcefulness
Superpower #10: Personal Productivity
Superpower #11: Good Decisions
Superpower #12: Problem Solving
Leadership
Superpower #13: Good Communication Skills
Superpower #14: Accountability Mindset
Superpower #15: Team Development and Motivation 
Superpower #16: Courage to be Disliked

The 6-Step Scorecard

The Founder Superpowers

  • I’ve completed the Founder Superpowers Scorecard and know where I currently stand.
  • I’ve identified my best superpower category (e.g. “Execution”) and I know to continue to develop this superpower. 
  • I’ve identified my worst superpower category so I know either to work on it or hire others to handle this superpower.

Step 1: Imagine It

  • I’ve identified my primary motivation for starting a business and am committed to making it a burning desire. 
  • I have a Clear Vision (written) for the perfect business for me. 
  • My business idea is the best possible cross-section of what I like to do, what I’m good at, what’s needed and what I can be paid for (ikigai). 
  • I’ve written my idea down in the Startups Made Simple Business Idea Generator (BIG) to clarify my thinking and prepare for the planning step. 

Step 2: Plan It

  • I understand it’s important to test my idea so I can avoid wasting resources and time on a business idea that won’t work. 
  • I’m aware of “professional bummers” and others who don’t seem to like any new ideas and will avoid sharing my ideas with them for this reason. 
  • I’m aware of the top reasons for business failure and have crafted my business plan to avoid them. 
  • I’ve reviewed the best practices for picking a business name and have chosen a name for this project. 
  • I’ve completed the Startups Made Simple Business Plan to test my idea and do some “back of the napkin” math to see if I should proceed to the next step or go back to Step 1. 
  • I’ve tested my idea with some potential customers and at least 5 have indicated they would pay me immediately if my product or service existed. 

Step 3: Start It

  • I’ve determined if I need a formal business plan to obtain funding or investors. 
  • I’ve clarified ownership issues mentioned in Step 3 including agreeing on ownership percentage, duties and time commitments in writing (and stock options if applicable). 
  • I’ve selected a state, a name and legal structure appropriate for my business. 
  • I’ve filed the legal paperwork to formally register my business.
  • I’ve completed the Startups Made Simple Startup Checklist to complete any post-formation tasks (bank accounts, licenses, etc.) to complete the proper set up of my business.  

Step 4: Grow It

  • I know the difference between sales and marketing and that they are both critical skills to learn for a startup to succeed. 
  • I understand that it is much easier to identify your ideal customer and target them (even in a small niche) then attempt to get your message out to every potential customer. 
  • I’m aware of the biggest marketing and sales mistakes (see Step 4) and have taken action to prevent them in my business. 
  • I understand that a superior product or service is easier to sell (but doesn’t necessarily sell itself). 
  • I understand that some customers are much more profitable than others and I think “80/20” when trying to identify them. 
  • I’ve completed the Startups Made Simple Marketing Plan to identify my ideal customer, their personas, to build my list and test my message via various marketing methods. 
  • I’m aware of the elements of a great sales process, what makes great salespeople and have taken action to create a replicable sales process in my business. 
  • I’m aware of what it costs me to acquire a lead or sale and the lifetime value of a customer so I can adjust my marketing resources accordingly. 
  • I realize that I may need to pivot my idea to find “product market fit” and that this is normal in a startup. If I’ve exhausted the options I know it’s normal to return to Steps 1 and 2 to continue working on my idea. 

Step 5: Manage It

  • I understand that having a management system for my business is key to earning my freedom from working in the business and to start working on improving the business. 
  • I’m aware of the Five Competencies:
    • The Right Plan – I need to have a clear vision, purpose and goals. 
    • The Right Process – I need to have my processes documented. 
    • The Right People – I need to hire, train and manage the best people I can afford.
    • The Right Tools – I need the best tools to do the job. 
    • The Right Routines – I need a regular routine to keep my business on track. 
  • I have scheduled regular time to work on the Five Competencies in my business (usually starting with Plan, Process or People) and implement the best practices as described in Step 5. 
  • I’m aware of the customer, money and compliance best practices as described in Step 5 and have taken action to prevent any issues in these areas. 

Step 6: Systemize It

  • I understand the importance of having a systems mindset and how it not only makes my life easier, but adds considerable value to my business. 
  • I’ve begun putting together “The Manual” and documenting my business as described in Step 6. 
  • I’m aware of how complexity and entropy can destroy my system so I’ve taken measures to prevent that in my business. 
  • I’ve adopted Core Values or Principles and use them regularly in my business. 
  • I’ve decided what I want for the future of this company and have planned accordingly (keep running it, hire a leadership team, hire a CEO, exit plan, etc.).

This was an excerpt from our book Startups Made Simple: How to Start, Grow and Systemize Your Dream Business. Learn more about the book here or see our previous excerpts here.

This entry was posted on Thursday, December 15th, 2022 at 8:54 am and is filed under Startups Made Simple Book. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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