Expara

A message from the instructor

About the instructor

Connecting to my network

How to use this course

READ FIRST: How to complete the course

Course schedule

Course submissions and milestones

About Expara

Reading: Can entrepreneurship be taught?

Reading list for entrepreneurs

What is the relationship between risk and return?

Risk and return

Reading: Risk and return

What is an entrepreneur?

What is an entreprenur?

Reading - Two types of entrepreneurs

What is a scalable business?

What is a scalable business?

How to build a scalable business?

Why become an entrepreneur?

Why become an entrepreneur?

Reading - What makes a successful entrepreneur?

Reading - Should I work first of just start a company?

Reading - Why entrepreneurship

Reading - How important is luck in entrepreneurial success?

Obstacles to entrepreneurship

This could be you

This could be you

Let's fail

Overcoming the fear of failure

Reading - Innovation from failure at 3M

Reading - Fear and failure

Reading - Why is failing good for entrepreneurs

Success from failure

Success from failure

Reading - Success from failure

Reading - What percentage of start-ups really fail?

Reading - Why do so many start-ups fail?

Reading - Why is it good that so many start-ups fail

Reading - Do difficult things

Why should companies raise investment?

Why do startups raise money?

How to fund growth?

Fund growth with convertible debt and equity

Reading - Why do start-ups raise money?

Reading - What is the best form of funding for a start up

Reading - Only a moron starts a business with a loan

Reading - What is the difference between debt and equity?

Highest returning asset class

VC is the highest returning asset class

VC improves portfolio diversification

Reading - Why do investors invest in VC funds?

Reading - Top VC fund managers can consistently outperform

Why VC now

Why venture capital now

Reading - Is moores law over?

Reading - Amaras law

How do VCs generate returns?

What kind of company does VC invest in

What kind of companies generate high returns?

Which one is more scalable- product or service?

Reading - What is the optimal time to enter a market?

Reading - What do VCs invest in?

Reading - Which scales better?

Reading - Good business vs good investment

The investor’s decision tree

The investor’s decision tree

Key elements for success

Key elements for success

Reading - Three most important factors

Reading - Product market fit or team

Reading - Key elements of success

Communicating with investors

Communicating with investors

Reading - How to connect with investors

Innovation and value proposition

Defining innovation

Innovation and value proposition questions to ask

Innovation and value proposition questions

Why invest in innovators

Reading - Innovation and value proposition

Reading - Innovators, imitators and idiots

Reading - Is Grab an innovator or an imitator?

Reading - Pain and demand (How does pain drive demand)

Business model innovation

Business model innovations

Reading - What is the Gillette business model

Reading - Disruptive business models

Identifying favorable markets for start-ups

Market life cycles and structures

Sizing the market

Top-down and bottom-up market sizing

Reading - Sizing the market for a start-up

Market identification and analysis

Market identification and analysis

Market identification and analysis questions

Who is your customer?

What are the elements of marketing strategy?

Product differentiation

Market positioning

Market positioning

Elements of the 4Ps

4 Ps

Choose the right segment to enter the market

Developing a tagline

Marketing strategy questions

Value innovation

Blue ocean strategy

Customer analysis

Customer segmentation analysis

Sales and distribution

Sales and distribution

Reading - What are unit economics?

Customer, sales and distribution questions

Business plan draft 1 submission

First mover disadvantage; last mover advantage

Sustainable competitive advantage

First mover advantage & last mover advantage

Reading - First mover disadvantage last mover advantage

Reading - Why are you using Whatsapp?

Reading - Why are there only two ride sharing companies in each market?

Competing with large companies

How startups beat established companies?

Competing with large companies

Sustainable Competitive Advantage (Market Leaders, Dinosaurs, and Small Mammals)

Reading - Market leaders dinosaurs small mammals and asteroids

Reading - SCA case study: who was the first mover in personal computers

Sustainable competitive advantage questions

IP strategy

IP strategy

Reading - Is it possible for someone to steal your start-up idea?

Reading - What are the elements of an IP strategy for start-ups?

Forms of organization

Key legal agreements

Capital and legal structure of a firm

5 key agreements in venture capital deals

Reading - Key agreements in VC investment

In the financial section of the business plan

Why do we need a financial plan?

Financial projections - financial section of the business plan (2)

Valuation - financial section of the business plan (3)

Business plan draft submission 2

Business model - how will you make money?

Business Model - The financial section of the business plan (1)

Key revenue model issues

Reading - What is a business model?

Pro-forma Financial Model

Create financial projections

Why forecast 5 years?

Starting with revenue forecast

Top-down market sizing example - Plant-based meat

Top-down market sizing example - Sesame milk

Bottom up market sizing

Introduction to Revenue forecast in Excel

Why is the top-down forecast different from bottom-up forecast?

Mistakes startup CEOs make

Financial model explained 1

Reading - Why will financial forecasts always be wrong?

Financial model explained 2

Financial model explained 3

Balance sheet

Income statement 1

Income statements 2

Cash flow budget

DCF valuation model

Financials and DCF Valuation

Weighted average cost of capital

Valuation in financial modelling

Dilution schedule and investor ROI

Reading - Why are so many startups not profitable?

Reading - How is a model different from reality

Why do most valuation methods fail for start-ups?

Why do most valuation methods fail for start-ups?

Reading - Why do traditional valuation methods fail?

Company valuation methods

Comparables

Methods of valuation - comparables

Discounted cash flow valuation

Methods of valuation - discounted cash flow

VC method

Methods of valuation - VC method

Valuation methods

Pre-money and post-money valuation

VC method valuation explained

Where do the numbers in VC method valuation come from?

Reading - What drives VC fund returns

VC return distribution

Key valuation issues

Reading - Epidemic of overvaluation

Reading - Why don't startups pay dividends?

Reading - What is cost of capital and why is it important?

Exit strategy and ROI

Exit strategy and ROI

ROI and dilution

Calculate investor's ROI including dilution

What two numbers do investors need to calculate their ROI

What is an exit strategy

Why every start-up needs an exit strategy

What is the best exit strategy

Calculating exit valuation

Never sell less than 100 percent

Reading - How do VCs make money

Financial plan draft submission

Submit summary of your financial plan (word or PDF file)

Fundraising process

Why is the multistep fundraising process so important?

Reading - VC funding process enables funding of innovation

VC investment process

The fundraising journey of startups

Reading - Smart money or dumb money

How much funding to raise?

Funding required - The financial section of the business plan (4)

Reading - What are burn rate and runway?

Reading - How much to raise?

How much equity to give up?

Equity offered - financial section of the business plan(5)

Reading - How much equity to give up?

Reading - How should founders split equity?

Reading - Choose your investor as carefully as you choose a spouse

Reading - Angel or VC or CVC which is best

How to use funds raised?

Use of Proceeds, Exit Strategy and ROI - financial section of the business plan(6)

Reading - Who are venture investors?

Reading - Is dilution a good thing or a bad thing?

Reading - Use of funds - do founders salaries drive growth?

Reading - What is FF and F?

Reading - What is OM and how much of it do you need?

Reading - The best and worst times to raise money

Reading - Why not give up the minimum equity

Key elements of the deal

Economic terms in term sheets: Part I

Economic terms in term sheets: Part II

Control terms in term sheets

An example of how liquidation preference works

Reading - Key terms in VC term sheets

Reading - Liquidation preference as valuation insurance

Cap tables

What is a clean cap table?

Reading: The 7 deadly sins of messy cap tables

Reading - What is founder vesting?

Download: Term sheet template and term sheet alternatives

Investor presentation materials

Investor pitch deck

First impressions

You can't judge a book by its cover: Part II

You can't judge a book by its cover: Part II (Susan Boyle singing)

You can't judge a book by its cover: Part III

You can’t judge a book by its cover

Getting past gatekeepers

How to get past gatekeepers?

How to stand out?

Effective presentation delivery

What causes presentation choking?

Presentation tips

Reading - What is a gatekeeper and why are they important

Reading - How to get to gatekeepers

Reading - Understanding gatekeepers incentives

Reading - Getting past gatekeepers

Q&A is the most important part

A sample VC pitch (a lot like love video)

Handling Q&A

Difficult questions

Responding to difficult questions

Presentation slide draft submission

VC-start-up negotiations

VC startup negotiations

VC - startup negotiation game

Contact Information

Business plan final submission

Financial plan final submission

Presentation slide final submission