Your challenge during the Start stage is to more accurately define commercial potential by validating your idea. You will answer the questions, “Can we build it?” “Does it work?” and “Will customers buy it?” Failure of your initial concept is not uncommon, but it permits for the robust vetting and retooling of ideas.
- Engage Accountant / Assistance with Financials
- Engage Attorney
- Establish Mentoring Relationship
- Assemble Advisory Board / Team
- Business Plan
- Explore Seed Funding Options
- Start to Develop Investor Presentation
- Determine Ownership
- Determine Entity Type and Incorporate
- EIN / DUNS Numbers
- Patent / Trademark Filing
- Cost / Distribution Model
- Exit Strategy
- Financial Projections
- Federal / State Tax Returns
- Identify Intellectual Property / Develop IP Portfolio
Funding is often scarce at this stage but usually includes the owner, friends, family, incubators and accelerators.
Click HERE to search funding options available at this stage.
View or print out the full version of the entrepreneurial activity checklist HERE.