What do I need other than a pitch deck? If you are at the stage of thinking this through remember that a great pitch deck may be the most crucial tool in effectively launching, building and financing a startup business. Yet, it is not the only thing you need.
Here are some of the other assets you want to have lined up as a founder to ensure your venture has the wings to fly and legs to get funded.
What Else You Need To Start A Startup
Having a strong pitch deck is great. It can be the key to opening the vault to the money you need to get going and grow. It can be a vital document for attracting the right hires and advisors. Then for keeping your entire team (and you) focused on the big vision and the next most important steps.
However, no matter how incredible your deck is, it alone isn’t going to do everything for you.
Business, Marketing & Cash Flow Plans
When thinking about what do I need other than a pitch deck, keep in mind that real business plans aren’t as trendy as they used to be. That doesn’t mean they aren’t an essential ingredient. In fact, recent high profile startup failures may suggest they are more important than ever.
I recently interviewed Joshua Motta of Coalition and Cloudflare on the Dealmakers Podcast. After starting multi-billion dollar ventures, and in spite of being a tech genius who was recruited by Microsoft and the CIA as a teenager, he took time out to create a business plan for his most recent venture. A long-form, 70 page written plan. If it was a must for him, it probably has value for those with less experience too.
Two of the other VIP documents at this stage are your marketing plan and budget and cash flow analysis. Without marketing, you don’t have a business. Without knowing your cash flow needs and how you’ll cover them, you are almost guaranteed to go broke like 90% of startups who fail for running out of money.
Mission, Vision & Culture
You need a strong why and mission to stay the course and to bring in the best talent who will be passionate about helping you succeed. You also need to know and be able to paint the big picture vision for everyone. It will keep you going and focused.
More and more hyper-successful fast-growth startup founders are realizing just how important company culture is too. In fact, it’s everything. So, when it comes to creating their second and third successful startups, or having to choose one important piece of advice to share with other first time entrepreneurs it is frequently to start with culture.
Not just a fluffy idea. But taking the time to be intentional and mindful and to write a values and culture document to hire and operate by. It is probably the very first thing you should document for your next startup company.
Always keeping in mind when asking yourself what do I need other than a pitch deck that business is a team sport. That’s even truer when it comes to startups. Find a great team to surround yourself with and build this thing together.
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