The Founders’ Guide to Starting Up
Easy-to-follow checklist. For the ❤️ of startups
This easy-to-follow checklist, built around the ten pillars of successful businesses, helps you assess progress and spot gaps, no matter where you are on your entrepreneurial journey.
Building the right foundations early is much easier than fixing overlooked basics later. Covering ten key pillars of any successful business, this checklist will help you avoid common mistakes, spot gaps, and stay on track to create a sustainable, backable business.
Index of Key Business Pillars
Product or Service
Clear definition of the business's offerings.
Address real customer needs, backed by solid market research and competitive insights.
Sales & Marketing
Strategies for acquiring and retaining customers.
Develop accurate customer personas and align sales strategies to these personas.
Customer Relationships & Retention
Enhancing the overall customer experience.
Implement loyalty programs and feedback systems to boost retention.
Operations
Setting up effective operational workflows.
Ensure processes and supply chains are scalable and well-documented.
READ » What is Marketing in the Context of a Startup?
Technology Stack
Building a robust and scalable technological infrastructure.
Support growth through secure, scalable tech solutions and automation.
Financial Management
Establishing solid financial frameworks.
Develop clear revenue models, perform budgeting, forecasting, and monitor financial health metrics.
Legal & Compliance
Ensuring the business adheres to legal standards.
Choose the right legal structure and maintain compliance with laws and regulations.
Human Resources & Team
Cultivating a strong organizational team and culture.
Align team and culture with strategic goals and maintain effective leadership structures.
Growth & Innovation
Scalability and ongoing innovation.
Plan for business expansion and stay updated with industry trends for continuous improvement.
ESG (Environmental, Social, Governance)
Integrating sustainability and ethical practices.
Implement and monitor sustainable business practices and ethical governance.
Quick Checklist 👇 Glossary of Key Terms 👇
But first... The Founder's Truth, Your Identity and Core Values.
Getting to grips with your role as a founder is uber important on this wild ride. Recognising your unique entrepreneurial style is not just about personal insight—it directly influences how you shape your business’s goals and align them with desired and practical outcomes:
➡️ Innovators break new ground with solutions that aspire to change everyday life.
➡️ Hustlers are the dynamos, pushing the business forward with sheer grit and relentless execution.
➡️ Imitators smartly adapt successful models with a twist, rejuvenating what already exists.
➡️ Researchers wield deep insights and academic depth to develop cutting-edge offerings.
➡️ Buyers think big, driving growth through strategic acquisitions.
But knowing your entrepreneurial flair and understanding your customer and capital needs is just the start. Pinning down your core company values is absolutely critical. Adhering faithfully to your core values, the DNA of your culture, is crucial for realising your vision. Straying from these principles for short-term gains can derail long-term goals and can compromise integrity. Your founder type doesn’t just influence strategy but also embeds the core values that are your guiding light to achieve your long-term vision.
Innovators value creativity
Hustlers emphasise resilience
Imitators focus on adaptability
Researchers prioritise innovation
Buyers underscore scalability
A successful team requires a mix of different types, but the core values must always be respected. Without this, the company’s direction can slowly shift, often leading to toxicity. Iterating or pivoting must always align with these fundamental principles—they must always hold the one true line.
💎 Living your core values is crucial.
Here's how to make them active elements of your business operations:
Clear Communication: Keep it simple. Make sure everyone not only knows the core values but sees them in action every day.
Lead by Example: Set the bar with your actions. Lead the way, and others will follow.
Continuous Reflection: Keep asking, "Are we on track?" Regular check-ins keep us true to our values as we grow.
Your values define your company's heart and soul. It ensures a cohesion that truly reflects you and why the hell you are doing this.
1. Product or Service
Core Offering
🚀 ☐ Have you clearly defined what your business offers (product, service, or both)? 🚀 ☐ Does your offering actually solve a real problem for your target audience?
Market Research & Competitive Analysis
🔥 ☐ Have you tested your product/service with real customers and done your market research?
🔥 ☐ Do you understand the size of your market, your customers’ needs, and where your product fits?
🔥 ☐ Do you understand what products people use to solve the problem currently?
🔥 ☐ Have you checked out the competition? What are their strengths and weaknesses?
🔥 ☐ Are you staying on top of market changes and customer behaviour?
🔥 ☐ Do you have a clear idea of how your product stands out in the market?
🔥 ☐ Are people getting excited about it?
Innovation
⚙ ☐ Are you constantly tweaking or improving your product/service inline with your user feedback loops?
⚙️ ☐ Are you keeping an eye on innovation trends in your industry to stay ahead of competitors?
Intellectual Property
⚙️ ☐ Have you identified any IP and how to protect it?
💡Priority Tip: Start by validating your product and getting to know your market inside out. Once you're confident, keep innovating to stay one step ahead.
If you have not joined the Fusion42 Community on Telegram — A space for Founders, Framers, and Funders who show up to get **it done,
it is probably time to do so.