The Entrepreneur’s Checklist for The Entrepreneurial MD
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Life plan
Business idea
Prototype
Market survey
Financial planner
Assessment of current financial situation
Retirement plan
Intellectual property protection
 Provisional Patent Application
 Patent
 Inventor’s log
 Trademark and Service mark
 Copyright
 Non-disclosure agreement (confidentiality agreement)
 Check out existing IP agreements in current job
Business description
Definition of the need or want it addresses
Business model defined
 Revenue streams
 Costs
 Capital for funding
 Critical Success factors
 Risk factors
Kind of business model
 Bricks and mortar
 Online
 EBay
 Franchise
 Licensing
 Retail/e-commerce
 Multilevel marketing
 Service
 Home-based
 Sponsored
 Non-profit
 Mixed
Point(s) of differentiation
Target market – market analysis
 Demographics
 Psychographics
 Description of niche
 Size
 Growth potential
DBA/fictitious name filed
Your role in the business defined
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Corporate Vision
Corporate Mission
Corporate Values
Corporate culture
Your team
 Employed
 Outsourced
 Supporting consultants
 Mastermind group
 Board of Directors/Personal Board of Advisors
“Yuck Bucket” list
Job descriptions
How product will be made and distributed/sold OR how service will be delivered
Marketing plan
 Positioning
 Packaging
 Promotion
 Placement
 Persuasion
 Performance
 Pricing strategy
Brand
 Name
 Logo
 Attributes
 Web presence
 Domain names
 Identity kit (biz card, stationery)
CPA
Financial projections
 Key assumptions (written narrative)
 Income statement
 Balance sheet
 Statement of cash flows
 Cash management report
Funding sources for startup identified
Funding secured
Bookkeeping – system with audit trail
Exit strategy defined
Measures of success
Key milestones
Written business plan
Asset protection
Estate planning - attorney
Business attorney
Legal business entity
 Sole proprietorship
 Partnership
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 Corporation – S
 Corporation – C
 LLC
 LLP
Contracts and agreements
Check out non-compete clauses in current job agreements
Check out buy-sell agreements in current job
Insurance agent(s)
Insurance policies
 Liability protection
 Health
 Disability
 Auto
 Unemployment
 Worker’s Compensation
 Other specialized e.g. product liability
Manufacturing resources
Distribution channels
Real estate agent
Bricks and mortar entity
 Purchase
 Lease
 Build
 Build out
Company operations manual – systems and processes defined
Record-keeping
Payroll
Technology
 Hardware
 Software
 Security
Resources
 Books
 Colleagues
 Business consultant
 Mentor
 Business coach
 Networking group(s)
 Strategic alliances and joint ventures
 SCORE
 SBA
 Small Business Development Center
 Classes – online and offline
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