So what are the key resources
that you are going to need
for your business to be successful?
Very good thing to think about.
We'll walk through some of the
categories to help you think through
that question in this video.
Hi, I'm Steve Morris and I use this
StartupSOS channel to provide
practical how to advice
for first time entrepreneurs.
So we're walking through the canvas.
We've covered the value proposition
and the right hand part.
Now we're starting off on the left
hand part of the canvas.
It's critical that you understand
the key resources that you'll need
for your business to be successful,
and those key resources are going to
drive your cost structure.
And that will determine what you
need in terms of funding.
So this is an important topic to
understand.
We'll walk through some things to
think about in today's video to
fill out all of your assumptions,
your hypotheses about the key
resources that you'll need for your
business.
Key resources can be divided into
really four categories.
Physical resources, intellectual,
human resources and
financial.
Let's walk through each one.
Fiscal resources.
Obviously, this can vary a lot
depending on what your business is.
You may need a manufacturing
facility, warehouses,
a storefront lab space,
vehicles, machines,
point of sales equipment, computers,
web servers. You May need office
space. There's a lot of different
things that you might need
for your business.
Add those to your canvas.
These are all going to drive
into your cost structure
for your business.
Intellectual resources is another
category. First of all, is branding.
What brand image are you going
to have to develop to be successful
in this business?
What proprietary knowledge
is going to be critical to have
and to protect for this business?
And that can include things like
patents, copyrights,
trademarks, trade secrets,
and maybe things like databases with
customer information.
Think through for your business -
What are the intellectual property
aspects of the business that will be
important for you
to be able to develop and protect?
Document those in your canvas.
And remember, these too are
going to be part of what drives your
cost structure.
Human resources is, of course, a
requirement for just about every
company. What kinds of resources
do you need?
Researchers, engineers, marketing
people, salespeople, various types
of operations people.
They'll no doubt be some and
probably most of these categories
and perhaps more.
So think through the key resources
that at least initially at least say
for the first year you'll need
in order for your business to get
started and be successful.
So what kind of financial resources
will you need?
You know, for example, well, you
have to do customer financing
because it's a big ticket item.
And customers will need help with
financing. That certainly is
going to influence your cost
structure and your financial
strategy.
Will you have to buy inventory, will
you have to fund other aspects of
manufacturing, will you need to do
R & D.
That requires another financial
commitment. Will you need some debt
funding in order to smooth out
your cash flow?
That's usually a requirement for
most companies.
Will you need to be licensing
intellectual property.
That's certainly another thing that
drives the need for
financing.
So think through for your your
business, what kinds of financial
resources will you need to have
access to to
grow a successful business?
So that is a walk through of the key
resource categories to think about
for your business.
Use those bullet lists that we
outlined to go through and think
about what key resources you'll
need. Write down your beliefs, your
hypotheses about those resources.
Again, keep in mind you'll want to
test those, but those will also
be driving your cost structure
strategy.
That's our discussion of key
resources. If this was helpful,
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And remember, this is part of a
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And please check out the whole
series.
That's it. Thank you very much
for watching.