I am taking “How To Launch your Startup Idea for Less than $5,000” class with Michael Karnjanaprakorn of SkillShare fame. For the first time this class is taught as a mix of interactive sessions, self-paced study, and weekly assignments, and I am happy to be a part of the experiment.
I don’t really expect any major epiphanies from the assigned reading and watching — I am already familiar with a lot of the material. Instead, my hope was that the class would help lend structure to the entrepreneurial dabblings I’ve started getting myself into.
In the spirit of transparency (for which this blog is undoubtedly famous), I decided to project my class assignments, discoveries and experiences here for all of you to follow. Also, I decided to use the Raffl idea as a vehicle for this class.
So, let’s start with Assignment 1 – Vision:
1. Why does my company exist? What difference will it make in the world?
It’s no secret that thousands of companies use Twitter to promote their brands. Contests, giveaways and raffles are just one way to attract attention of new followers and to build brand loyalty online. I believe there is a better way to do it, and I am building Raffl to help brands manage their Twitter promos.
Just fill in a few details about contest rules, and Raffl will launch the contest, monitor participation and engagement, keep track of time, and help you pick and announce the winners!
2. Where are we going this year? Where are we going each quarter?
$500 in revenue from alpha and beta Raffl users and early adopters. That corresponds to ~500 Twitter contests and ~200-300 users. Q1-MLP, Q2-Q3- Sustainable user acquisition and first sales, Q4-Optimize, improve.
3. How will we get there?
- Build a prototype,
- Use Twitter to manually contact people running contests and giveaways,
- Offer free contests to vet the idea,
- Have the community spread the word.
- Level contact network to land some blog/news coverage