#3 - Fixate on Your Pirate Metrics
If you want to suceed in winning the £100,000 or £1,000,000 Startup Race, you need to learn how to fixate on your Pirate Metrics
The secret to winning a Startup Race is wanting to win more than anyone else.
If you want to win a Startup race more than anyone else, then this will drive you to master the disciplines below.
Fixate on Your Pirate Metrics
If you want to win a Startup Race more than anyone else, you need to focus your mind on where to want to go.
This universal law means that if you dedicate at least the first three hours of every day focusing your mind on
Acquiring, Activating and converting people into paying customers, then you will achieve your revenue goals.
This is what we teach in our accelerator programme, and this is what empowered Priyanshu Nath to win our £10,000 startup Race.
This is the way.
Make sure you are on the right path
Focusing on your Pirate Metrics for three hours every morning can prevent you from drifting, wasting time and energy but you can still be heading in the wrong direction.
Your first attempt at using the Customer Factory to create your Traction Roadmap on Leanstack can have false assumptions such as product price and conversion ratios that results in you generating only £25,000 revenue in years 2-3, instead of £170,000.
Not only could this prevent you from winning the £100,000 Startup Race, it is critcally important if you hope to raise £500,000 by selling 20% equity in your company in year three.
Full membership in our Preparation Programme gives you access to advanced Leanstack resources and group coaching to make sure your Customer Factory assumptions are tested and proved to be correct.
Increase the value of your company/ share price
There is a direct correlation between the Annual Reccuring Revenue (AAR or EBITDA) your startup generates and the valuation of your company.
Based on an average valuation multiple of 9X, your company needs to be generating £170,000 ARR if you want to sell 20% equity to secure the £100,000 Startup Race investment prize.
If you are only generating the £5,000 ARR required to qualify for the £100,000 Startup Race, this means you need to achieve a 34X growth in 12-months.
This may seem impossible, but the resources, training and coaching we provide you with in the Startup Race Preparation Programme (for only £99/month) are the same that enabled Priyanshu Nath to achieve 44X growth in only 6-months!
Build Your team
Angel Investors are more interested in a team of entrepreneurs rather than a solo-founder because success is a team sport. VC's will almost never invest in an individual.
Finding A-Players (CoFounders) to join your team is very difficult and fraught with risk, as Noam Wasserman reveals in his book The Founders Dilemma.
At over 400 League of Entrepreneurs meetup groups (sponsored by the Startup Race), and to 76 startups in our accelerator programme, James Shoemark taught founders how to find, recruit and onboard great CoFounders.
He will also teach you how to do this in the Full Membership level of the Startup Race Preparation Programme.
Break through invisible barriers
Changing our lives and building a successful business is very difficult because there are invisible barriers and systems that hold us in place. It's like a psychological version of homestasis.
If you want to achieve something significant or build a £10,000,000 company, then you need support in identifying what these barriers and systems are, and working out how to break through them.
The Startup Race Preparation Programme provides 10 Premium Memberships to Entrepreneurs that really want to win the £100,000 or £1,000,000 Startup Races and have the ambition and financial abilities to do so.
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