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remains: Is this an opportunity worth pursuing? Can it support a scalable, profitable business? Throughout this module, we will primarily focus on problems worth solving, as they are often the most reliable foundation for building strong businesses. However, never ignore an opportunity that arises outside of an explic...
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/01-Introduction to a Problem Worth Solving.md
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# The Importance of Validating the Problem [YouTube](https://youtu.be/1Y7HMnUCB6g) At EWOR, we believe that for the vast majority of entrepreneurs, validating the problem they have identified is the place to start. ## Customer Needs Are Not Within Your Control A promising startup offers a technologically feasible p...
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/02-The Importance of Validating the Problem.md
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# Breaking Down the Problem [YouTube](https://youtu.be/9nQwPggPScc) When researching the problem you have identified, it’s crucial to think in terms of needs rather than wants. A need is an underlying desire that is solution-agnostic, while a want is a specific solution or feature that someone finds desirable based o...
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/03-Breaking Down the Problem.md
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-customers-jobs-to-be-done), Clayton Christensen and his co-authors explain the Jobs to Be Done Framework. **The Jobs to be Done Theory by Clayton Christensen** In [this 7-minute video](https://www.youtube.com/watch?v=Stc0beAxavY), Clayton Christensen explains the Jobs to Be Done Framework.
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/03-Breaking Down the Problem.md
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# Actual vs Detected Behaviour [YouTube](https://youtu.be/ur3I3QNL7pc) For a problem to be a problem worth solving, it needs to be a true problem. A true problem is one that people genuinely experience, not just claim to. This might seem like a trivial distinction, but it is crucial. People often behave differently w...
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/04-Actual vs Detected Behaviour.md
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# Extreme Users [YouTube](https://youtu.be/RYZYbcV4edI) For a problem to be a true problem, there must be extreme users—people who are either incredibly enthusiastic about about a product or service and push the boundaries of its capabilities, or struggle getting value from the product or service. Extreme users (eith...
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resources/Modules/A Problem Worth Solving/02-Identifying a Problem Worth Solving/05-Extreme Users.md
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# Introduction to Need-finding [YouTube](https://youtu.be/QqSu44Ms_EE) In earlier topics, we defined ‘a problem worth solving.’ We highlighted that problems should be framed in terms of needs rather than wants and discussed how conversations can be a valuable starting point for validating a problem. However, we also ...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/01-Introduction to Need-finding.md
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# Need-finding Interviews [YouTube](https://youtu.be/mMNeXGJrqTE) Interviews are one of the three qualitative research methods used in need-finding. Interviews can be a very powerful tool to uncover needs and test your hypotheses, but if performed incorrectly, interviews can quickly result in false positives — where ...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/02-Need-finding Interviews.md
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of fluff by asking about specifics. ## What to Ask in Need-Finding Interviews The goal of need-finding research is to find out if the problem is a true problem, how deeply people feel the problem and why they can’t avoid it. Below are examples of questions for each of your main goals. ![Examples of questions to ask ...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/02-Need-finding Interviews.md
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# Need-finding Observations [YouTube](https://youtu.be/N_vOuV1xNgQ) Earlier we discussed that there are three main need-finding research methods: interviews, observations, and immersing yourself in your customer’s situation. This topic is about need-finding observations. During observations, you observe the behaviou...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/03-Need-finding Observations.md
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file/M2-L2T3-AEIOU.png) ### Hacks & Workarounds Hacks and workarounds can be a great inspiration for solutions to the problem you are researching and can be turned into products that can be monetised. *No one owns a workaround* – they are not patented.  ![Workaround: Home-made mixing battery](/api/media/file/lipton....
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/03-Need-finding Observations.md
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she had. Wanting to dig deeper, Alex asked her to show her wallet. From her wallet, 26 different payment cards emerged. While she had a story for each card, it quickly became clear that she wasn’t as organised as she thought. This realisation surprised her as much as it did Alex. She wasn’t lying about her financial a...
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# Need-finding Immersions [YouTube](https://youtu.be/w6djWg8PdAg) The third research method for Need-Finding Research is self-immersion. Immersion is the ultimate way to emphasise. You experience the problem firsthand. Immersions are a great way to both physically and emotionally experience the difficulties a potenti...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/04-Need-finding Immersions.md
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# Whom to Observe and Interview [YouTube](https://youtu.be/mKOVM2UaLi0) When deciding whom to interview or observe for your need-finding research, there are a few tips to keep in mind: ## Extreme Users Earlier, we mentioned that the existence of extreme users is a prerequisite for a problem to be worth solving. Ext...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/05-Whom to Observe and Interview.md
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# Finding Research Subjects [YouTube](https://youtu.be/mZ1czWGT_8I) We have seen how to conduct need-finding research and whom to talk to or observe. Let’s have a look at how to find research subjects. - **Activate your network. **Your network is often a great source for initial interviews, especially in the early s...
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resources/Modules/A Problem Worth Solving/03-Need-Finding Research/06-Finding Research Subjects.md
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# Introduction to Magnitude [YouTube](https://youtu.be/3VZeGT_E6z0) In previous topics, we discussed need-finding as a research method to determine whether a problem is worth solving. Through interviews, observations and immersions you have determined whether individuals feel the problem deeply in terms of time, mone...
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resources/Modules/A Problem Worth Solving/04-Quantifying the Magnitude/01-Introduction to Magnitude.md
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# TAM-SAM-SOM [YouTube](https://youtu.be/matDgj0ZH4s) TAM-SAM-SOM are three often used metrics related to market size or opportunity. It is a tiered approach, moving from the broadest possible market definition to a portion of the opportunity you can realistically capture in the next few years. ### **TAM – Total Ava...
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resources/Modules/A Problem Worth Solving/04-Quantifying the Magnitude/02-TAM-SAM-SOM.md
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# Calculating the Total Available Market [YouTube](https://youtu.be/02hXkcAiUzo) TAM stands for the Total Available Market. The TAM describes the total global revenue potential if you were to solve the problem you are researching for everyone who experiences it. There are two often-used methods for estimating the Tot...
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resources/Modules/A Problem Worth Solving/04-Quantifying the Magnitude/03-Calculating the Total Available Market.md
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, let’s calculate the market size for electric toothbrush heads in the US. 1. The target customer is people with electric toothbrushes living in the US. We don’t see a compelling reason to segment this group based on buying behaviour or spending habits. 2. Our need-finding research revealed that, on average, electric ...
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resources/Modules/A Problem Worth Solving/04-Quantifying the Magnitude/03-Calculating the Total Available Market.md
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# Common Mistakes in Market Size Calculations [YouTube](https://youtu.be/7qdbkB6diTA) Although market sizing sounds relatively simple, there are a few common mistakes we see entrepreneurs make. ### Your Customer’s Revenue Is Not Your Market Size The Total Addressable Market should represent the amount of money your...
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resources/Modules/A Problem Worth Solving/04-Quantifying the Magnitude/04-Common Mistakes in Market Size Calculations.md
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# Introduction to Researching Unavoidability [YouTube](https://youtu.be/zTCqm3xvg3A) For a problem to be worth solving (according to EWOR’s definition), the problem not only needs to be a true problem of high magnitude but also unavoidable. In previous topics, we discussed how need-finding interviews, observations an...
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resources/Modules/A Problem Worth Solving/05-Researching Unavoidability/01-Introduction to Researching Unavoidability.md
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# Competitor Analysis [YouTube](https://youtu.be/zp977FqiJBw) It is highly unlikely you are the first person to identify the problem you are researching. Other companies probably offer products or services to solve (part of) the problem you identified for a certain subset of people experiencing the problem. To get a ...
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resources/Modules/A Problem Worth Solving/05-Researching Unavoidability/02-Competitor Analysis.md
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# Different Types of Competitors [YouTube](https://youtu.be/S41YPPMEmzM) In competitive analysis, different types of competitors are distinguished based on how they differ from the benchmark company. As you likely have not developed a solution yet, this benchmark is currently lacking. However, we do believe that kno...
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resources/Modules/A Problem Worth Solving/05-Researching Unavoidability/03-Different Types of Competitors.md
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# Identifying Current Solutions Finding the companies that are your direct and indirect competitors is not always easy. Especially because some of them are likely startups that haven’t necessarily received lots of media attention (yet). They might still be in quite an early stage and not turn up on your Google Search....
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resources/Modules/A Problem Worth Solving/05-Researching Unavoidability/04-Identifying Current Solutions.md
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# Visualising the Current Solutions [YouTube](https://youtu.be/aGjCyoZkO8U) Once you've gathered information on existing solutions, it can be beneficial to visualise the competitive landscape. This will help you identify opportunities for differentiation and innovation. Two often-used visualisations are the Competiti...
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resources/Modules/A Problem Worth Solving/05-Researching Unavoidability/05-Visualising the Current Solutions.md
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# Introduction to Synthesis [YouTube](https://youtu.be/H3booB3U8ug) By conducting need-finding, market sizing, and competitor analysis, you’ve determined whether the problem you’re researching is worth solving. Now, it’s time to synthesise the data you’ve gathered and formulate a problem statement, which will provide...
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resources/Modules/A Problem Worth Solving/06-Developing a Problem Statement/01-Introduction to Synthesis.md
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# Visualising Your Data [YouTube](https://youtu.be/nihSXqKsOwA) Synthesis begins with visualising your data—a technique called “space saturation” in Design Thinking. Start by gathering all your information and writing each data point on a separate sticky note. Whenever possible, use direct quotes and clearly attribut...
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resources/Modules/A Problem Worth Solving/06-Developing a Problem Statement/02-Visualising Your Data.md
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# Clustering Your Data [YouTube](https://youtu.be/-IzCR4aivg8) With your data visualised, move on to step two: clustering. This process assists you in identifying patterns and themes by linking the dots, thereby revealing deeper insights. Experiment with different frameworks or diagrams to explore relationships with...
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resources/Modules/A Problem Worth Solving/06-Developing a Problem Statement/03-Clustering Your Data.md
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This approach can be a powerful tool for organising insights and identifying opportunities. ![Creating your own two-by-two can be an insightful way to cluster your data](/api/media/file/M2-L5T3-Create2x2.png) ### The Onion When researching consumer products, consider using the “onion framework” to cluster your data....
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# Problem Statements: Point of View [YouTube](https://youtu.be/b0FQ6oNVFls) After clustering your data, you've gained valuable insights into your potential customers. Now it's time to synthesise these insights into a concise and actionable problem statement. A problem statement is a concise description of an issue to...
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resources/Modules/A Problem Worth Solving/06-Developing a Problem Statement/04-Problem Statements- Point of View.md
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# Review and Remember This module focused on validating whether the problem you had in mind is a problem worth solving. We did this by: - **Need-finding Research:** Understanding the needs and frustrations of people experiencing the problem through interviews, observations and immersion. - **Sizing the market:** Chec...
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resources/Modules/A Problem Worth Solving/07-Final Thoughts/01-Review and Remember.md
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# Reflections Before moving on to the next module, we highly recommend that you reflect on the questions and statements below and discuss them with your coach. ### Can conclusions be drawn based on my research? - I have interviewed at least 30 people - I have observed at least 5 people - I have done at least 1 se...
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resources/Modules/A Problem Worth Solving/07-Final Thoughts/02-Reflections.md
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# Discuss With Your Coach Before moving on to the next module, schedule a meeting with your coach to discuss your progress and ensure you're ready to proceed. Come prepared to discuss the following: **1. Your Research:** - Walk your coach through the need-finding interviews, observations, and immersion experiences y...
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resources/Modules/A Problem Worth Solving/07-Final Thoughts/03-Discuss With Your Coach.md
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# Been There Done That Gain insights from successful entrepreneurs and investors as they share the hard-earned lessons from their journeys. In this module, you’ll gain access to videos of successful entrepreneurs and investors sharing the hard-won lessons that shaped their journeys. Each story provides practical take...
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resources/Modules/Been There Done That/index.md
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# Hubertus Bessau on Organisational Design [YouTube](https://youtu.be/WSt3L6Q-1dc) ## About Hubertus [Hubertus Bessau](https://www.linkedin.com/in/hubertus/) is a serial entrepreneur dedicated to building purpose-driven companies that promote positive impact at scale. As the Co-Founder & Managing Director of PROJEC...
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resources/Modules/Been There Done That/01-Leadership/01-Hubertus Bessau on Organisational Design.md
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# Johannis Hatt on Building Teams [YouTube](https://youtu.be/aTUgQVafySU) ## About Johannis [Johannis Hatt](https://www.linkedin.com/in/johannishatt/), an accomplished serial entrepreneur and angel investor, founded and exited multiple marketing technology and SaaS companies. Notably, he co-founded a global SaaS fir...
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resources/Modules/Been There Done That/01-Leadership/02-Johannis Hatt on Building Teams.md
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# Paul Müller on Hiring the Right Employees [YouTube](https://youtu.be/7AhotLrDgpM) ## About Paul [Paul Müller](https://www.linkedin.com/in/paul1/), EWOR Partner and key advisor at Adjust, started his first company at 23 and got into the app business during its early days. Having success, he used tools that he buil...
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resources/Modules/Been There Done That/01-Leadership/03-Paul Müller on Hiring the Right Employees.md
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# Oliver Mickler on Keeping Your Team Motivated [YouTube](https://youtu.be/XtLhLJ9245M) ## About Oliver [Oliver Mickler](https://www.linkedin.com/in/olivermickler/) is a seasoned entrepreneur and angel investor with a strong track record of building and leading successful ventures. He is currently Senior Vice Presid...
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resources/Modules/Been There Done That/01-Leadership/04-Oliver Mickler on Keeping Your Team Motivated.md
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# Paul Müller on Selecting a Co-Founder [YouTube](https://youtu.be/FsbazfB1uT8) ## About Paul [Paul Müller](https://www.linkedin.com/in/paul1/), EWOR Partner and key advisor at Adjust, started his first company at 23 and got into the app business during its early days. Having success, he used tools that he built him...
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resources/Modules/Been There Done That/02-Co-Founder Relations/01-Paul Müller on Selecting a Co-Founder.md
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# Omar Hedeya on Founding an AI Company [YouTube](https://youtu.be/eZUj9lV4skM) ## About Omar [Omar Hedeya](https://www.linkedin.com/in/omar-hedeya/) is an integral part of the Investment Team at 10x Founders, a network-driven investor supported by a community of 200+ entrepreneurs and angels. In his role, he focuse...
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resources/Modules/Been There Done That/03-Product Development/01-Omar Hedeya on Founding an AI Company.md
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# Samuel Frey on Desirability Validation [YouTube](https://youtu.be/xmWR-WagDL8) ## About Samuel [Samuel Frey](https://www.linkedin.com/in/samuel-frey-b02693144/) is an experienced Product Manager and Entrepreneur. Next to studying Product Management as one of the first students of CODE University, he has bootstrapp...
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resources/Modules/Been There Done That/03-Product Development/02-Samuel Frey on Desirability Validation.md
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# Johannis Hatt on Continuous Product Development [YouTube](https://youtu.be/Y9cq3xA5Cws) ## About Johannis [Johannis Hatt](https://www.linkedin.com/in/johannishatt/), an accomplished serial entrepreneur and angel investor, founded and exited multiple marketing technology and SaaS companies. Notably, he co-founded a...
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resources/Modules/Been There Done That/03-Product Development/03-Johannis Hatt on Continuous Product Development.md
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# Philipp Seybold on Testing Hypotheses [YouTube](https://youtu.be/v4ODwkWMAzk) ## About Philipp [Dr. Philipp Seybold](https://www.linkedin.com/in/philippsey/) is a business psychology scholar (Ph.D.), founder, and active angel investor. In 2014, he launched Combyne, a social network for fashion creations that grew ...
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resources/Modules/Been There Done That/03-Product Development/06-Philipp Seybold on Testing Hypotheses.md
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# Philipp Seybold on Common Pitfalls When Working With Hypotheses [YouTube](https://youtu.be/qsEmzvz66_4) ## About Philipp [Dr. Philipp Seybold](https://www.linkedin.com/in/philippsey/) is a business psychology scholar (Ph.D.), founder, and active angel investor. In 2014, he launched Combyne, a social network for fa...
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resources/Modules/Been There Done That/03-Product Development/07-Philipp Seybold on Common Pitfalls When Working With Hypotheses.md
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# Paul Müller on Systems Architecture [YouTube](https://youtu.be/OcZVUOi3Do0) ## About Paul [Paul Müller](https://www.linkedin.com/in/paul1/), EWOR Partner and key advisor at Adjust, started his first company at 23 and got into the app business during its early days. Having success, he used tools that he built himse...
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resources/Modules/Been There Done That/03-Product Development/08-Paul Müller on Systems Architecture.md
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# Hubertus Bessau on Branding [YouTube](https://youtu.be/75yAH6wh07Q) ## About Hubertus [Hubertus Bessau](https://www.linkedin.com/in/hubertus/) is a serial entrepreneur dedicated to building purpose-driven companies that promote positive impact at scale. As the Co-Founder & Managing Director of PROJECT EADEN, he le...
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resources/Modules/Been There Done That/04-Marketing & Sales/01-Hubertus Bessau on Branding.md
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# Paul Müller on Selling your B2B Solution [YouTube](https://youtu.be/7XrLa2efmy4) ## About Paul [Paul Müller](https://www.linkedin.com/in/paul1/), EWOR Partner and key advisor at Adjust, started his first company at 23 and got into the app business during its early days. Having success, he used tools that he built ...
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resources/Modules/Been There Done That/04-Marketing & Sales/02-Paul Müller on Selling your B2B Solution.md
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# Oliver Mickler on What Angels and VCs Look For [YouTube](https://youtu.be/6ENfteQnwJw) ## About Oliver [Oliver Mickler](https://www.linkedin.com/in/olivermickler/) is a seasoned entrepreneur and angel investor with a strong track record of building and leading successful ventures. He is currently Senior Vice Presi...
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resources/Modules/Been There Done That/05-Raising Funding/01-Oliver Mickler on What Angels and VCs Look For.md
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# Omar Hedeya on How to Make VCs Fall in Love With You [YouTube](https://youtu.be/oOTmSYhiCVA) ## About Omar [Omar Hedeya](https://www.linkedin.com/in/omar-hedeya/) is an integral part of the Investment Team at 10x Founders, a network-driven investor supported by a community of 200+ entrepreneurs and angels. In his ...
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resources/Modules/Been There Done That/05-Raising Funding/02-Omar Hedeya on How to Make VCs Fall in Love With You.md
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# Johannis Hatt on Unit Economics [YouTube](https://youtu.be/tzIy1zGKAB8) ## About Johannis [Johannis Hatt](https://www.linkedin.com/in/johannishatt/), an accomplished serial entrepreneur and angel investor, founded and exited multiple marketing technology and SaaS companies. Notably, he co-founded a global SaaS fir...
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resources/Modules/Been There Done That/06-Entrepreneurial Finance/01-Johannis Hatt on Unit Economics.md
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# Entrepreneurial Finance Reach model-market fit by choosing the right business model and creating a financial model for your venture. This module introduces you to the fundamentals of business modelling—why business models matter, the most common types, and how to apply them. You'll also gain an overview of key acco...
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resources/Modules/Entrepreneurial Finance/index.md
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# Introduction to Financial Statements In order to make an investment decision, investors want to evaluate their potential investment in the company by analysing its financial statements. [Investopedia](https://www.investopedia.com/terms/f/financial-statements.asp) defines financial statements as follows: > Financial...
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resources/Modules/Entrepreneurial Finance/01-Financial Statements/01-Introduction to Financial Statements.md
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# Profit and Loss Statements This topic focuses on profit and loss statements: [YouTube](https://youtu.be/231tfAasaJ4)
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resources/Modules/Entrepreneurial Finance/01-Financial Statements/02-Profit and Loss Statements.md
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# Cash Flow Statements and Unit Economics In this topic, we will cover the need-to-know details of cash flow statements and unit economics: [YouTube](https://youtu.be/_sR_m54quWA)
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resources/Modules/Entrepreneurial Finance/01-Financial Statements/03-Cash Flow Statements and Unit Economics.md
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# Why Business Models Matter On the simplest level, a business model is a description of how an organisation:  - **Creates** with customers  - **Delivers **through its technology and systems - **Captures** through its revenue and cost model value. One can say that a business model is the companies’ plan on how to ge...
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resources/Modules/Entrepreneurial Finance/02-Business Models/01-Why Business Models Matter.md
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# Exploring Different Business Models Now that you’ve understood how relevant business models are, it is important that you develop a feeling for the variety of different business models that are available to you. We highly recommend the [Business Model Navigator](https://businessmodelnavigator.com/explore) by Oliver ...
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resources/Modules/Entrepreneurial Finance/02-Business Models/02-Exploring Different Business Models.md
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# Building a Financial Model This topic will give you a rough overview of basic financial models. All following topics in this lesson will focus on elaborating on the concepts discussed here.  There are two main reasons why you want to build a financial model. First, you want to understand the validity of your busine...
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resources/Modules/Entrepreneurial Finance/03-Financial Models/01-Building a Financial Model.md
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costs and your sales. Some costs should scale with sales 1:1 (e.g. customer acquisition costs), others scale slightly (e.g. customer support staff costs) and others should be mostly detached from your # of customers (e.g. basic development costs). For costs, you always begin with the costs that are the best attributab...
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below cap table explains the fundamentals of how equity is redistributed during funding rounds.  Firstly, when raising, you are issuing new shares (capital increase). A typical German GmbH has 25,000 shares. Once you have valued your company (pre-money), it will be worth X, which is in this case €8.5 M. The valuation ...
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# Growth Assumptions ## Making Reasonable Assumptions About Your Growth In your revenue forecast, you want to make sure to make your sales or user growth more tangible. You want to create at least a yearly forecast about your growth, but, in the best case, have a monthly estimation ready to better estimate your growt...
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resources/Modules/Entrepreneurial Finance/03-Financial Models/02-Growth Assumptions.md
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# Cost Assumptions For startups, we believe it is best to think of your costs in three categories: 1. **Unit costs** (directly attributable to either the sale of a product or the acquisition of a customer or delivery of the product), which should be in your unit economics calculation. This is covered in the next less...
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resources/Modules/Entrepreneurial Finance/03-Financial Models/03-Cost Assumptions.md
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# Unit Economics This section is not mandatory for every financial model. However, every good software business or business based on online distribution, should have a proper unit economics calculation. A perfectly calculated unit economics calculation will provide you with an answer of whether your business will stay...
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resources/Modules/Entrepreneurial Finance/03-Financial Models/04-Unit Economics.md
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# Introduction to Valuation Valuation plays an important role in many life situations, as knowing what an asset is worth and what determines its value is the basis of all sophisticated decision-making. Even though we can value a broad range of different things, the core principles to valuation always remain the same. ...
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resources/Modules/Entrepreneurial Finance/04-Valuation/01-Introduction to Valuation.md
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# Discounted Cash Flows (DCF) The discounted cash flow (DCF) valuation method is a fundamental valuation model used throughout finance. It attempts to determine the value of an investment today based on assumptions of how much money this investment will generate in the future. Thereby, it uses future cash flows to pro...
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resources/Modules/Entrepreneurial Finance/04-Valuation/02-Discounted Cash Flows (DCF).md
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defined by the following formula: ![EWOR assets_formula 15](/api/media/file/EWOR%20assets_formula%2015) What you see in this formula is that the value is calculated based on all future cash flows. However, in step 2 we said that you only forecast the FCF for the coming five to ten years. That is why you also need to ...
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resources/Modules/Entrepreneurial Finance/04-Valuation/02-Discounted Cash Flows (DCF).md
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# Relative Value (RV) While fundamental valuation methods such as the DCF method discussed in the previous lesson try to evaluate the value of a venture based on its expected future cash flow, growth and risk and therefore does not compare the venture to other ventures, the relative valuation (RV) method evaluates the...
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resources/Modules/Entrepreneurial Finance/04-Valuation/03-Relative Value (RV).md
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# The Venture Capital (VC) Method The venture capital (VC) method is a popular valuation method in the private equity and venture capital arena. It combines elements of the DCF and relative valuation methods discussed in the previous lessons and is based on a successful exit. Thereby, it uses a high discount rate (*IR...
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resources/Modules/Entrepreneurial Finance/04-Valuation/04-The Venture Capital (VC) Method.md
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# The First Chicago Method Just like the VC method, the First Chicago Method (Named after the first Chicago Bank) combines elements of the DCF and relative valuation methods discussed in the previous lessons and is also based on a successful exit. In fact, it works very similar to the VC method, but takes it one step ...
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resources/Modules/Entrepreneurial Finance/04-Valuation/05-The First Chicago Method.md
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# Hiring Talent Build a scalable hiring process — from knowing when to hire to sourcing candidates and running interviews that reveal top talent. At the end of this module, you will have built the foundation of a scalable hiring process. You will know when to hire, how to define roles, source and assess candidates, ...
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resources/Modules/Hiring Talent/index.md
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# Introduction to Hiring [YouTube](https://youtu.be/XB-en__ztW8) Hiring is one of the most important — and hardest — things you’ll do as a founder. Your earliest hires will shape your culture and set your startup’s trajectory, so it’s vital to approach the process with care. This module will guide you through when to...
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resources/Modules/Hiring Talent/01-The Principles of Making Great Hires/01-Introduction to Hiring.md
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# A Note on Early-Stage Culture [YouTube](https://youtu.be/zV2eaAwwIGc) When you’re just starting out, culture can feel like a fuzzy, abstract concept. In reality, early culture is nothing more than your values as founders translated into how you build and run the company. # Culture Starts with You At the very begi...
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resources/Modules/Hiring Talent/01-The Principles of Making Great Hires/02-A Note on Early-Stage Culture.md
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# A Note on Diversity In the scramble of the early days, speed and alignment often come before variety. Homogeneous teams can move faster because they think alike — which helps when you’re still proving your model. However, it's worth noting that as your company grows beyond ~25 employees, the priority shifts from sp...
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resources/Modules/Hiring Talent/01-The Principles of Making Great Hires/03-A Note on Diversity.md
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# When to Start Hiring [YouTube](https://youtu.be/ya4gea_Jiag) In the pre-PMF stage, uncertainty is still high. You are testing, pivoting, and searching for the right model. Because of this, your team should remain as lean as possible.  - If you are two co-founders, avoid hiring more than three additional people. -...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/01-When to Start Hiring.md
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# Who to Hire [YouTube](https://youtu.be/feOijRjo6mU) When you start hiring, your biggest challenge isn’t just finding talent — it’s knowing which kind of talent your company truly needs at its current stage. The right hire at the wrong time can slow you down, while the right person at the right moment can multiply y...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/02-Who to Hire.md
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the start. Some hires create cost and complexity without helping you move toward product-market fit. - **Sales (Pre-PMF)**: Sales must be founder-led until product-market fit is achieved. Hiring salespeople too soon distances you from customers and slows down the critical learning process. - **HR (Too Early in General...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/02-Who to Hire.md
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# Job Specs [YouTube](https://youtu.be/xBXIM-DSQhc) When hiring, start by asking if you actually need a new person. Not every gap, whether it’s a task you can’t handle, work that slows the team down, or a missing capability, requires a formal job specification (job spec) to help you fill in what’s missing.  Sometime...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/03-Job Specs.md
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own. For example: *“You will be the operational engine of our founder-story flywheel, shaping narratives and managing the production pipeline from idea to final publication...”* 3. **Responsibilities**: A clear, chronological list of what the person does day-to-day. 4. **Must-Haves**: The two or three non-negotiable qu...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/03-Job Specs.md
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# Interviews and Assessments [YouTube](https://youtu.be/C5W4NSmO5Jg) As your startup grows, a single interview isn’t enough to make reliable hiring decisions. You need multiple data points to evaluate candidates from different angles. At EWOR, we use a variety of interview and assessment types. You don’t need all of ...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/04-Interviews and Assessments.md
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. A panel interview can help stress-test their expertise. Wrap with a bar raiser to ensure they raise overall standards. **Leadership Hires** Leadership hires need the most multi-layered structure. After a screening call, include both a case study and a presentation interview, since leaders must communicate strategy ...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/04-Interviews and Assessments.md
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# Interview Preparation [YouTube](https://youtu.be/sghMNihP6mM) Once you and your team have aligned on what role needs to be filled and what it will entail, the next step is preparing the hiring process itself. At this stage, structure matters: you’re moving from “what we need” to “how we’ll find and evaluate the rig...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/05-Interview Preparation.md
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# The Hiring Blueprint & Manual [YouTube](https://youtu.be/yxLG54jZRXI) By now, we’ve covered when to hire, who to bring in early, how to define roles, and how to prepare both your internal team and external postings. You’ve also seen how to structure interviews and start managing your hiring funnel. Before you move ...
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resources/Modules/Hiring Talent/02-The Foundation of Early-Stage Hiring/06-The Hiring Blueprint & Manual.md
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# Filling and Managing the Funnel [YouTube](https://youtu.be/EnJ7xx-OAY4) You’re ready to hire—now you need people flowing into (and cleanly through) your process. This topic gives you practical ways to fill the funnel and a simple system to manage it end-to-end. Use the channels that fit your company and stage; you ...
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resources/Modules/Hiring Talent/03-The Hiring Funnel/01-Filling and Managing the Funnel.md
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The key is to choose a few channels that suit your needs and manage them systematically so that your funnel never runs dry. **Direct Sourcing** Sometimes the best way to find candidates is to go straight to the source. Look at adjacent companies selling into similar markets or solving related problems. Identify their...
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resources/Modules/Hiring Talent/03-The Hiring Funnel/01-Filling and Managing the Funnel.md
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# DNA- and Resume-First Interviews [YouTube](https://youtu.be/Arnusu7syto) Running a great interview is about confidence, structure, and depth. You’re not just having a casual chat over coffee — you’re showing the candidate that this decision matters deeply. In this topic, we will cover all the essentials of running ...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/01-DNA- and Resume-First Interviews.md
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yourself against your peers — top 10%, 1%, or 0.1%? In what context?* - *What would your boss and colleagues say about you?* - *What was your typical day? When did you start, when did you finish?* Patterns matter: do they consistently show initiative, work ethic, and resilience? Did they upgrade their peer group or pl...
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ranked among their peers. - Testing whether their skills translate to your context. For example: being the #1 rep in a Fortune 500 company is different from being the first sales hire in a startup. Both are impressive — but they imply very different capabilities. ## Resources [EWOR Interview Guide](https://drive.goo...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/01-DNA- and Resume-First Interviews.md
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# Developer Interviews [YouTube](https://youtu.be/EtbgiuM4Jdw) The way we build software has changed. With AI able to generate huge amounts of code, the question is no longer “Can they write code?” — it's “Do they understand what they’re building and can they keep it simple, reliable, and maintainable?” This shift c...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/02-Developer Interviews.md
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# Evaluating Technical Candidates [YouTube](https://youtu.be/aJ_eYmsroNE) Once you’ve found a promising technical candidate — especially for roles like founding engineer, early developer, or CTO — your goal is not to test how well they can write code. In the AI era, machines can generate code quickly. What matters i...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/03-Evaluating Technical Candidates.md
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# Designing and Evaluating Case Studies [YouTube](https://youtu.be/n4_-HWYBlkU) Once you’ve aligned on a candidate you’re excited about, a case study is one of the most effective tools to understand how they actually think and operate. But a case is only useful if it reflects real work, not a polished theoretical exe...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/04-Designing and Evaluating Case Studies.md
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# Reference Calls [YouTube](https://youtu.be/NHU5Ii3fKhw) Interviews can tell you a lot, but reference calls often tell you more. They provide outside validation of what you’ve learned about a candidate, offering real-world examples of strengths, weaknesses, and impact. Done well, reference calls give you empirical e...
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resources/Modules/Hiring Talent/04-Running Hiring Assessments/05-Reference Calls.md
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# Selling During the Interview [YouTube](https://youtu.be/cmKhvWuvVZw) Hiring isn’t just about evaluation — it’s also about **selling the role and the company**. Candidates aren’t only being assessed; they are also assessing you. How you run the process often communicates more than a thousand words on a job descripti...
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resources/Modules/Hiring Talent/05-Closing Your Hire/01-Selling During the Interview.md
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# Compensation Compensating your team effectively is key to attracting and retaining top talent. There are three main components to consider: base pay (a stable salary), incentive pay (bonuses tied to performance), and equity-based compensation (a stake in the company). Striking the right balance between these element...
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resources/Modules/Hiring Talent/05-Closing Your Hire/02-Compensation.md
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Actual Shares When it comes to equity, you’ll need to decide whether to use Virtual Stock Options (VSOPs) or actual shares, and this choice often depends on where your company is based. In some countries, like Germany, VSOPs are a more practical option because they defer taxes until the stock is sold. This means emplo...
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resources/Modules/Hiring Talent/05-Closing Your Hire/02-Compensation.md
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# Onboarding Employees Onboarding plays a crucial role in shaping how new hires perceive you, their team, and the organisation as a whole, setting the stage for their future interactions and experiences. When done effectively, onboarding creates a positive and lasting impression while fostering alignment from the very...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/01-Onboarding Employees.md
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1e841BJXmvUTDuEqpUwB-yJxEjAmAYq6k5aU4BTmmfyY/template/preview) — Here is an example and template for defining role cards. - [NDA Template](https://docs.google.com/document/d/1oJpo9snRU3xDIZO6NaP1ezrM81NHubk2gxfoqDMrAFc/template/preview) — This is a Non-Disclosure-Agreement (NDA) you can use for your startup. - [Interns...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/01-Onboarding Employees.md
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# Spotting Cognitive Gaps [YouTube](https://youtu.be/u6eWPUjIFPQ) Once you compose your team, it may feel like everything is finally coming together. But, it is also important that once you have your team that you check for cognitive gaps. In this topic, we cover why doing so is necessary and how you can check for ga...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/02-Spotting Cognitive Gaps.md
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# Organisational Knowledge As your start-up grows, managing the collective knowledge within your organisation becomes critical to maintaining alignment and driving innovation. Traditionally, organisations were viewed as systems with a simple input-process-output model. However, modern organisations must dynamically cr...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/03-Organisational Knowledge.md
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. At this stage, the knowledge you possess resides primarily in your mind and in the tools, code, or documents you’ve created. However, everything changes when you transition to leading a team. Once you’re no longer working alone, the effectiveness of your organisation is no longer solely dependent on your individual ...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/03-Organisational Knowledge.md
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# Offboarding Employees [YouTube](https://youtu.be/Qtab3wGOVlk) As a founder, one of the most challenging conversations you'll face is letting people go. While it’s never an easy task, it's a crucial part of running a business. Unfortunately, two common mistakes are often made during this process. First, failing to c...
ewor-skill
resources/Modules/Hiring Talent/06-They’re Hired, Now What-/04-Offboarding Employees.md
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, which leaves the other person thinking there’s still room to change the outcome. This only leads to arguments and confusion, which isn't helpful and can result in ending things on bad terms. 2. **Don’t Make It Personal: **Never fire someone for personal reasons—it’s not a sound business decision. Even if there are pe...
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resources/Modules/Hiring Talent/06-They’re Hired, Now What-/04-Offboarding Employees.md
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