Scrum Club Code Show Lecture 01 Damon Young
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Scrum Club Code Show Lecture 01 Damon Young

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The foundation lecture for the Scrum Club Code Show lectures on creating Agile startups

The foundation lecture for the Scrum Club Code Show lectures on creating Agile startups

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Scrum Club Code Show Lecture 01 Damon Young Scrum Club Code Show Lecture 01 Damon Young Presentation Transcript

  • Code Show Kickoff: Damon Young
  • The Pre-Startup Questionnaire
  • Agenda
    • About the speaker
    • The startup landscape
    • Questions every entrepreneur should answer
    • What’s the point?
    • Review
    • Q&A
  • “ Damon Who?”
  • The Startup Landscape
    • Small businesses make up 99.7% of all the private, non-agricultural employers in the U.S., employ roughly half of the nation’s workforce and account for roughly half of the nation’s sales.
    • 2 out of every 5 small businesses fail within the 1 st 2 years. 3 out of 5 fail within the 1 st 4 years.
    • Why?
  • Fruit of the Poisonous Tree
    • Most small business failures have little to do with market forces
    • Most have already failed before a single line of code has been written
      • Personal Flaws
      • Conceptual Flaws
    • Many of these flaws can be addressed – but many would-be entrepreneurs don’t
    • Answering many of these questions honestly can mean the difference between success & failure
  • Question #1 – Why?
    • Most common answer – “I want to be my own boss”
      • Especially in tough economy
    • “ Boss” is a loaded term. What do you actually want?
      • A promotion?
      • To go freelance?
      • To be a business owner?
        • “ Supervisor Plus”
        • Legal responsibilities
        • Financial responsibilities
  • Question #2 – Why take the financial risk?
    • Most common answer – “I want to be rich”
    • “ Rich” is also a loaded term
      • Is someone drawing a $500k salary in a corporate job rich?
      • We’re really speaking about financial independence, i.e. your business is an investment property, e.g.
          • Commodities & stocks
          • Real estate
        • To achieve a comparable level of ROI, you’d have to invest considerably more up front capital, but they require far less labor and the path to success is simpler
  • Question #3 – How rich do you really want to be?
    • Consider the potential ROI on various investments:
      • Stocks – perhaps hundreds of thousands of dollars
      • Real estate – perhaps millions of dollars
      • Tech startup – perhaps tens of millions of dollars or much, much higher
    • Honestly – what is the net worth you want to have?
      • Examples:
        • ProjectLocker founders
        • The Fresh Prince
      • The size you want to achieve can help dictate the kind and shape of business you begin.
  • Question #4 – How big is your idea?
    • Consider: Plentyoffish vs. Skype
    • It’s not just about revenue potential:
      • What’s the cost of doing your business?
      • How many employees would it take to run this business at its height?
    • This question is less about the business and more about you, the entrepreneur
  • Question #5 – What are your credentials?
    • “ Who the heck are you?!?!?”
    • For potential stakeholders, it’s all about risk limitation, NOT profit potential.
    • When talking to investors, does your skill set or experience correspond to the business you’re hoping to build?
    • Look horizontally, not vertically
    • Work with Agility
  • Question #6 – What is your skill set?
    • Example – Servoy
    • Does your business require the skills you possess in house to be successful?
    • The E-Myth
    • Do what you do best, then get help for the rest
      • Find good teachers
      • Equity is your only currency
      • Outsource with care
  • Question #7 – Business or Process?
    • Is this company your life’s work?
      • What role do you want over time?
    • Are you a serial entrepreneur?
      • Why?
      • How do you want this one to end? And when?
      • What’s your plan for the lean years?
  • Question #8 – Are you answering a question no one is asking?
    • For technologists who’ve invented a new app
      • Coolness does NOT equal Demand
      • If it’s a question you think the market SHOULD be asking…
        • What would it take to educate them?
        • Do you have the ability to make that happen?
  • Question #9 – You’ve identified a market. So what?
    • For businesspeople who’ve identified a hole in the market
    • Finding a niche is NOT the same thing as filling it.
    • The “Field of Dreams” myth
      • What’s the actual strategy for achieving market share?
      • What do you need to carry out that strategy?
      • How are you going to survive while carving out that market segment?
  • Question #10 – Is money even the point?
    • Is your idea really a for-profit enterprise, or is it a non-profit?
    • Do you REALLY want to work for a non-profit?
    • Different markets, same questions
  • The Point
    • Shooting first can kill your dream before it’s born.
    • An idea is NOT a vision.
    • Vision gives equity value.
  • The Questions
    • Why?
    • Why take the financial risk?
    • How rich do you want to be?
    • How big is your idea?
    • What are your credentials?
    • What is your skillset?
    • Business or process?
    • Are you answering a question no one is asking?
    • You’ve identified a market. So what?
    • Is money even the point?
  • “ Damon Who, again?”
    • Damon Young
      • Director of Sales – ProjectLocker
      • [email_address]
      • @dayfornight and @projectlockerhq on Twitter
  • ? ? ? ? ? ? ? ? ? ? ? ? ? ?
  • Thanks and Good Night