• Jesse’s blog: “He explained to me that the biggest impediment for entrepreneurs in Chile is the fact that Chilean culture harshly punishes failure in general. All the other Chileans in the room concurred…”
• “…As I spoke more with this Chilean businessman, it became truly apparent how debilitaSng it would be for entrepreneurs to grow up in a society that punishes failure”.
• In Chile, what happens if we punish failure? – We don’t share (fear) – Country in status quo -‐> zero innovaSon – We don’t learn – Cancer for Entrepreneurship • AccepSng failure is an important characterisSc of any entrepreneur.
• Most successful startups and successful people were failures at one Sme. Failure is important learning process. The ability to accept failure is an important characterisSc of entrepreneurs.
Ries, Lean Startup (www.startuplessonslearned.com) Eric
• Our goal is create an InsStuSon not just a product. • TradiSonal Management tacScs fail. • Environment of extreme uncertainty. • Not just 2 people in a garage.
Steve Blank, Four Steps to the Epiphany (www.steveblank.com)
• Nobody knows what the market really needs. (we cant predict the future) • Entrepreneurs usually build before test their Product/Business Model hypothesis. • Startups can fail from unproven assumpAons. – We believe that advancing the plan is progress. • You have to push your product out in order to be`er listen and learn from the market.
• Mike Maples: “You Have to Be Willing to Throw it all away”. – InvesSng a months of Sme in an idea, it’s hard to let it go and move on to the next one. – Be`er to push a minimal viable product out and validate your idea quickly – we’ll show you how to do this. • Most successful startups and successful people were failures at one Sme. Failure is important learning process. -‐ Adapt and move forward (PIVOT)
• Pivot is changing your business model (not just iteraSng on your product) – It s the equivalent of taking a hit (no product traction) and spinning (product pivot) to find another path to the goal (product market fit). Defense Dribbling Score
• Change of direcSons but stay grounded in what we have learned. • If we speed up the Sme between iteraSons, we increase the chances of success. Build Learn Measure
• Product Pivot DaSng Site ”Who is ho`er” site Group SMS
• Fuzhou HC Imp. Exp. 1. Impo. Company based in Chile. a. High CompeSSon, No Partners, worthless revenue model-‐ FIRST PIVOT / Product (Service). 2. Sourcing and Procurement Outsourcing Company based in Chile. a. No experSse, No partners, No Customer relaSonship, No Channels -‐ SECOND PIVOT / Customer Segment.
3 Sales (Foreign Markets) Outsourcing Company based in China. a. New target market, new revenue model. b. Buyers and Sellers became our customers. 4 Today’s PIVOT-‐ Sourcing and Procurement Outsourcing Company based in Chile. (yeah, same as I started)