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Startup Pirouettes For Lean People
 

Startup Pirouettes For Lean People

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Startups are lots of work, and that is if they work out. Talk given at the Lean Startup Machine workshop in Singapore in September 2012

Startups are lots of work, and that is if they work out. Talk given at the Lean Startup Machine workshop in Singapore in September 2012

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    Startup Pirouettes For Lean People Startup Pirouettes For Lean People Presentation Transcript

    • Startup  Piroue(es  For  Lean  People   @benjaminjoffe  
    • Startups  start  from  ideas…  
    • …make  pivots…  
    • …to  reach  this  stage.  
    • Pivots?  “Go  that  way,  really  fast.  If  something  get  in  your  way,  turn”   (from  the  movie  “Alive  Not  Dead”)  
    • ASSISTED  BLIND  PIVOT:  I  CAN’T  REALLY  HELP  YOU  WITH  YOUR  PIVOTS   “Change  based  on  the  advice  of  investors,   mentors,  “lean  startup  experts“,  etc.   who  also  haven’t  go.en  out  of  the  building   and  talked  to  the  humans.”   Check  Tristan  Kromer’s  excellent  “Taxonomy  of  the  Startup  Pivot”   h(p://grasshopperherder.com/taxonomy-­‐of-­‐the-­‐lean-­‐startup-­‐an-­‐pivot/    
    • Hats  •  Digital  Naturalist   –  Founder  of  +8*  |  Plus  Eight  Star   –  12  years  across  Asia  •  Startup  Therapist   –  Angel  investor  in  8  startups   –  Advisor  to  5  Accelerators  •  Speaker   –  150+  talks  in  21  countries  (TEDx,  SxSW,  LeWeb…)   –  250,000  views  on  Slideshare  
    • PLAN  1.  Some  ideas  2.  Startup  1  3.  Startup  2  4.  Conclusion  
    • Some  ideas  
    • Two  Contrarian  Views  •  James  Altucher  •  Nick  Yang  
    • James  Altucher   •  Write  10  ideas  a  day   •  Throw  them  away   I  highly  recommend  his  columns!  Wring  10  ideas  a  day  will  make  you  realize  that  ideas  are  common.  Good  ideas  are  rare,  but  your  chances  get  higher  with  MORE  IDEAS.  
    • Nick  Yang   •  Ideas   •  Passion   •  Skills  Nick  Yang  is  a  serial  entrepreneur  in  China.  He  built  (among  other  things)  the   largest  mobile  content  provider  (KongZhong)  and  took  it  to  IPO.  
    • Ideas?  His  view  is  that  ideas  are  not  so  special  
    • Thomas  Edison   •  Not  the  first  light  bulb   •  Not  the  only  light  bulb   •  First  large-­‐scale  business   A  light  bulb  represents  ideas  “thanks”  to  Thomas  Edison.   He  “owns”  the  symbol,  but  his  contribuon  was  not  what  people  think.  To  me,  the  light  bulb  is  a  terrible  symbol  for  ideas.    
    • Passion?  When  I  hear  “passion”  I  think  of  this.  While  it  shows   commitment,  does  it  have  to  be  painful?  
    • Passion  Can  Grow  •  2  types  of  entrepreneurs  •  Passionate  about  business  •  Ideas  change  anyway  •  Passion  grows  with  work  &  improvement  Broadly  speaking,  entrepreneurs  are  “arsts”  or  “business   people”.  Passion  about  business  looks  more  “viable”.  
    • Skills   •  Re-­‐usable   •  Keep  improving   •  Market  value  To  Nick  Yang,  skills  are  key.  Ideas  are  everywhere,  passion  can   grow  once  results  come.  But  nothing  comes  without  skills.  
    • Cmune   First  investment  /  Co-­‐founding  Quick  story  about  a  company  I  am  involved  in.  
    • Pivots  •  Pivots   –  2007    “3D  collaboraon”   –  2008    5  prototypes   –  2009    1  game  •  Business   –  2010    Clean  up  everything   –  2011    Raise  money  from  Skype  Founder   –  2012    1M  Likes   Quite  a  few  pivots  on  the  business  side…  
    • Today:  #1  shooter  on  Facebook,  1M  Likes!  
    • DayDeed   My  first  project!  My  very  own  first  project  
    • Idea  •  Helping  people  help  others  •  “Social  Craigslist”  •  No  noise,  all  signal   Brilliant  concept!  
    • Service  screenshot  
    • First  Lessons   •  Early  adopters?   •  No  clear  problem   •  Exisng  competors   •  Deadpool  of  others   But  not  enough  research:  what’s  the  problem?  who  is  it  for?  Also  found  similar  live  and  dead  services,  none  growing  much.  
    • Product  Lessons:  5  seconds  rule   1.  What  you  do   2.  What  I  can  do   3.  Why  it’s  for  me  3  things  visitors  have  to  figure  out  in  a  few  seconds  
    • Summary  •  “Don’t  make  me  think”  •  “Charming  content”   Self-­‐explanatory  is  best   +  Show  me  something  I  care  about!  
    • Build  Minimal,  Measure,  Iterate  Fast   •  Minimal  funcons   •  Find  pa=erns   •  Design  debt  Keep  funcons  and  design  as  simple  as  possible  (but  not  simplisc)  or   risk  building  waste  and  incur  design/technical  debt  (changes  take   more  and  more  me)  
    • Parng  words  
    • An  interesng  post  I  read  recently  
    • “To  build  a  successful  business  you  need  a  great  team,  a  good  idea  and   a  lot  of  hard  [and  smart]  work.”   Startups  are  LOTS  OF  WORK  
    • Typical  startup   •  #FAIL   •  2  years  to  know  if  you  are  onto  something   •  4  years  to  get  somewhere   •  Lots  of  hard  work  and  stress   •  Freedom?  (vs.  job  or  small  business)   And  typically  take  4  YEARS  when  they  succeed!  You  will  have  less  me  and  likely  much  less  money.  Be  aware  of  that   (though  ignorance  might  also  help  you  get  started)  
    • The  Friends  and  Family  Pivot  Most  startups  end  up  with  a  “F  &  F  Pivot”  
    • “Create  real  products  or  solve  real  problems  instead!  It’s  not  harder,  it’s  just   different.  Plus  you  can  actually  make  a   difference  in  someone’s  life!”   4  years  of  your  life  with  lots  of  work  &  no  money  has   be(er  be  for  something  you  care  about  
    • Thanks!   A  successful  pivot:  benjamin@plus8star.com  |  @benjaminjoffe