Strategic Risk Taking: Lessons Learned from Entrepreneurs

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What can we learn from entrepreneurs about how to take strategic risks? What is it that makes entrepreneurs entrepreneurial and what are some of the tools and frameworks that startups use to take the risk of creating things that no one has created before?

Business

Abby Fichtner (@HackerChick)
lessons learned from entrepreneurs
Strategic Risk
Taking

Abby Fichtner (@HackerChick)
"If you only do things where you know the answer in advance,
your company goes away."
Abby Fichtner (@HackerChick) Jeff Bezos, Amazon

Abby Fichtner (@HackerChick)
1. Think effectually
Strategic Risk Taking: The Entrepreneurial Way
5. Use a framework for finding failure
2. Take a scientific approach
3. Follow the data
4. Go BIG
…or“Errors help us learn”
small

Abby Fichtner (@HackerChick)
ThinkEffectually
Lesson #1

Abby Fichtner (@HackerChick)
Saras D. Sarasvathy
Paper: http://bit.ly/bss-wmee
What makes
entrepreneurial
entrepreneurs

Abby Fichtner (@HackerChick)
out of9
new products
fail
10

Abby Fichtner (@HackerChick)
Lesson #2
Take a
Scientific
approach

Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)

Abby Fichtner (@HackerChick)
Single Biggest Predictor of Failure?
Don Sull, The Upside of Turbulence
Sticking to Initial Business Plan

Abby Fichtner (@HackerChick) Lean Canvas

Abby Fichtner (@HackerChick) Lean Canvas
Product Market
$$$

Abby Fichtner (@HackerChick)
Test Your
Hypotheses

Abby Fichtner (@HackerChick)
What are my
?
riskiest
assumptions

Abby Fichtner (@HackerChick)
Lesson #3
Follow the
Data
… or
“Errors help us learn”

Abby Fichtner (@HackerChick)
“A shockingly large number of transformative ideas in science can be attributed to
contaminated lab environments.”
Error
Steven Johnson, Where Good Ideas Come From

Abby Fichtner (@HackerChick)
Small
Start
Lesson #4

Abby Fichtner (@HackerChick)
Go Big
or go home

Abby Fichtner (@HackerChick)
GoBig
VISION

Abby Fichtner (@HackerChick)
VISION REALITY

Abby Fichtner (@HackerChick)
GO SMALL
(dominate niche market)
GoBig
VISION

Abby Fichtner (@HackerChick)
Framework
Use a
Lesson #5
for finding
Failure

Abby Fichtner (@HackerChick)
Clover Food Labs
To shrink the ecological footprint of
the food industry
by making fresh, local, sustainable
vegetarian food
as common and convenient as the fare
at McDonald's.

Abby Fichtner (@HackerChick)
The unit of progress for entrepreneurs
is learning, not execution

Abby Fichtner (@HackerChick)
We’re trying to discover the next
thing worth executing on.
We’re not trying to execute perfectly

Abby Fichtner (@HackerChick)
What
do
feedback loops
YOU
have?

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Strategic Risk Taking: Lessons Learned from Entrepreneurs

1. Abby Fichtner (@HackerChick) lessons learned from entrepreneurs Strategic Risk Taking

2. Abby Fichtner (@HackerChick) "If you only do things where you know the answer in advance, your company goes away." Abby Fichtner (@HackerChick) Jeff Bezos, Amazon

3. Abby Fichtner (@HackerChick) 1. Think effectually Strategic Risk Taking: The Entrepreneurial Way 5. Use a framework for finding failure 2. Take a scientific approach 3. Follow the data 4. Go BIG …or“Errors help us learn” small

4. Abby Fichtner (@HackerChick) ThinkEffectually Lesson #1

5. Abby Fichtner (@HackerChick) Saras D. Sarasvathy Paper: http://bit.ly/bss-wmee What makes entrepreneurial entrepreneurs

6. Abby Fichtner (@HackerChick)

7. Abby Fichtner (@HackerChick) out of9 new products fail 10

8. Abby Fichtner (@HackerChick)

9. Abby Fichtner (@HackerChick) Lesson #2 Take a Scientific approach

10. Abby Fichtner (@HackerChick)

11. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)

12. Abby Fichtner (@HackerChick) Single Biggest Predictor of Failure? Don Sull, The Upside of Turbulence Sticking to Initial Business Plan

13. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)

14. Abby Fichtner (@HackerChick)

15. Abby Fichtner (@HackerChick)

16. Abby Fichtner (@HackerChick) Lean Canvas

17. Abby Fichtner (@HackerChick) Lean Canvas Product Market $$$

18. Abby Fichtner (@HackerChick) Test Your Hypotheses

19. Abby Fichtner (@HackerChick) What are my ? riskiest assumptions

20. Abby Fichtner (@HackerChick)

21. Abby Fichtner (@HackerChick)

22. Abby Fichtner (@HackerChick) Lesson #3 Follow the Data … or “Errors help us learn”

23. Abby Fichtner (@HackerChick) Data

24. Abby Fichtner (@HackerChick)

25. Abby Fichtner (@HackerChick)

26. Abby Fichtner (@HackerChick) “A shockingly large number of transformative ideas in science can be attributed to contaminated lab environments.” Error Steven Johnson, Where Good Ideas Come From

27. Abby Fichtner (@HackerChick)

28. Abby Fichtner (@HackerChick)

29. Abby Fichtner (@HackerChick) Small Start Lesson #4

30. Abby Fichtner (@HackerChick) Go Big or go home

31. Abby Fichtner (@HackerChick) GoBig VISION

32. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)

33. Abby Fichtner (@HackerChick) VISION REALITY

34. Abby Fichtner (@HackerChick) GO SMALL (dominate niche market) GoBig VISION

35. Abby Fichtner (@HackerChick)

36. Abby Fichtner (@HackerChick) 10 100

37. Abby Fichtner (@HackerChick) 1. Think effectually Strategic Risk Taking: The Entrepreneurial Way 5. Use a framework for finding failure 2. Take a scientific approach 3. Follow the data 4. Go BIG …or“Errors help us learn” small

38.

39. Abby Fichtner (@HackerChick) Framework Use a Lesson #5 for finding Failure

40. Abby Fichtner (@HackerChick)

41. Abby Fichtner (@HackerChick)

42. Abby Fichtner (@HackerChick) Scrum

43. Abby Fichtner (@HackerChick)

44. Abby Fichtner (@HackerChick) Clover Food Labs To shrink the ecological footprint of the food industry by making fresh, local, sustainable vegetarian food as common and convenient as the fare at McDonald's.

45. Abby Fichtner (@HackerChick)

46. Abby Fichtner (@HackerChick)

47. Abby Fichtner (@HackerChick)

48. Abby Fichtner (@HackerChick) Agile Lean

49. Abby Fichtner (@HackerChick) The unit of progress for entrepreneurs is learning, not execution

50. Abby Fichtner (@HackerChick) We’re trying to discover the next thing worth executing on. We’re not trying to execute perfectly

51. Abby Fichtner (@HackerChick)

52. Abby Fichtner (@HackerChick) 1. Think effectually Strategic Risk Taking: The Entrepreneurial Way 5. Use a framework for finding failure 2. Take a scientific approach 3. Follow the data 4. Go BIG …or“Errors help us learn” small

53. Abby Fichtner (@HackerChick) What do feedback loops YOU have?

Strategic Risk Taking: Lessons Learned from Entrepreneurs

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