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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?

Published in: Business
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Strategic Risk Taking: Lessons Learned from Entrepreneurs

  1. 1. Abby Fichtner (@HackerChick) lessons learned from entrepreneurs Strategic Risk Taking
  2. 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. 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. 4. Abby Fichtner (@HackerChick) ThinkEffectually Lesson #1
  5. 5. Abby Fichtner (@HackerChick) Saras D. Sarasvathy Paper: http://bit.ly/bss-wmee What makes entrepreneurial entrepreneurs
  6. 6. Abby Fichtner (@HackerChick)
  7. 7. Abby Fichtner (@HackerChick) out of9 new products fail 10
  8. 8. Abby Fichtner (@HackerChick)
  9. 9. Abby Fichtner (@HackerChick) Lesson #2 Take a Scientific approach
  10. 10. Abby Fichtner (@HackerChick)
  11. 11. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)
  12. 12. Abby Fichtner (@HackerChick) Single Biggest Predictor of Failure? Don Sull, The Upside of Turbulence Sticking to Initial Business Plan
  13. 13. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)
  14. 14. Abby Fichtner (@HackerChick)
  15. 15. Abby Fichtner (@HackerChick)
  16. 16. Abby Fichtner (@HackerChick) Lean Canvas
  17. 17. Abby Fichtner (@HackerChick) Lean Canvas Product Market $$$
  18. 18. Abby Fichtner (@HackerChick) Test Your Hypotheses
  19. 19. Abby Fichtner (@HackerChick) What are my ? riskiest assumptions
  20. 20. Abby Fichtner (@HackerChick)
  21. 21. Abby Fichtner (@HackerChick)
  22. 22. Abby Fichtner (@HackerChick) Lesson #3 Follow the Data … or “Errors help us learn”
  23. 23. Abby Fichtner (@HackerChick) Data
  24. 24. Abby Fichtner (@HackerChick)
  25. 25. Abby Fichtner (@HackerChick)
  26. 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. 27. Abby Fichtner (@HackerChick)
  28. 28. Abby Fichtner (@HackerChick)
  29. 29. Abby Fichtner (@HackerChick) Small Start Lesson #4
  30. 30. Abby Fichtner (@HackerChick) Go Big or go home
  31. 31. Abby Fichtner (@HackerChick) GoBig VISION
  32. 32. Abby Fichtner (@HackerChick)Abby Fichtner (@HackerChick)
  33. 33. Abby Fichtner (@HackerChick) VISION REALITY
  34. 34. Abby Fichtner (@HackerChick) GO SMALL (dominate niche market) GoBig VISION
  35. 35. Abby Fichtner (@HackerChick)
  36. 36. Abby Fichtner (@HackerChick) 10 100
  37. 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. 38. Abby Fichtner (@HackerChick) Framework Use a Lesson #5 for finding Failure
  39. 39. Abby Fichtner (@HackerChick)
  40. 40. Abby Fichtner (@HackerChick)
  41. 41. Abby Fichtner (@HackerChick) Scrum
  42. 42. Abby Fichtner (@HackerChick)
  43. 43. 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.
  44. 44. Abby Fichtner (@HackerChick)
  45. 45. Abby Fichtner (@HackerChick)
  46. 46. Abby Fichtner (@HackerChick)
  47. 47. Abby Fichtner (@HackerChick) Agile Lean
  48. 48. Abby Fichtner (@HackerChick) The unit of progress for entrepreneurs is learning, not execution
  49. 49. Abby Fichtner (@HackerChick) We’re trying to discover the next thing worth executing on. We’re not trying to execute perfectly
  50. 50. Abby Fichtner (@HackerChick)
  51. 51. 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
  52. 52. Abby Fichtner (@HackerChick) What do feedback loops YOU have?

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