Startup Passion Smack-Down SXSW 2012

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Startup Passion Smack-Down SXSW 2012

  1. 1. Startup PASSIONSmack-­‐Down John Bradberry S X SWMarch 10, 2012ReadyFounder Services, 2012 - All Rights Reserved Image by Joe Carr
  2. 2. #SXPassion
  3. 3. A FALSE DICHOTOMYRealism Passion
  4. 4. Strong YOUPassion Weak Strong Realism
  5. 5. PurposeUnderstandthe double-edgednature ofentrepreneurialpassion.
  6. 6. PurposeImproveyourventure’slikelihoodof success. Photograph by Alex Guillaume
  7. 7. DETERMINATION COURAGE FIREFAITH HOPE BELIEF OPTIMISM COMMITMENT DRIVE CONFIDENCE
  8. 8. You Can t Do It Without PASSION
  9. 9. An Exploration• 55 hours of interviews• 51+ books• 83 research papers• 500+ online sites, blogs, magazines, etc.• Filtered through 20+ years of personal experience and observation
  10. 10. Intuit Survey4  of  5  working  adults  dream  of   star>ng  their  own  business
  11. 11. Reality Most ventures closewithin 5 years of formation.7 in 10 close within 10 years.
  12. 12. Reality6 of 10 people who become self- employed go back to work for someone else within 10 years.
  13. 13. RealityThe typical business owner will make 35% less over a 10-year period than if he or she hadremained in their previous job
  14. 14. RealityBusiness owners report longer work hours and more stress,fatigue, insomnia, depression, and conflict with spouses.
  15. 15. WHY?
  16. 16. A Core Issue +
  17. 17. Beliefs: “Neurologically Real” Andrew Newberg
  18. 18. Via ZombieDoom.com
  19. 19. When New Data . . .are perceived as TRUE
  20. 20. When New Data . . .are perceived as FALSE
  21. 21. Confirmation Bias Representativeness Cognitive Biases Anchoring Illusion ofSunk Cost Fallacy Control
  22. 22. The Passion Trap Attachment Attachment to toan IDEA an IDEA Biased InvestmentsInterpretation & Actions Feedback & Results
  23. 23. 6  dangers  of  startup  passion
  24. 24. Founder Misalignment
  25. 25. Missing a Market
  26. 26. Rose-Colored Planning
  27. 27. Unforgiving Strategy
  28. 28. Reality Distortion
  29. 29. Evaporating Runway
  30. 30. Solutions
  31. 31. !41/25%6! #$%&(! 37! ")!,-./(012! #$(*! 33! +)!
  32. 32. Founder FitPurpose / MotivationS k i l l s / E x p e ri e n c ePersonalitySupport SystemFocus / Performa nce
  33. 33. Rapid-Fire Assessment! All systems go. Great shape... Some concerns, questions Key gap or risk
  34. 34. Market Orientation• Shape your venture the outside-in• Attach to your market, not your idea• An idea isn’t great until the market says it is• Create and track “moments of truth”
  35. 35. Products and Needs are Inseparable Need Product Need
  36. 36. “Numbers Rule the Universe” Pythagorus
  37. 37. Levels of Iteration Broad Identity Business ModelScope / Impact Strategy Systems / Processes Products / Services Narrow Features Short Long Cycle Time
  38. 38. STAMINASTAYING POWER
  39. 39. Depressive Realism
  40. 40. EarnedOptimism
  41. 41. w  w  w  .  R  e  a  d  y  F  o  u  n  d  e  r  .  c  o  m  

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