A class in business. And entrepreneurship.
October 17, 2016
Jen van der Meer
Extra love from Tom Igoe
And the Leslie E-Lab
+ The Purpose
MOTIVATION: THE FOUNDER’S DILEMMA
TEAM LIGHTNING ROUNDS
Joy (Eun Jee Kim)
Soy (Soyeon Chung)
Social Community for
Daniel Silber Baker
Tattoo Artist Matching
Javiera Valle Toro
Fashion 3 D
WHY WOULD YOU START A COMPANY?
▸ More time
▸ More money
▸ Can’t work for other people
▸ Social impact
▸ Huge financial returns
▸ Control over my own destiny
▸ I want to have CEO in my title
▸ Control over product, autonomy
▸ No one looking over my shoulder
▸ I see a huge opportunity
▸ Hungry to learn
▸ Uber feminism - defining my own rules
▸ I’m not employable
▸ It’s my family business, my legacy
▸ Environmental impact
▸ I want to be a founder
▸ No one would hire me
▸ I am creating art / culture / music
▸ What else?
WHAT IS A STARTUP?
▸ A startup is a human institution designed to deliver a new product
or service under conditions of extreme uncertainty.” – Eric Ries
▸ “A startup is a company designed to grow fast.” –Paul Graham. Y
▸ “A startup is a temporary organization designed formed to search
for a scalable repeatable business model.” – Steve Blank.
▸ “Most startups change their business model multiple times. A
scalable startup is a special class of startup – world class team,
large vision, large target market, passionate belief and a reality
Founders choices are
straightforward: Do they want
to be rich or king?
Few have been both.
Noam Wasserman, The Founder’s Dilemma
RICH VS. KING
The most important factor for business
success was ambition with those firms
starting out with high growth expectations
performing most strongly. Indeed,
motivations influence business success
mainly by driving differences in growth
expectations, which in turn drive success.
Entrepreneurship Understanding Motivations
UK Survey 2015
RICH VS. KING
Well below potential Close to potential
The Founder’s Dilemma at HBR.org.
“The world economy remains in a
low-growth trap with persistent
growth disappointments weighing
on growth expectations and feeding
back into weak trade, investment,
productivity and wages”
OECD September 2016
We have set in place an
economic system whose
growth works against
our own prosperity.
Throwing Rocks at the Google Bus:
How Growth Became the Enemy of Prosperity 2016
WHAT IS A PIVOT
▸ A change to your a core business model assumption
▸ You are standing, one foot on the ground.
▸ A mindful pivot:
▸ The foot that serves as the pivot and rotates is your vision,
your values - your reason for starting the company, your
long view. But - your other foot is moving to the place that
will best position you to launch - finding the business
model that will fulfill your vision.
VALUES ARE DECISION CRITERIA
▸ Values represent your guiding principles, your highest motivations, which
influence how you make decisions.
▸ The priorities you have when you’re trying to decide between multiple
▸ If you’ve been following this class- the real learning is not happening when
you go talk to people - and learn. And when you have to make decisions.
▸ You’re testing your core criteria - how it is that YOU value what You are
▸ Value priorities help us make decisions about these tradeoffs - how to
literally value the importance of every action we take.
▸ And you want to be clear -it’s the priority that matters. The end game.
WHAT ARE VALUES,
IN ORDER? WHAT
ARE YOUR END
VALUES > ACTION
VALUES BECOME DECISIONS BECOME YOUR COMPANY
▸ Each time I’m making a decision - I’m trading off in the
moment, in the context - do I go for my long end game, or
my current reality. There are tradeoffs. There’s no perfect
balance, perfect decisions.
▸ It’s worth getting clear on your values - the will help you
figure out how to decide, who to hire, how to grow your
team, and how to be.
WHAT DOES THE WORLD
LOOK LIKE 5 YEARS
FROM NOW BECAUSE
OF YOUR COMPANY
WHAT DOES THE
WORLD LOOK LIKE
10 YEARS FROM
10 YEARS FROM NOW
▸ Did we get the world we wanted?
▸ How many people have you reached? How many cities or
▸ What are your technical achievements?
▸ How did you impact culture?
What is the first step
your customers take?
How do they find out
what is the first thing