The secret sauce of super successful entrepreneurs
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This document discusses embracing failure and provides examples of successful entrepreneurs who experienced many failures before success. It profiles the founder of iRobot, Colin Angle, who had 14 failed business models and over 10 years of failures before iRobot became an overnight success. It then provides examples of a startup called Milewise that tried targeting different customer types through personas like Sanjay, John, Jenny, and Robert but ultimately failed to find product-market fit. It emphasizes that entrepreneurs should test early, listen to customers, and iterate to embrace failure and learn on the path to building a successful business.
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The secret sauce of super successful entrepreneurs
- 1. THE SECRET SAUCE OF SUPER SUCCESSFUL ENTREPRENEURS Elaine Chen, Senior Lecturer & EIR, Martin Trust Center for MIT Entrepreneurship
- 3. “NO BUSINESS PLAN SURVIVES FIRST CONTACT WITH CUSTOMERS.” Steve Blank Entrepreneur, Author, Stanford Professor Imagecredit:entrepreneur.com
- 4. #FAIL
- 5. Imagecredit:businessinsider.com Colin Angle Co-Founder and CEO, iRobot iRobot Market Cap: USD $1.66B
- 14. “14 FAILED BUSINESS MODELS” “10+ YEARS TO BECOME AN OVERNIGHT SUCCESS” Colin Angle Co-Founder and CEO, iRobot Imagecredit:businessinsider.com
- 16. #FAIL
- 17. MEET SANJAY • Management consultant • Travels 250 days a year for work • Platinum status on every airline • Books his own flights • Balances cash, miles, points • Frustrated with current process
- 19. TURNS OUT THIS WAS CRAZY HARD ImagecreditNickMeyer:
- 20. #FAIL
- 22. MEET JOHN • General Partner at a VC firm • Travels a lot for work and play • Platinum status on every airline • LOVES Milewise! Imagecredit:istockphoto.com
- 23. MEET JOHN • General Partner at a VC firm • Travels a lot for work and play • Platinum status on every airline • LOVES Milewise! • “Send the sign up link to Alice!” Imagecredit:istockphoto.com
- 25. #FAIL
- 27. MEET JENNY • Married mother of two, age 2 and 5 • Organizes all family vacations • Constantly looking for deals • LOVES planning and shopping • LOVES Milewise! Imagecredit:istockphoto.com
- 28. JENNY’S FAMILY TRAVELS JUST ONCE A YEAR Imagecredit:istockphoto.com
- 29. #FAIL
- 30. MEET ROBERT • Head of the Rewards Program at American Express • Constantly looking for new ideas • Frustrated with lack of data • LOVES Milewise! Imagecredit:istockphoto.com
- 34. TEST EARLY, TEST OFTEN
- 37. IT’S OK TO #FAIL
- 38. HOW WILL YOU EMBRACE FAILURE TODAY?
Editor's Notes
- Image credit: irobot.com; gizmodo.com; hackinglab.org
- Most of the world’s biggest businesses stumbled around for a while before finding the right formula to take off. As the CEO of a very successful company once told me, “It took me 10 years to become an overnight success.” David Brown - Techstars
- Don’t be afraid to embrace failure Go out there