A panel of four entrepreneurs will address the practical considerations for evaluating and joining a startup as a co-founder or early employee at a Wednesday, August 17 event at the Silicon Valley Cofounder Academy.
Here are fifteen quotes that each communicate a different truth about negotiation. I have added some commentary to suggest how to apply them.
Entrepreneurs can be paralyzed by the rich set of possibilities they face. It seems almost paradoxical that when you have one choice you can start immediately, when you have two you can flip a coin, but as possibilities multiply the desire to make the best choice can paralyze you. To fully embrace your creativity you must master your dread of the unknown.
I have learned the hard way whenever I wish for smarter prospects it means I need to improve my presentation, demo, or proposal: whatever it is that I have offered them that they didn’t understand, or believe, or decide to act on.
Each interaction with a business prospect or a customer has to promise an exchange of value: their time or money for at least the strong possibility of benefit. Many of the startup fantasy camp customer development training models neglect this and teach beginning entrepreneurs to rely on the kindness of strangers. This may work in certain consumer verticals but it rarely works in B2B markets.
A recent question from an office hours session on how to handle a prospect asking you to critique a competitor when both of you have new offerings in a new application area.
Getting better at customer discovery conversations requires preparation, practice, note taking, and follow-up. It can also be tremendously helpful if you can arrange for a partner who can observe, contribute, take notes, and de-brief with you. Even if you are a solo entrepreneur “trade interviews” with another entrepreneur: agree to help them with one of their interviews if they will help you with one of yours. Here is a recent exchange I had during an office hours edited for clarity.
One of the most common questions I hear in conversations with entrepreneurs at a Bootstrapper Breakfasts, in Office Hours calls, or with clients–and not infrequently from myself when comparing notes with peers–is, “Am I making a fool of myself?” Here are some questions you can use to clarify your situation when you are starting to feel like a fool.
An entrepreneur who succumbs to the illusion of progress does a startup more self-inflicted damage than almost anything else. Working on the wrong things squanders effort and irreplaceable time without gaining the learning needed for the actual efforts required.
I recently did an in depth interview with Jen Berkley Jackson of The Insight Advantage on primary research tools. Jen works with companies to help them make sure that they understand their customers better than any competitor or potential competitor. Her firm performs primary research for clients, using a variety of tools to gather information from customers, prospective customers, and the general market. Because of her considerable experience with a range of primary research tools I took this as an opportunity to explore the spectrum approaches that are available.
In Chapter 9 of “Zen and the Art of Motorcycle Maintenance,” Robert Pirsig goes into an extended explanation of the Scientific Method using the metaphor of motorcycle repair. He stresses the value of an experiment log, explaining how to organize it so that you don’t become lost in exploring for solutions to a problem. I have excerpted it below and intermixed some commentary about applying it to early market exploring and debugging new product introduction problems.
It’s OK to solve your own problem first, to be the first customer. This at a minimum gets the idea out of your head and reduced to practice where it can be tested. The trick is to use this basic product to spark further discussions about the problem you solved, no your solution.
Ash Maurya rebooted his blog as “The Space Between“–experimental format where he is exploring the space between ideas–and has offered a number of short reflective posts. Here are excerpts from three where he explores the value of planning and reflection, and the need to prioritize learning over the illusion of progress.
Q: Should I tap my 401K to bootstrap my startup? I had a conversation with the CEO of another firm and he and his partners did this to bootstrap. They started a C corporation and set up a corporate retirement account, the partners then rolled existing retirement accounts into the corporate plan and invested the money in the company’s stock. I did a little research and found these articles:
Much has been written about a startup making a pivot in direction after Eric Ries first coined the term
in a 2009 blog post “Pivot don’t Jump to a New Vision.” The word pivot has attracted almost as much wordplay as the word lean. What follows is a short list of good and bad reasons to pivot.
With the 2016 school year getting ready to start in the next six to eight weeks at most colleges and universities I have had several conversations with student entrepreneur organizations about how I might be able to help them.
I have developed content and given talks and webinars over the last five years that may provide student entrepreneurs help to get oriented to many of the basics of customer development, innovation, and new market exploration.
This is a webinar replay that was recorded on Wednesday, June 8, 2011 with Massimo Paolini, Miles Kehoe, Dorai Thodla, and Sean Murphy discussing Barry Moltz‘s “You Need to Be a Little Crazy: The Truth about Starting and Growing Your Business.” They share how they personally found the courage to start their businesses and their desire to make “working for yourself” mean not only a better job but building equity.