Choosing the Right Targets and Metrics

Written by Sean Murphy. Posted in 3 Early Customer Stage, 5 Scaling Up Stage, Design of Experiments, skmurphy

The targets that founders set for a startup, and the metrics they choose to measure their progress toward these targets, are key decisions in the definition of the business. The wrong targets–in particular selecting only targets that are easily achievable–will not only postpone difficult choices that will bring clarity but may doom a team from the beginning if they don’t adjust and aim for outcomes that create a sustainable and growing business.

Five Tips For Activating Your Network of Relationships

Written by Sean Murphy. Posted in 3 Early Customer Stage, Customer Development, Rules of Thumb, skmurphy

A startups social capital, the network of relationships that the founders have with friends, former co-workers and associates, and friends of friends represent a key resource for the team. It’s possible to activate this network to help you solve a variety of problems–e.g. finding a cofounder, finding early employees, finding contractors, finding early customers, finding investors, finding advisors–but you can normally only activate for one purpose at a time.

Kierkegaard: Creativity Must Master Dread of the Unknown

Written by Sean Murphy. Posted in 2 Open for Business Stage, 3 Early Customer Stage, skmurphy

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.

Q: How Can I Maximize ROI and Minimize Risk?

Written by Sean Murphy. Posted in 3 Early Customer Stage, Consulting Business, Sales, skmurphy

You can only capture a share of the value that you create if you want to create a sustainable business. While you need to assess the likely return on investment from your efforts and your probability of success, you also need to look at any deal from the other side of the table. It’s as important to minimize risk for you and your customer as it is to maximize value.

When You Are No Longer The Smartest Person In The Room

Written by Sean Murphy. Posted in 3 Early Customer Stage, Design of Experiments, Sales, skmurphy

You may have been the smartest person in the room for a long time, but getting into a room with a customer changes that because a key knowledge domain of interest is the customer’s situation and needs. Here are some suggestions for how to keep learning instead of acting like the smartest person in the room.

Getting More Customers Workshop April 23, 2016

Written by Sean Murphy. Posted in 3 Early Customer Stage, 4 Finding your Niche, 5 Scaling Up Stage, Lead Generation, skmurphy, Workshop

We are offering our “Getting More Customers” workshop 9:00am-1:30pm on Sat-Apr-23-16. Spend a morning working on your business with a mix of lecture, discussion with peer entrepreneurs, and reflection and writing. You will leave with a plan for getting the phone to ring and your inbox to fill with inquiries.

Getting Better at Customer Discovery Conversations

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, 3 Early Customer Stage, Customer Development, skmurphy

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.

Am I Making A Fool Of Myself?

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, 3 Early Customer Stage, checklist, Rules of Thumb, skmurphy

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.

How To Test Your Leap To A Solution

Written by Sean Murphy. Posted in 3 Early Customer Stage, checklist, Sales, skmurphy

In your early customer discovery conversations to assess demand for a new offering a wide range of customer needs and symptoms can trigger a leap to a solution, which just happens to be yours. Guard against this by probing to understand the root problem–have at least three questions that allow you to dig out the details–and consider questions that would disqualify your solution.

Newsletter: Retrospectives, Post Mortems, and After Action Reviews

Written by Christ Ann Tabunar. Posted in 3 Early Customer Stage, 5 Scaling Up Stage

SKMurphy December 2015  Newsletter

This blog post summarizes our December newsletter, you can subscribe to the monthly SKMurphy newsletter using the form at the right

 

Retrospectives, Post Mortems, and After Action Reviews

The end of year is always a good time to look back and assess what you have accomplished and what you have learned doing so. This goes by several names: retrospectives, post mortems, and after action reviews being the most common. If you kept a copy of the goals you set for yourself for the year, comparing that list with your list of accomplishments may offer further opportunities for insight.

 

Newsletter: Customer Discovery Interviews

Written by Sean Murphy. Posted in 3 Early Customer Stage, Customer Development, skmurphy

SKMurphy Newsletter
for October 2015

This blog post summarizes our October newsletter, you can subscribe to the monthly SKMurphy newsletter using the form at the right

Customer Interviews

Customer Discovery interviews are key to discovering whether or not a market exists for your product or service and the skills and questions you hone in the early market will continue to be refined as you scale. This month we focus on how to start them, techniques for cultivating your curiosity so that you learn as much as possible, and some suggestions for how to review and organize your findings on an ongoing basis.

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