Q: Should I Tap My 401K To Bootstrap?

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, Books, skmurphy

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:

Good and Bad Reasons to Pivot

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

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.

Resources for Student Entrepreneur Organizations

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, skmurphy, Tools for Startups

Andre Nieto Porras: Tree Of IdeasWith 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. 

A Serious Conversation Can Change Your Life

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, 3 Early Customer Stage, 4 Finding your Niche, Books, Customer Development, skmurphy

Theodore Zeldin gave a series of six lectures on conversation that were collected in slim book called “Conversation: How Talk Can Change Our Lives.” I found it offered a number of insights on what is needed for a serious conversation. And since serious conversation is one of the primary tools for early market exploration and customer development; I have curated a list of nine excerpts I think entrepreneurs will find useful.

Nature, Technology and Magic

Written by Sean Murphy. Posted in 1 Idea Stage, 2 Open for Business Stage, Design of Experiments, skmurphy, Startups

What seems natural, artificial, or supernatural is a function of familiarity. Nature is the background or context for innovation. The challenge is that we live in a world and culture formed by millennia of innovation so that some incredibly advanced technologies seem natural. The difference between technology and magic is not that one works more reliably than the other but that technology is part of the adjacent possible–seemingly impossible but comprehensible. Magic breaks our existing paradigm and is initially incomprehensible. As entrepreneurs we need to present our innovations as technology not magic.

The Next Best Thing But Not Yet

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

It will be twenty plus years before there is a 3D printer in most homes due to limitations of the cost of the machine, material, obtaining software and learning how to use the software. Other fundamentally problem that prevent 3D printers being adapted by the public are to understanding of design, physics, and material science and a change of behavior of making things at home.

Q: How Do I Interest People In My Product?

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

Q: We have a product for bloggers but I am having a lot of trouble getting leads. I have met bloggers from popular media companies at events, I have cold called them, e-mailed them, and e-mailed to on-line groups that I am a member of. None of this has worked. How do I interest people in my product?

I have a couple of suggestions:

5 Ways To Start Customer Discovery Interviews

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

Customer discovery interviews are essential to testing key B2B product hypotheses and understanding your target customers’ needs. Broadly there are five ways that you can reach out to potential customers to have a discovery conversation. All of them assume that you have a clear picture of who your target is and a few key questions that they will be willing and able to answer that will indicate they have a problem or need your solution may address.

Webinar Replay: Innovator’s DNA Series Overview

Written by Sean Murphy. Posted in 1 Idea Stage, Books, Customer Development, Video

Steve Hogan and Sean Murphy walk through a five part webinar series on “The Innovator’s DNA” by Jeff Dyer, Hal Gregersen,and Clayton Christensen. Sean thinks it’s the best book on innovation and entrepreneurship for 2011 and useful for any team that is trying to innovate. Each webinar will be in a roundtable format and include first time entrepreneurs and experienced innovators discussing lessons learned applying the five key discovery skills described in the book.

Movies to Renew Your Sense of Wonder

Written by Sean Murphy. Posted in 1 Idea Stage, skmurphy

I caught Interstellar  over the weekend and was mesmerized for the entire three hour runtime. Coop the astronaut/farmer falls goes exploring and falls down a series of rabbit holes that take him far from home. It’s a movie that celebrates exploration and continually triggered my sense of wonder if only because none of the protagonists are fearless action heroes but all too human in their desires to return home safely and be re-united with families and loved ones.  I don’t want to say too much about the plot not because of all of the twists and turns but I think the movie is best appreciated by not knowing how it’s going to turn out.

Entrepreneurial Passion: Good Servant, Poor Master

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

Entrepreneurial passion has to be based on a desire to create value, to be of service to a set of target customers. There may be many things you are interested in learning and room enough in your life for several hobbies, but pursuing a passion without regard to your ability to provide value in a way that is competitively differentiated is to pursue a hobby.

Entrepreneurship As A Calling

Written by Sean Murphy. Posted in 1 Idea Stage, skmurphy, Startups, Video

A documentary on entrepreneurship as a calling that I found very compelling was “The Call of the Entrepreneur” produced by the Acton Institute. It addresses both practical and spiritual aspects of entrepreneurship from the point of view of three very different entrepreneurs:

  • Brad Morgan, a dairy farmer in Evart, Michigan who transforms a failing farm into a successful dairy and compost company.
  • Frank Hanna, a merchant banker in New York City who explains how entrepreneurship transforms the economy into a positive sum game.
  • Jimmy Lai who grew up in Communist China and then Hong Kong, emigrating to New York to found retail and media companies.

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