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.
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.
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.
Q: My software consultancy has reached the point of needing to hire someone to help manage the sales pipeline. I’ve hired all kinds of technical related folks, but never for sales.
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.
These excerpts from The Verger by W. Somerset Maugham highlight some practical truths of entrepreneurship. Many a successful has been started based on careful observations, in particular seeing what’s missing.
Entrepreneurs who limit themselves to what they could learn if their prospects lacked the power of speech adopt what I call a veterinary marketing model. It’s not a viable approach to market exploration.
When I first went to work for Monolithic Memories my boss, Ivan Pesic, told me, “It will be rough for the next two months and then it will get easier.” He was still telling the team that a year later when someone else offered that advice during a problem solving session and we all broke out laughing because we realized it was never going to get easier. We kept working on harder problems. Ivan went on to found Silvaco and despite a few legal setbacks built a company that has endured more than three decades.
Trust is built over repeated interactions between people. If your business requires long term relationships then you have to make sure that investments in automation are not deployed in a way that undercut your ability to have real conversations. Unfortunately, some uses of email automation tools are pushing sales conversations into the “Uncanny Valley” because they strive to simulate–but miss–a genuine personalized touch.
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:
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.
I signed up for a mailing list a while ago from a reasonably famous entrepreneur and he sent me this mass email in late November promising to share “Silicon Valley Secrets.” I don’t know if it’s because I have worked in Silicon Valley for more than three decades but I found the whole thing kind of sad (of course, he’s probably laughing all the way to the bank).
Q: Should I ask prospects if they would use my product? How do I interpret “yes”, “no”, and “maybe.”
Q: I struggle with the value proposition for our product. Either I am too abstract “we offer a positive return on time invested” or too vague “help increase your ability to manage critical challenges.” Do you have any suggestions for how to frame or formulate a value proposition?
Here a few questions that a value proposition normally addresses