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Mark Randall (Adobe) - Three Clever Tricks to Triple Your Startup's Chance of Success
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- 1. Audio and Video Check Screen Enter PowerPoint's “Presenter” mode and click below to play the video Check that the video is visible on the external projector then advance to the next screen.
- 12. “ What is an entrepreneur?
- 13. Fantasy
- 14. Reality
- 15. “ Why be an entrepreneur?
- 16. “ Be my own boss, set my own hours” “ Run the whole show” “ Stop working so hard” “ Get RICH!!!” “ I want people to like me”
- 17. Is it really the money?
- 18. You can do all the work and succeed wildly but still not get the prize.
- 19. So, if it’s not the money, why be an entrepreneur?
- 20. Entrepreneurship is the engine that drives the world.
- 21. You hold the power to shape your destiny.
- 22. Unconquerable
- 23. INVICTUS An Ode to the Spirit of Entrepreneurs
- 25. Wow… That’s powerful. Let’s do it!
- 26. HOLD ON…
- 27. BAD NEWS
- 30. Cratering Sucks
- 31. Painful Embarrassing Expensive Excruciating Endless Nightmare of Lingering DEATH
- 32. So let’s avoid that :-)
- 33. How?
- 34. It begins with a better definition of the term “Startup”
- 35. A flexible organization designed to deliver a new product or service under conditions of extreme uncertainty . Source: Eric Ries
- 36. Startup = Experiment Source: Eric Ries
- 37. GOOD NEWS Right now is the best time EVER in the history of the world to be an entrepreneur.
- 39. Steve Blank Eric Ries Sean Ellis Dave McClure Ash Maurya
- 40. SAD FACT Most startups fail from a lack of CUSTOMERS not a lack of PRODUCT Source: Steve Blank
- 41. Source: Geoffrey Moore Crossing the Chasm
- 42. The Old, Wrong Way Source: Steve Blank Biz Plan & Raise Capital Develop Product Beta Test Ship Product
- 43. The New, Better Way Source: Steve Blank Customer Discovery Customer Validation Customer Creation Company Building
- 44. The New, Better Way Customer Discovery Customer Validation Customer Creation Company Building STOP STOP STOP
- 45. Search for a business Growth of a business Iteration Execution Source: Steve Blank Customer Discovery Customer Validation Customer Creation Company Building
- 46. The Pivot Embrace Change
- 47. Q: How do I decide what my startup should be about?
- 48. A: Follow your passion What the hell does that mean?
- 50. 3 wrong ideas that screw up many smart entrepreneurs
Notas do Editor
- What is a startup and what are the pitfalls in bringing one to life? How can you avoid a painful, embarrassing, expensive death of your dream? What resources can you access and what is the best exit? Find all of this out from Mark Randall Adobe’s Chief Strategist for Digital Media, a silicon valley angel investor and a serial entrepreneur on hiatus. Mark’s career conceiving, designing and marketing innovative technology spans nearly twenty years and three successful high-tech start-ups. He has fielded over a dozen world-class products which combined have sold over a million units and won a total of 14 Product of the Year, 12 Best of NAB, 7 Best of Comdex, 2 PC Magazine Technical Excellence awards, and one Emmy award. He also can do some cool magic tricks
- What would this guy, a grizzled, jaded veteran of 4 startups want to tell…
- … this guy. Innocent, hopeful, naive entreprenuer.
- This guy knows that he’s not particularly smart, or particularly talented. He knows that NOTHING every goes according to plan.
- This guy knows everything! The world is his oyster.
- I could choose to reassure Naive Mark that he’ll ultimately be successful.
- That his work will when an Emmy
- That his companies will grow large and successful.
- That he’ll have a big exit event.
- But it turns out that none of that is really important. What’s important is deciding if you want to be an entrepreneur at all.
- This was what Naïve Mark that that a startup would be like. Good looking young people from all walks of life, joining together to have fun and be successful.
- This is more like the reality. A long, hard, risky climb, inch by inch up a 1,000 foot cliff – holding on by your fingers. If this kind of insane challenge actually sounds fun to you. Then you are the special kind of broken person that can be an entrepreneur.
- So if it’s that hard, why would anyone want to do it.
- This is a picture of one million dollars. What are your motivations? Is it just about the money? (Not that there’s anything wrong with that.) But what if we think like the ballet dancer that dances because of the sheer joy in it; even if there is no audience, no applause and no money. I’m not saying you should turn down wealth and prosperity if it comes but just in case it never does, make sure that creating your company, your products, with your people, for your customers is the absolute best way you could possibly be spending each precious day of your life. Do it because you love creating something.
- The key is in how you choose to define “Success”. Is it just money and prestige or is there another way to look at this?
- 80% of all new jobs come from small businesses
- Being in control of your destiny is incredibly powerful. My wife thinks it’s kind of sexy (which is fortunate because little else about me is).
- If you can build a startup from nothing, you have the awesome power to create value where there was none. No one can ever take that away from you. No one can fire you from your own innate ability. You can think of it as evolving yourself to a higher plane; an autonomous, self-sufficient, kick-ass homo sapien.
- The Latin word for “unconquerable” is Invictus. A poem called Invictus was written in 1875 by William Earnest Henley. It should have been sub-titled “An Ode to the Spirit of Entrepreneurs”. You’ll find this poem on the wall of many an entrepreneur.
- Being in control of your destiny says a lot about who you are.
- The death of your startup will probably be the single worst experience of your entire life.
- How?
- How?
- A startup is NOT a “company” or a “business”. A startup is a controlled experiment designed to discover and validate a successful business model (ie a Valuable Problem, a Workable Solution, a Motivated Customer and a Proven Sales Model (ie profitable path & price)).
- When I started an entrepreneur had very poor access to information and resources. Not only capital and resources but critical information is available to you now that can save you.
- Customer Discovery Do I clearly understand the customer’s problem? Do I know that this problem is painful (aspirin, Tylenol, Vicodin or morphine)? Does my solution solve the customer’s problem? How much will they pay? Customer Validation Do I have a scalable and repeatable sales model (CoS)? Do I understand the sales cycle? Do I have purchase intent and commitment?
- The pivot is the fundamental change you will need to make in your business when the results from customer development reveal one of your key assumptions was incorrect. ALL startups will need to make at least one pivot. Most startups will need to make two or three pivots. Once you’ve pivoted (ie changed your business concept in a fundamental way), you iterate through the customer development process again from the beginning. Repeat until no more pivots are necessary to pass all tests proving your assumptions. Once you have completed this process, raising money at favorable valuations will become much easier because you will have the tangible proof of validity that investors crave. Their investment will now be funding execution and scaling, not experimentation. When you start, you MUST plan to pivot (ie allocate the time, money and resources up front). Scrapping part of your vision is not a bad thing. In fact, you should plan to have Pivot Parties! A pivot means you’ve CHEATED DEATH!
- Big Hairy Audacious Goal
- Where should you work while becoming an entrepreneur? Most people select jobs based on the salary. Only two things matter: What field is the job in? Is it an area you think will be growing? Who will you work for? Can you learn from them? Will they mentor you? Google every single person and company before you meet with them - Run a background check on every single employee - When choosing a professional services vendor (legal, accounting, etc). Meet the impressive partner but ask “Who will be doing my work?” - Do a personal e-newsletter. It helped get me funded. - Absorb Uncertainty – going to have to deal with all the negativity in the world because you are breaking THE RULES. Which rules? THE RULES SANE MORTALS DARE NOT BREAK. Basically, some people will do anything they can to validate the set of limitations they’ve chosen for themselves and invalidate yours. “My Uncle Bill tried to run off and start his own company once.” “Oh, how it work out?” Well, HE learned his lesson! He worked hisself half to death, lost his life savings, then his wife left him for someone with a real job, then his kids disowned him and then he went on a business trip and caught testicle cancer.” “You’ll hear the craziest stuff but strangely, in all these stories, Uncle Bill’s last name never turns out to be Gates.” - Every big success in my career is the result of a series of steps that can be traced back to a “first step” that started me on the path to that success. For me each of those first steps has always involved the same two things. The first is taking a pay cut and the second is the vague disapproval of my mother. It goes like this, “well Mom, actually I’m working on a new thing and to do it I had to quit and take another job. No, actually it’s less money than I was making before. No, no Mom it’s really ok, I’m doing it on purpose. No, please don’t send me any of Aunt Ginny’s food stamps, this is part of my plan.” Taking a pay cut and the offer of food assistance from my mother have become such predictable signs that I’m on the right path that I actually look forward to them now. So the advice here is Don’t be afraid of switching jobs and taking a pay cut to position yourself in a place where you can grow. I encourage young entrepreneurs to work in smaller entrepreneurial companies, even if it pays less, because that’s where you can best learn and develop your skills. Working at a larger company may pay better but it won’t help you develop your entrepreneurial skills nearly as well. - Don’t cut corners on taxes, payroll, independent contractor status. It will cost you more than you could have ever saved when you get to the sale or IPO of your company. Entrepreneurs don’t have to wait to meet St. Peter at the Pearly Gates to hear a recounting of all their past sins. You’re going to tell on yourself - in writing – because when you are about to be acquired or go public your lawyer will sit you down and introduce you to the joy of DISCLOSURES. Disclosures are documents where you… My sin – didn’t track vacation pay. It’s a liability that never goes away. - Attitude matters - Always be executing a plan to reach your goal. Even if it’s going to take a long time. Never, ever beg. “I am going. If you help me, I’ll get there faster. If not, I’ll still get there”. - Don’t fall in love with your companies. You will pour your heart, soul, money and time into nurturing and growing your company. It’s easy to end up emotionally obsessed with your company like it’s your first cuddly puppy dog, but at the end of the day – you’re an entrepreneur and professional entrepreneurs don’t think of their companies as house pets – we think of them as cattle we’re raising to sell. - When getting acquired: your goal isn’t to find a company who wants to buy you, it’s to find *TWO* companies that want to buy you.
- Where should you work while becoming an entrepreneur? Most people select jobs based on the salary. Only two things matter: What field is the job in? Is it an area you think will be growing? Who will you work for? Can you learn from them? Will they mentor you? Google every single person and company before you meet with them - Run a background check on every single employee - When choosing a professional services vendor (legal, accounting, etc). Meet the impressive partner but ask “Who will be doing my work?” - Do a personal e-newsletter. It helped get me funded. - Absorb Uncertainty – going to have to deal with all the negativity in the world because you are breaking THE RULES. Which rules? THE RULES SANE MORTALS DARE NOT BREAK. Basically, some people will do anything they can to validate the set of limitations they’ve chosen for themselves and invalidate yours. “My Uncle Bill tried to run off and start his own company once.” “Oh, how it work out?” Well, HE learned his lesson! He worked hisself half to death, lost his life savings, then his wife left him for someone with a real job, then his kids disowned him and then he went on a business trip and caught testicle cancer.” “You’ll hear the craziest stuff but strangely, in all these stories, Uncle Bill’s last name never turns out to be Gates.” - Every big success in my career is the result of a series of steps that can be traced back to a “first step” that started me on the path to that success. For me each of those first steps has always involved the same two things. The first is taking a pay cut and the second is the vague disapproval of my mother. It goes like this, “well Mom, actually I’m working on a new thing and to do it I had to quit and take another job. No, actually it’s less money than I was making before. No, no Mom it’s really ok, I’m doing it on purpose. No, please don’t send me any of Aunt Ginny’s food stamps, this is part of my plan.” Taking a pay cut and the offer of food assistance from my mother have become such predictable signs that I’m on the right path that I actually look forward to them now. So the advice here is Don’t be afraid of switching jobs and taking a pay cut to position yourself in a place where you can grow. I encourage young entrepreneurs to work in smaller entrepreneurial companies, even if it pays less, because that’s where you can best learn and develop your skills. Working at a larger company may pay better but it won’t help you develop your entrepreneurial skills nearly as well. - Don’t cut corners on taxes, payroll, independent contractor status. It will cost you more than you could have ever saved when you get to the sale or IPO of your company. Entrepreneurs don’t have to wait to meet St. Peter at the Pearly Gates to hear a recounting of all their past sins. You’re going to tell on yourself - in writing – because when you are about to be acquired or go public your lawyer will sit you down and introduce you to the joy of DISCLOSURES. Disclosures are documents where you… My sin – didn’t track vacation pay. It’s a liability that never goes away. - Attitude matters - Always be executing a plan to reach your goal. Even if it’s going to take a long time. Never, ever beg. “I am going. If you help me, I’ll get there faster. If not, I’ll still get there”. - Don’t fall in love with your companies. You will pour your heart, soul, money and time into nurturing and growing your company. It’s easy to end up emotionally obsessed with your company like it’s your first cuddly puppy dog, but at the end of the day – you’re an entrepreneur and professional entrepreneurs don’t think of their companies as house pets – we think of them as cattle we’re raising to sell. - When getting acquired: your goal isn’t to find a company who wants to buy you, it’s to find *TWO* companies that want to buy you.
- Where should you work while becoming an entrepreneur? Most people select jobs based on the salary. Only two things matter: What field is the job in? Is it an area you think will be growing? Who will you work for? Can you learn from them? Will they mentor you? Google every single person and company before you meet with them - Run a background check on every single employee - When choosing a professional services vendor (legal, accounting, etc). Meet the impressive partner but ask “Who will be doing my work?” - Do a personal e-newsletter. It helped get me funded. - Absorb Uncertainty – going to have to deal with all the negativity in the world because you are breaking THE RULES. Which rules? THE RULES SANE MORTALS DARE NOT BREAK. Basically, some people will do anything they can to validate the set of limitations they’ve chosen for themselves and invalidate yours. “My Uncle Bill tried to run off and start his own company once.” “Oh, how it work out?” Well, HE learned his lesson! He worked hisself half to death, lost his life savings, then his wife left him for someone with a real job, then his kids disowned him and then he went on a business trip and caught testicle cancer.” “You’ll hear the craziest stuff but strangely, in all these stories, Uncle Bill’s last name never turns out to be Gates.” - Every big success in my career is the result of a series of steps that can be traced back to a “first step” that started me on the path to that success. For me each of those first steps has always involved the same two things. The first is taking a pay cut and the second is the vague disapproval of my mother. It goes like this, “well Mom, actually I’m working on a new thing and to do it I had to quit and take another job. No, actually it’s less money than I was making before. No, no Mom it’s really ok, I’m doing it on purpose. No, please don’t send me any of Aunt Ginny’s food stamps, this is part of my plan.” Taking a pay cut and the offer of food assistance from my mother have become such predictable signs that I’m on the right path that I actually look forward to them now. So the advice here is Don’t be afraid of switching jobs and taking a pay cut to position yourself in a place where you can grow. I encourage young entrepreneurs to work in smaller entrepreneurial companies, even if it pays less, because that’s where you can best learn and develop your skills. Working at a larger company may pay better but it won’t help you develop your entrepreneurial skills nearly as well. - Don’t cut corners on taxes, payroll, independent contractor status. It will cost you more than you could have ever saved when you get to the sale or IPO of your company. Entrepreneurs don’t have to wait to meet St. Peter at the Pearly Gates to hear a recounting of all their past sins. You’re going to tell on yourself - in writing – because when you are about to be acquired or go public your lawyer will sit you down and introduce you to the joy of DISCLOSURES. Disclosures are documents where you… My sin – didn’t track vacation pay. It’s a liability that never goes away. - Attitude matters - Always be executing a plan to reach your goal. Even if it’s going to take a long time. Never, ever beg. “I am going. If you help me, I’ll get there faster. If not, I’ll still get there”. - Don’t fall in love with your companies. You will pour your heart, soul, money and time into nurturing and growing your company. It’s easy to end up emotionally obsessed with your company like it’s your first cuddly puppy dog, but at the end of the day – you’re an entrepreneur and professional entrepreneurs don’t think of their companies as house pets – we think of them as cattle we’re raising to sell. - When getting acquired: your goal isn’t to find a company who wants to buy you, it’s to find *TWO* companies that want to buy you.
- Times Zero can be very bad.
- It is likely that you will be wrong.