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From a great idea to a great business
- 2. very inspiring… …yet very impractical
- 3. constraints are a beautiful thing
- 4. about me
- 5. how to start up?
- 6. from a great idea to a great business
- 7. the problem is the solution
- 8. “If I had an hour to solve a problem I'd spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.”
- 9. what is the problem you are trying to solve?
- 10. we’ll constantly refine the answer
- 11. who are you solving the problem for?
- 13. do they perceive it as a problem?
- 14. pain killer or vitamin
- 15. is it getting more, or less, relevant?
- 16. how are they solving the problem today?
- 17. solution
- 18. how do you intend to solve the problem?
- 19. throwing resources at it isn’t enough
- 20. 10x solution
- 22. will they pay for it?
- 24. is this the right timing?
- 25. do you have the necessary skill-set?
- 26. what is your mvp?
- 27. how do you measure your progress?
- 28. focus on moving the needle
Editor's Notes
- We don’t have the time, money, resources, energy to make it. We are bound by constraints.
- Constraints are where magic happens. Creativity, Innovation, Ingenuity, System —> method.
- Been around startups since 2003. Freelance and mentor in the past 3. Focusing on turning a great idea into a great business.
- The number #1 question many mentees didn’t know they were actually asking
- The number #1 question many mentees didn’t know they were actually asking
- Beautiful quote from Einstein. Entrepreneurs don’t give enough thought to what is the problem they are solving. This is way more difficult than it seems. Defining the problem and its related aspects is critical to success and often will take several iterations to crack.
- Stop & think. What is the problem you are solving? Can you describe it in a sentence?
- There is no such a thing as a product for everyone. People are different - demographics, culture, views, interests, needs, etc. The escalator exercise: sit next to the bottom of an escalator and watch people as they come down. Are they your customer? Can you imagine how they’re using it? How is the ideal client?
- Sit next to an escalator or other big public area and watch the people come & go. Is this your client? How about this? Why not? Why yes? What did you learn from the process?
- How do people solve the problem today? What makes your solution 10 times better than current solutions?
- Adaptation as a way to survive and thrive Texas Blind Salamander Found only in 7 caves in San Marcos Pool, Texas. No light = no eyes. Black dots are non-functional, remnants lost all pigments on skin developed external gills to breath underwater they’re red since blood flows there to get oxygen directly from water legs very thin since they’re in the water all the time - no need to support weight Tails look like fins Quick prey capture, many sharp teeth to prevent from escaping read chemical cues from water to tell other salamanders and even male\female
- the right team Historically, most tech startups have multiple founders, especially the ones that have made it big. Think Steve & Woz, Larry & Sergey, Bill & Paul, Hewlett & Packard, Brian & Joe & Nathan (AirBnb), Drew & Arash (Dropbox), Jack & Noah & Ev & Biz (Twitter), Ben & Evan & Paul (Pinterest), etc.
- Measuring your progress What are your 1-3 core activities and how do you measure them?
- You only got a limited number of chips. Therefore, you have to focus your efforts on highly value add activities - those that move the needle on your main KPI
- What assumption did you take before taking your first step? What do you need to prove in order to move forward?