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Slides given by Paul Smith at the Branson Centre of entrepreneurship on the 20 November 2014.
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THE BEHAVIOURS OF PASSIONATE
ENTREPRENEURS
BRANSON CENTRE: AGENDA
09:00 Passion for a problem
09:30 Half-baked.com
10:00 Finding passionate customers
10:30 Customer interviews
11:30 A passion for great products
12:00 Test your pitchs
12:30 Mission driven startups
WHO IS IGNITOR?
PASSION FOR A PROBLEM
VIDEO: KAUFMANN SCRATCH YOUR ITCH
% OF INNOVATIONS COMING FROM USERS
25%Computer innovations
Chemical process
innovations
Scientific instrument
innovations
Semiconductor
innovations
Wire stripping
innovations
70%
63%
11%
82%
INNOVATIONS: SOLVE YOUR OWN PROBLEMS
Centre Pivot Irrigation
Kite surfing
Mountain Bike
The Internet
COMPANIES: SOLVE YOUR OWN PROBLEMS
1. Entrepreneurs count off into teams of 5
2. Audience selects 30 random words related to problems you have
3. Each team selects 2 words to use for a name (example. Blank-blank.com)
4. Each team has 5 minutes to create a business plan that solves a REAL problem
5. The business plan should consist of:
• A tagline
• A product or service (your solution)
• A business model (How do you make money)
• A go-to-market strategy (How do you get customers)
6. Each team has 2 mins to pitch their plan
GAME: HALF BAKED.COM
WHAT IS THE ONE THING EVERY BUSINESS
NEEDS TO SUCCEED?
CUSTOMER
HOW DO YOU ENSURE THAT A CUSTOMER
WILL BUY YOUR PRODUCT?
A MONETIZABLE PROBLEM
SUCCESSFUL BUSINESSES
SIMPLE SOLUTIONBIG PROBLEM
SUCCESSFUL BUSINESSES
SIMPLE SOLUTIONBIG PROBLEM
CD PLAYER JUMPS &
MISSION TO CARRY CDS!
SUCCESSFUL BUSINESSES
SIMPLE SOLUTIONBIG PROBLEM
OVERSEAS
CALLS ARE
EXPENSIVE!
SUCCESSFUL BUSINESSES
SIMPLE SOLUTIONBIG PROBLEM
IT IS A
HEADACHE
GETTING A
TAXI!
SUCCESSFUL BUSINESSES
SIMPLE SOLUTIONBIG PROBLEM
PIZZA TOOK
FOREVER TO
ARRIVE!
CUSTOMER-PROBLEM FITYou have found a customer segment that
has a problem they will pay to have solved
HOW DO YOU FIND OUT IF CUSTOMERS HAVE
A PROBLEM THEY WANT SOLVED?
TALK TO THEM
ARE CUSTOMER INTERVIEWS USEFUL???
WARNING!!!
CUSTOMERS THAT AREN’T PASSIONATE ABOUT A PROBLEM
HOW DO YOU CONDUCT A PROBLEM
INTERVIEW?
HOW TO CONDUCT A PROBLEM INTERVIEW
INTRODUCE
INDICATORS
INTERVIEW
INTRODUCTIONS
Reminder: 4Is
HOW TO CONDUCT A PROBLEM INTERVIEW
INTRODUCE yourself
i.e. My name is [name] I am doing market research for a startup and want to solve your problems and make your life better.
Check customer INDICATORS
i.e. Ask questions to test if they are in your target market.
Conduct INTERVIEW
i.e. Ask Problem, Competition and Spend questions
Ask for INTRODUCTIONS
i.e. Ask for introductions to friends and colleagues.
Reminder: 4Is
WHAT QUESTIONS TO ASK? (PCS)
PROBLEM
COMPETITION
SWITCH
WHAT QUESTIONS TO ASK? (PCS)
SWITCH
Have you spent any money or time trying to solve (describe problem)?
COMPETITION
How do you currently solve the problem? Likes? Dislikes?
PROBLEM
What problems did you encounter when
(describe goal or task they are trying to achieve)?
PROBLEM INTERVIEW DEMONSTRATION
PROBLEM: What problems did you encounter when
(describe the goal or task they are trying to achieve)?
COMPETITION: How do you currently solve the problem? Likes? Dislikes?
SWITCH: Have you spent any money or time trying to solve (repeat back the problem discovered with the first question)?
PROBLEM INTERVIEW PRACTICE
PROBLEM: What problems did you encounter when
(describe the goal or task they are trying to achieve)?
COMPETITION: How do you currently solve the problem? Likes? Dislikes?
SWITCH: Have you spent any money or time trying to solve (repeat back the problem discovered with the first question)?
HOW TO FIND CUSTOMERS:
1. Friends and family (Facebook, Linkedin, Email, Cell phone)
2. Shopping malls
3. Bored people (Waiting in lines, Gautrain, Bus stops, Taxi ranks)
4. Cold calling (LinkedIn, Facebook, Google)
5. Lead Generation (Landing Page, OLX, GumTree, Google Ads, Facebook Ads)
6. Public spaces (Events, Parks, conferences)
COMMON MISTAKES
1. Not talking to the right customer
2. To broad target market
3. Leading questions
4. Asking for predictive information
5. Not testing the size of the problem
THE NEXT HOUR
Interview at least 5 customers
Record the key insights from each interview
WHAT WAS STEVE JOBS GREATEST LEGACY
TO STARTUPS?
GREAT PRODUCTS WIN
GREAT PRODUCTS WIN
HOW DO YOU KNOW IF A
PRODUCT IS GREAT?
CUSTOMERS WANT IT
HOW MOST STARTUPS LAUNCH
Business Plan LaunchProduct
Development
Learning happens here!Months / Years
WARNING!!!
BUILD SOMETHING NOBODY WANTS
0 /1700
0 100 200 300 400
1 day
365 days
DO YOU WANT TO WASTE 365 DAYS?
HOW YOU SHOULD LAUNCH
Pre-sellProduct
DevelopmentBusiness Model
Learning happens here! Months / Years
EXAMPLE 1: DROPBOX 75,000 EMAILS
EXAMPLE 2: ROBOT TURTLES 13,000 ORDERS $639K IN PRE-SALES
EXAMPLE 3: BUSINESS MODEL GENERATION
470 STRATEGY PRACTITIONERS CO-AUTHORED $250 EACH
$117 800 IN PRE-ORDERS
GREAT PRODUCTS: SMALL PRODUCTS
GREAT PRODUCTS: SMALL MARKETS
GREAT PRODUCT: SMALL MARKETS
1. Have the problem
2. Desperately looking for a solution
3. Willing to purchase a first version
4. Get a 50%+ market share quickly
HOW DO YOU FIND THE
INITIAL TARGET MARKET?
TEST IT
GREAT PRODUCTS: ONE LINE PITCH
10 MIN SESSION
Decide on your early adaptor market
Decide on a small great product
Prepare a one line pitch
MISSION DRIVEN
GREAT PRODUCTS: SMALL MARKETS
FINANCIAL RETURNS: VISIONARY COMPANIES
WHY MISSION MATTERS
1. Startups are hard (very very hard)
2. Startups take a long time
3. Attract the best people
4. Attract the best partners
“We will create products that become
pervasive around the world… We will be
the first Japanese company to go into the
US market and distribute directly.. Fifty
years from now, our brand will be as well
know as any in the world.”
“I will build a motor car for the great
multitude… It will be so low in price
that no man making a good salary
will be unable to own one. The horse
will have disappeared from our
highways, the automobile will be
taken for granted.”
100 MILLION TREES SAVED
HAGEN STEHR
PROBLEMS
QUESTIONS
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