Download - Startup Passion Smack-Down SXSW 2012
StartupPASSION
Smack-‐Down
S X S WMarch 10, 2012
John Bradberry
Image by Joe CarrReadyFounder Services, 2012 - All Rights Reserved
#SXPassion
PassionRealism
A FALSE DICHOTOMY
YOU
Strong
StrongWeak
Passion
Realism
• Objective 2 - Identify specific way(s) to elevate your odds of success.
Purpose
Understand
the double-edged
nature of
entrepreneurial
passion.
• Objective 2 - Identify specific way(s) to elevate your odds of success.
Improve
your
venture’s
likelihood
of success.
Purpose
Photograph by Alex Guillaume
BELIEF
DETERMINATION
C O M M I T M E N T
FAITH
CONFIDENCEDRIVE
OPTIMISM
COURAGE
HOPEFIRE
PASSIONYou Can’t Do It Without
An Exploration
• 55 hours of interviews
• 51+ books
• 83 research papers
• 500+ online sites, blogs, magazines, etc.
• Filtered through 20+ years of personal experience and observation
4 of 5 working adults dream of star>ng their own business
Intuit Survey
Most ventures close within 5 years of formation.
7 in 10 close within 10 years.
Reality
6 of 10 people who become self-employed go back to work for someone else within 10 years.
Reality
Reality
The typical business owner will make 35% less over a 10-year period than if he or she had
remained in their previous job
Business owners report longer work hours and more stress,
fatigue, insomnia, depression, and conflict with spouses.
Reality
WHY?
A Core Issue
+
Beliefs: “Neurologically Real”
Andrew Newberg
Via ZombieDoom.com
When New Data . . .
are perceived as TRUE
When New Data . . .
are perceived as FALSE
Cognitive Biases
RepresentativenessConfirmation Bias
Anchoring
Sunk Cost FallacyIllusion of
Control
Investments& Actions
Feedback& Results
BiasedInterpretation
Attachment to an IDEA
Attachment to an IDEA
The Passion Trap
6 dangers of startup passion
Founder Misalignment
Missing a Market
Rose-Colored Planning
Unforgiving Strategy
Reality Distortion
Evaporating Runway
Solutions
!
! ! !!!!!!! !
"!
!!!!!!!!!!!!!!
"#$%&'#((!)'%#*!+,-.#!/0!12$%.$'3!
!"#$!%!&'(%)*'&!*##+!%(!,%-(#$.!/%+)01!23!'%-4!52%&$%0(6!
.''!7'(%)*'&!89.'$:%()#0.!;3%1'.!<<=<>?!
!
!
#$%&'(!
")!
#$(*!
+)!
,-'./(012!
33!
!41/25'%6!
37!
Founder Fit
P u rp o s e / M o t i v a t i o n
S k i l l s / E x p e ri e n c e
Pe rs o n a l i t y
S u p p o rt S y s t e m
Fo c u s / Pe r f o r m a n c e
Rapid-Fire Assessment
!
All systems go. Great shape...
Some concerns, questions
Key gap or risk
• Shape your venture the outside-in
• Attach to your market, not your idea
• An idea isn’t great until the market says it is
• Create and track “moments of truth”
Market Orientation
ProductN
eed N
eed
Products and Needs are Inseparable
“Numbers Rule the Universe”
Pythagorus
Levels of Iteration
Cycle TimeLongShort
Sco
pe
/ I
mp
act
Narr
ow
Bro
ad
Features
Products / Services
Systems / Processes
Strategy
Business Model
Identity
STAMINA
STAYING POWER
D e p r e s s i v e R e a l i s m
Earned Optimism
w w w . R e a d y F o u n d e r . c o m