Startup Passion Smack-Down SXSW 2012

transcript

StartupPASSION

Smack-‐Down

S X S WMarch 10, 2012

John Bradberry

#SXPassion

PassionRealism

A FALSE DICHOTOMY

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

venture’s

likelihood

of success.

Purpose

Photograph by Alex Guillaume

BELIEF

DETERMINATION

C O M M I T M E N T

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

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

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

The Passion Trap

6 dangers of startup passion

Founder Misalignment

Missing a Market

Rose-Colored Planning

Unforgiving Strategy

Reality Distortion

Evaporating Runway

Solutions

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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

Products and Needs are Inseparable

“Numbers Rule the Universe”

Pythagorus

Levels of Iteration

Cycle TimeLongShort

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