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

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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

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