Startup Passion Smack-Down SXSW 2012
2 likes•952 views
This document discusses the double-edged nature of entrepreneurial passion and how it can both help and hinder startup success. While passion is needed to sustain the long hours and challenges of entrepreneurship, it can also lead founders to ignore reality, make biased decisions, and cling too tightly to ideas rather than listening to the market. The document provides strategies for founders to maintain passion while also making decisions based on market feedback and evidence, including assessing founder fit, taking a market-oriented approach, using rapid iteration, and developing earned optimism over time.
Startup Passion Smack-Down SXSW 2012
- 1. Startup PASSION Smack-‐Down John Bradberry S X SW March 10, 2012 ReadyFounder Services, 2012 - All Rights Reserved Image by Joe Carr
- 2. #SXPassion
- 3. A FALSE DICHOTOMY Realism Passion
- 4. Strong YOU Passion Weak Strong Realism
- 6. Purpose Improve your venture’s likelihood of success. Photograph by Alex Guillaume
- 7. DETERMINATION COURAGE FIRE FAITH HOPE BELIEF OPTIMISM COMMITMENT DRIVE CONFIDENCE
- 8. You Can t Do It Without PASSION
- 9. 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
- 10. Intuit Survey 4 of 5 working adults dream of star>ng their own business
- 11. Reality Most ventures close within 5 years of formation. 7 in 10 close within 10 years.
- 12. Reality 6 of 10 people who become self- employed go back to work for someone else within 10 years.
- 13. 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
- 14. Reality Business owners report longer work hours and more stress, fatigue, insomnia, depression, and conflict with spouses.
- 15. WHY?
- 16. A Core Issue +
- 18. Beliefs: “Neurologically Real” Andrew Newberg
- 20. When New Data . . . are perceived as TRUE
- 21. When New Data . . . are perceived as FALSE
- 22. Confirmation Bias Representativeness Cognitive Biases Anchoring Illusion of Sunk Cost Fallacy Control
- 23. The Passion Trap Attachment Attachment to toan IDEA an IDEA Biased Investments Interpretation & Actions Feedback & Results
- 24. 6 dangers of startup passion
- 26. Missing a Market
- 31. Solutions
- 33. !41/25'%6! #$%&'(! 37! ")! ,-'./(012! #$(*! 33! +)!
- 35. Founder Fit Purpose / Motivation S k i l l s / E x p e ri e n c e Personality Support System Focus / Performa nce
- 36. Rapid-Fire Assessment ! All systems go. Great shape... Some concerns, questions Key gap or risk
- 38. Market Orientation • 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”
- 39. Products and Needs are Inseparable Need Product Need
- 41. “Numbers Rule the Universe” Pythagorus
- 44. Levels of Iteration Broad Identity Business Model Scope / Impact Strategy Systems / Processes Products / Services Narrow Features Short Long Cycle Time
- 47. Earned Optimism
- 48. w w w . R e a d y F o u n d e r . c o m