5-4-3-2-1 Countdown for Entrepreneurs (4/13/23)
5
Insights about risk
“There is no greater country on Earth for entrepreneurship than America. In every category, from the high-tech world of Silicon Valley, where I live, to University R&D labs, to countless Main Street small business owners, Americans are taking risks, embracing new ideas and - most importantly - creating jobs.”
-Eric Ries, author of The Lean Startup
“If your business had no risk, you could go get a bank loan and call it a day. VCs like risks -- without them, venture capital wouldn't exist. But they need to be risks that VCs are good at assessing and managing.”
-Jose Ferreira, founder of AllCourse, Bakpax, and Knewton
“The same products, services or technologies can fail or succeed depending on the business model you choose. Exploring the possibilities is critical to finding a successful business model. Settling on first ideas risks the possibility of missing potential that can only be discovered by prototyping and testing different alternatives.”
-Alexander Osterwalder, author, and entrepreneur
“New technologies and approaches are merging the physical, digital, and biological worlds in ways that will fundamentally transform humankind. The extent to which that transformation is positive will depend on how we navigate the risks and opportunities that arise along the way.”
-Klaus Schwab, Founder of the World Economic Forum
“Determination, energy, and courage appear spontaneously when we care deeply about something. We take risks that are unimaginable in any other context.”
-Margaret J. Wheatley, author, and management consultant
4
Menus of graphic design trends in 2023
If you are brainstorming ideas for a website, product package, or pitch deck, it’s fun to check out new image options. These creative sites share lists of 2023 design trends:
Dribble – AI design, Abstract 3D, Holographic Surrealism, Modern Nostalgia...
Jukebox – Minimal vintage, Foil printing, Branded illustrations, Brutalism...
Creative Bloq – digital dreamscapes, multidimensional, angular, platform-agnostic...
JUST Creative – motion graphics, inclusive visuals, surrealist maximalism, virtual reality...
3
Tips to help you pitch, persuade, and close
Entrepreneurs constantly sell. Like it or not, it’s part of the job. In this short video, I offer advice on how to be more persuasive.
2
Questions for startup founders
What is your motivation?
Business startups typically strive to disrupt, grow, and achieve profitability. And there are other kinds of startups – social and nonprofits – motivated to serve a public purpose. But when you pitch to investors, how do you express your motivation? If your answer is in vague clichés, think again...introspectively, honestly, and from your audience’s POV.
If you offer a Unique Value Proposition, your motivation should sound unique, as well. Explaining it clearly, sincerely, and interestingly isn’t just a way to make a pitch more appealing; it benefits you in many ways, including the fact that it gives you the kind of confidence that only comes from clarity and conviction.
What is your market?
Is it a new market, an existing market, a re-segmented market, or cloning a business model from a foreign market?
And the more challenging question: How well do you really know your market?
In my commentary, “Nine common mistakes in developing tech products,” the ninth mistake was:
“Forgetting that your market appreciates your ‘game-changing, disruptive technology’ less than you do. Even the greatest technology advances require behavior change on the part of users. Many aren’t ready for it yet.
“As entrepreneurs, we’re in the business of solving problems by building ventures around new products and services. Unfortunately, we often forget that only our customers can determine whether our improvements are solutions worth their time. We might believe our innovative email replacement tool should kill off the inbox for good, and maybe much of the world does too. But unless lots of customers are willing to endure a big behavior change now, our ‘ahead of its time’ technology might be a bit too disruptive, and it could struggle to find success.
“With every challenge comes opportunity. When an entrepreneur strikes the right balance between too little and too much innovation, they can inspire a market to catch on to something new — one step at a time. Executed well, a small change today can drive a much bigger one tomorrow, and your ‘game-changing’ product can still find a path to breakout success. Just be careful not to bite off too much too soon.”
1
Update on my idea that startups need an exceptional kind of CEO -- a “Chief Entrepreneurial Officer”
My short video explaining this concept took off on LinkedIn, sparking 60,000 impressions and a lot of conversation. Judging from viewer comments, I think many entrepreneurs agree that there are three qualities that identify a Chief Entrepreneurial Officer: vision, innovation, and inspiration.
Stay safe, stay happy, stay in touch!
Adam
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