Transcript

l@missrogue | @tctotem | #startuplies

The 5 Lies That Will Kill Your Startup Dreams

by Tara Hunt

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies

the 5 lies I believed

l@missrogue | @tctotem | #startuplies

1. build awesome stuff

+ they will come

@missrogue

case studyproduct:

subscription model

@missrogue

“Subscription services are a fad.”

BEFORE

“The market isn’t big enough.”

“We don’t invest in high costs with low margins.”

“Women don’t need this service.”

l@missrogue | @tctotem | #startuplies

https://www.youtube.com/watch?v=0XnzfRqkRxU ~10million views

@missrogue

“What a brilliant idea!”

AFTER

“Best tampon ad in the history of the world.”

“What [revenue] took me a month, I now do in an

hour.”

@missrogue

“My tiny company that had been limping along released a video. And the video exploded...Suddenly I had a flood of orders and received an

outpouring of support in the form of emails from women and girls around the world.”

Naama Bloom, CEO HelloFlo

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marketing is important(and marketing is more than you think)

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the customer path to use/purchase

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where is the marketing problem?AWARENESS RESEARCH DECISION USE RE-USE REFER LOVE

Do they know you

exist?

Can they find you

when they are looking?

How do you stack up

against the competition?

What’s the user

experience?

How frequently

would people use

your product

Is there a reason that

people would share/recommend?

Do your users fall in

love?

PR, WOM, ads SEO, SEM Reviews

Product*, customer service

Usage/demand

Sharability/Growth Hacking

Community

We were in the wrong places, not

building relationships

with the right people.

Our SEO was pretty decent, but we didn’t have any

budget for SEM.

Very few reviews.

Most people were raving

about Pinterest

and Shopstyle.

Took us a while, but we finally got to a

great user experience. Too late…

The frequency

for searching

for specific fashion

items too rare.

People did share when they found

and used us.

A few did. But we

didn’t build the

community we should

have.

l@missrogue | @tctotem | #startuplies

2. build stuff people need + they will come

https://www.flickr.com/photos/ep_jhu/3308079338

l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/28291679@N06/4039684475/

The market is saturated with products, apps, and services. It’s

no longer about building something that people need. It’s about building something that

people love. That’s really hard.

l@missrogue | @tctotem | #startuplies

product

mar

ket

l@missrogue | @tctotem | #startuplies

market research is essential

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market research 101Start with core assumptions. Here are a few:

1. a target customer (not everyone): Ours was “women who love fashion + shop online”

2. the problem you are solving: Ours was “Shopping for fashion is frustrating. Too much choice + not enough personalization.”

3. knowledge of the current ‘solutions’ + why they don’t measure up: Ours was Shopstyle + that it doesn’t account for personal style and doesn’t include non-affilate shops

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http://www.talkingtohumans.com/

Talking to Humans by Giff Constable.

BUY IT.

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market research 101

Now, challenge those assumptions with real research:

1. walk a day in your customer’s shoes (go through the exercise of buying something or using something)

2. find a way to observe how people actually solve the problem

3. ask people (strangers - not friends) who have just gone through the exercise about their experience

http://www.talkingtohumans.com/

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3. you’ll figure out your business model later

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how do you figure out your business model?

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http://www.businessmodelgeneration.com/

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l@missrogue | @tctotem | #startuplies

steve blank’s edits:

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also:

0

250000

500000

750000

1000000

year 1 year 2 year 3 year 4

users profit

be realistic here

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4. press = success

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies

55 articles about Buyosphere in major

publications. traffic generated?

(negligible - don’t believe the hype)

l@missrogue | @tctotem | #startuplies

5. raising money = success

https://www.flickr.com/photos/togawanderings/5899676716

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raising money was our biggest downfall.

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$$ stole our focus

https://www.flickr.com/photos/chicanerii/4410122852

l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies

$$ made us lazy

l@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies

$$ took us off trackl@missrogue | @tctotem | #startuplies

l@missrogue | @tctotem | #startuplies

we weren’t entrepreneurs. we were

fundraisers.(and we aren’t alone)

l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/kylaborg/9639740284

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entrepreneurialism is heartbreaking.

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entrepreneurialism is exhausting.

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entrepreneurialism is hard work.

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entrepreneurialism is NOT heroic.

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entrepreneurialism is about making.

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entrepreneurialism is about solving.

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entrepreneurialism is about growing.

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entrepreneurialism is ultimately rewarding.

(if you are doing it right)

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don’t fall for the lies.

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l@missrogue | @tctotem | #startuplies

make your own path

l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/mlinksva/4086886707

l@missrogue | @tctotem | #startuplies

thank you!Tara Hunt

Director, Audience Development Entrepreneur-forever

[email protected] [email protected]

tarahunt.com / totem.tc

@missrogue

l


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