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Failure

3. What if anything did you learn from the experience?

What is theArt of Failure?

What is theArt of Failure?

An experiment

What is theArt of Failure?

An attitude and mind set

… of inquisitiveness and discovery joyfully, strategically intelligently

embracing the drive to build innovative and entrepreneurial start ups

… an ongoing trial and error, learning process

What is theArt of Failure?

A set of emerging approaches, methodologies and resources that reflect Valley “fast failure” perspective.

• Super low entry cost ventures• Blank Customer Discovery process• Agile Development methodologies• Y-Combinator incubation approach• Psychology & Chaldini influence tools• Global crowd sourcing & crowd funding resources

What is theArt of Failure?

• An attitude and mind set…

• A set of approaches and tools

Silicon Valley & Failure

FailureQuotations

“I have not Failed, I have learnt 9,999 ways that won’t work.”

- Thomas Edison

“People don’t Fail, it is the Plan, Strategies and Tactics that Fail.”

- Paul Mc.Kenna

“Just do it”

- Nike

Risk ContinuumModel

Risk Level

Risk ContinuumModel

Risk Level

Risk Continuum ModelDimension of Risk

Risk Level• Legal

• Financial

• Emotional

• Reputation

• …

Risk Continuum Model

Risk Level

Risk Continuum Model

Risk Level

Risk Continuum Model

Risk Level

Fear of Failure

Fear of Failure

One of the greatest fears people have

Related to Fear of Criticism or Rejection

Incapacitates people

FailureFear of Failure – Overcoming

Take Action

Persist

Don’t take failure personally

Do things differently

Don’t be so hard on yourself

Treat the experience as opportunity to learn

Look for possible opportunities that result from the experience

Fail forward, fast

Fear of FailureLook at mistakes, not as as outcomes or results,

but as permanent and personal

Fear of failure is self-limiting

““Failures of omission” as the biggest failure of all!Failures of omission” as the biggest failure of all!

Risk Continuum Model Critical to thoughtfully consider the lines Critical to thoughtfully consider the lines

Risk Level

Risk Continuum Model Critical to thoughtfully consider the lines Critical to thoughtfully consider the lines

Risk Level

Clear understanding of unacceptable risks enables… Clear understanding of unacceptable risks enables… ……bold action outside the “danger zone”bold action outside the “danger zone”

• What risks should we rule out?

• What risks can we realistically manage?

Failure as a Balancing Act

Too Much Risk(Russian Roulette)

Too Little Risk(Homebound)

Manageable Risk Zone

Failure as a Balancing ActManageable Risk Zone vs Comfort Zone

Too Much Risk(Russian Roulette)

Too Little Risk(Homebound)

Manageable Risk Zone

Emotional Comfort Zone

Failure as a Balancing Act

Too Much Risk(Russian Roulette)

Too Little Risk(Homebound)

Manageable Risk Zone

Emotional Comfort Zone

As an entrepreneur, my goal is to start life transforming As an entrepreneur, my goal is to start life transforming ventures . while limiting self to “manageable risks”?ventures . while limiting self to “manageable risks”?

Agenda Day 1Topic Speaker TimeIntroductionVenture Capital: Failure Embracing Model

Eli Zelkha 9:00

Failure andCustomer Discovery & Development

Steve Blank, Venture Capitalist,

Professor at U.C. Berkeley, Entrepreneur: Epiphany, MIPS,

Convergent ..

10:00

Student Diagnostic Assessment: Personality and Failure Risk

All 11:00

Lunch

12:00

Frameworks & Models of Failure Eli Zelkha 1:00

Student Exercise: Life timeline exercisePersonal Reflections on Failure

All 2:00

Building India’s First Coffee Shop Chain Sashi ChimalaCEO Quickies, PayPod, Indigo

3:00

Samasource: A Start Up Providing Dignified Work for Marginalized People in Scale

Claire HunsakerVice-President, Strategy & Product

Samasource

4:00

Agenda Day 1Topic Speaker TimeIntroduction Eli Zelkha 9:00

Starting a Y Combinator Company Matthew Brezina EntrepreneurXobni

9:15

Student Discussion:Y Combinator & Why Startups Fail?

All 10:30

Start up Success & Failure in Silicon Valley Ariel PolerEntrepreneur, Angel, Advisor

IPRO, Topica, Kana, LinkExchange, StumbleUpon, Odeo, Flixster and more!

11:00

Lunch 12:00

TBD 1:00

Failure & the Concepto Venture Business Model

Eli Zelkha / Simon Birrell 2:00

Global Success & Failure in Technology & Social Ventures

Kamran ElahianEntrepreneur, VC, Philanthropist

CAE, Cirrus Logic, NeoMagic, Centillium, Momenta, Schools Online, Global Catalyst Foundation

3:30

Closing Remarks Eli Zelkha 4:45

END

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