the five lies that will kill your startup dreams

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  • 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 isnt big enough.

    We dont invest in high costs with low margins.

    Women dont need this service.

  • l@missrogue | @tctotem | #startuplieshttps://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

  • l@missrogue | @tctotem | #startuplies

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

  • l@missrogue | @tctotem | #startuplies

    the customer path to use/purchase

  • l@missrogue | @tctotem | #startuplies

    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?

    Whats 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 didnt 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

    didnt 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. Its

    no longer about building something that people need. Its about building something that

    people love. Thats really hard.

  • l@missrogue | @tctotem | #startuplies

    product

    mar

    ket

  • l@missrogue | @tctotem | #startuplies

    market research is essential

  • l@missrogue | @tctotem | #startuplies

    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 dont measure up: Ours was Shopstyle + that it doesnt account for personal style and doesnt include non-affilate shops

  • l@missrogue | @tctotem | #startuplieshttp://www.talkingtohumans.com/

    Talking to Humans by Giff Constable.

    BUY IT.

  • l@missrogue | @tctotem | #startuplies

    market research 101

    Now, challenge those assumptions with real research:

    1. walk a day in your customers 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/

  • l@missrogue | @tctotem | #startuplies

    3. youll figure out your business model later

  • l@missrogue | @tctotem | #startuplies

    how do you figure out your business model?

  • l@missrogue | @tctotem | #startuplieshttp://www.businessmodelgeneration.com/

  • l@missrogue | @tctotem | #startuplies

  • l@missrogue | @tctotem | #startuplies

    steve blanks edits:

  • l@missrogue | @tctotem | #startuplies

    also:

    0

    250000

    500000

    750000

    1000000

    year 1 year 2 year 3 year 4

    users profit

    be realistic here

  • l@missrogue | @tctotem | #startuplies

    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 - dont believe the hype)

  • l@missrogue | @tctotem | #startuplies

    5. raising money = success

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

  • l@missrogue | @tctotem | #startuplies

    raising money was our biggest downfall.

  • l@missrogue | @tctotem | #startuplies

    $$ 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 track

    l@missrogue | @tctotem | #startuplies

  • l@missrogue | @tctotem | #startuplies

    we werent entrepreneurs. we were

    fundraisers.(and we arent alone)

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

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is heartbreaking.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is exhausting.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is hard work.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is NOT heroic.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is about making.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is about solving.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is about growing.

  • l@missrogue | @tctotem | #startuplies

    entrepreneurialism is ultimately rewarding.

    (if you are doing it right)

  • l@missrogue | @tctotem | #startuplies

    dont fall for the lies.

    l@missrogue | @tctotem | #startuplies

  • 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

    tara@tarahunt.com tara.hunt@totem.tc

    tarahunt.com / totem.tc

    @missrogue

    l

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