Slides given by Paul Smith at the Branson Centre of entrepreneurship on the 20 November 2014.

1. THE BEHAVIOURS OF PASSIONATE
ENTREPRENEURS

2. BRANSON CENTRE: AGENDA
09:00 Passion for a problem
09:30 Half-baked.com
10:00 Finding passionate customers
10:30 Customer interviews
11:30 A passion for great products
12:00 Test your pitchs
12:30 Mission driven startups

3. WHO IS IGNITOR?

4. PASSION FOR A PROBLEM

5. VIDEO: KAUFMANN SCRATCH YOUR ITCH

6. % OF INNOVATIONS COMING FROM USERS
Computer innovations 25%
Chemical process
innovations
Scientific instrument
innovations
Semiconductor
innovations
Wire stripping
innovations
70%
63%
11%
82%

7. INNOVATIONS: SOLVE YOUR OWN PROBLEMS
Centre Pivot Irrigation
Kite surfing
Mountain Bike
The Internet

8. COMPANIES: SOLVE YOUR OWN PROBLEMS

9. GAME: HALF BAKED.COM
1. Entrepreneurs count off into teams of 5
2. Audience selects 30 random words related to problems you have
3. Each team selects 2 words to use for a name (example. Blank-blank.com)
4. Each team has 5 minutes to create a business plan that solves a REAL problem
5. The business plan should consist of:
• A tagline
• A product or service (your solution)
• A business model (How do you make money)
• A go-to-market strategy (How do you get customers)
6. Each team has 2 mins to pitch their plan

10. WHAT IS THE ONE THING EVERY BUSINESS
NEEDS TO SUCCEED?
CUSTOMER

11. HOW DO YOU ENSURE THAT A CUSTOMER
WILL BUY YOUR PRODUCT?
A MONETIZABLE PROBLEM

12. SUCCESSFUL BUSINESSES
BIG PROBLEM SIMPLE SOLUTION

13. SUCCESSFUL BUSINESSES
CD PLAYER
JUMPS &
MISSION TO
CARRY CDS!
BIG PROBLEM SIMPLE SOLUTION

14. SUCCESSFUL BUSINESSES
OVERSEAS
CALLS ARE
EXPENSIVE!
BIG PROBLEM SIMPLE SOLUTION

15. SUCCESSFUL BUSINESSES
IT IS A
HEADACHE
GETTING A
TAXI!
BIG PROBLEM SIMPLE SOLUTION

16. SUCCESSFUL BUSINESSES
PIZZA TOOK
FOREVER TO
ARRIVE!
BIG PROBLEM SIMPLE SOLUTION

17. CUSTOMER-PROBLEM FIT
You have found a customer segment that
has a problem they will pay to have solved

18. HOW DO YOU FIND OUT IF CUSTOMERS HAVE
A PROBLEM THEY WANT SOLVED?
TALK TO THEM

19. ARE CUSTOMER INTERVIEWS USEFUL???

20. WARNING!!!
CUSTOMERS THAT AREN’T PASSIONATE ABOUT A PROBLEM

21. HOW DO YOU CONDUCT A PROBLEM
INTERVIEW?

22. HOW TO CONDUCT A PROBLEM INTERVIEW
INTRODUCE
INDICATORS
INTERVIEW
INTRODUCTIONS
Reminder: 4Is

23. HOW TO CONDUCT A PROBLEM INTERVIEW
INTRODUCE yourself
i.e. My name is [name] I am doing market research for a startup and want
to solve your problems and make your life better.
Check customer INDICATORS
i.e. Ask questions to test if they are in your target market.
Conduct INTERVIEW
i.e. Ask Problem, Competition and Spend questions
Ask for INTRODUCTIONS
i.e. Ask for introductions to friends and colleagues.
Reminder: 4Is

24. WHAT QUESTIONS TO ASK? (PCS)
PROBLEM
COMPETITION
SWITCH

25. WHAT QUESTIONS TO ASK? (PCS)
PROBLEM
What problems did you encounter when
(describe goal or task they are trying to achieve)?
COMPETITION
How do you currently solve the problem? Likes? Dislikes?
SWITCH
Have you spent any money or time trying to solve (describe problem)?

26. PROBLEM INTERVIEW DEMONSTRATION
PROBLEM:
What problems did you encounter when
(describe the goal or task they are trying to achieve)?
COMPETITION:
How do you currently solve the problem?
Likes? Dislikes?
SWITCH:
Have you spent any money or time trying to solve
(repeat back the problem discovered with the first question)?

27. PROBLEM INTERVIEW PRACTICE
PROBLEM:
What problems did you encounter when
(describe the goal or task they are trying to achieve)?
COMPETITION:
How do you currently solve the problem?
Likes? Dislikes?
SWITCH:
Have you spent any money or time trying to solve
(repeat back the problem discovered with the first question)?

28. HOW TO FIND CUSTOMERS:
1. Friends and family (Facebook, Linkedin, Email, Cell phone)
2. Shopping malls
3. Bored people (Waiting in lines, Gautrain, Bus stops, Taxi ranks)
4. Cold calling (LinkedIn, Facebook, Google)
5. Lead Generation (Landing Page, OLX, GumTree, Google Ads, Facebook Ads)
6. Public spaces (Events, Parks, conferences)

29. COMMON MISTAKES
1. Not talking to the right customer
2. To broad target market
3. Leading questions
4. Asking for predictive information
5. Not testing the size of the problem

30. THE NEXT HOUR
Interview at least 5 customers
Record the key insights from each interview

31. WHAT WAS STEVE JOBS GREATEST LEGACY
TO STARTUPS?
GREAT PRODUCTS WIN

32. GREAT PRODUCTS WIN

33. HOW DO YOU KNOW IF A
PRODUCT IS GREAT?
CUSTOMERS WANT IT

34. HOW MOST STARTUPS LAUNCH
Months / Years Learning happens here!
Product
Business Plan Launch
Development

35. WARNING!!!
BUILD SOMETHING NOBODY WANTS
0 /1700

36. DO YOU WANT TO WASTE 365 DAYS?
1 day
365 days
0 100 200 300 400

37. HOW YOU SHOULD LAUNCH
Learning happens here! Months / Years
Pre-sell
Product
Development
Business
Model

38. EXAMPLE 1: DROPBOX 75,000 EMAILS

39. EXAMPLE 2: ROBOT TURTLES 13,000 ORDERS $639K IN PRE-SALES

40. EXAMPLE 3: BUSINESS MODEL GENERATION
470 STRATEGY PRACTITIONERS CO-AUTHORED $250 EACH
$117 800 IN PRE-ORDERS

41. GREAT PRODUCTS: SMALL PRODUCTS

42. GREAT PRODUCTS: SMALL MARKETS

43. GREAT PRODUCT: SMALL MARKETS
1. Have the problem
2. Desperately looking for a solution
3. Willing to purchase a first version
4. Get a 50%+ market share quickly

44. HOW DO YOU FIND THE
INITIAL TARGET MARKET?
TEST IT

45. GREAT PRODUCTS: ONE LINE PITCH

46. 10 MIN SESSION
Decide on your early adaptor market
Decide on a small great product
Prepare a one line pitch

47. MISSION DRIVEN

48. GREAT PRODUCTS: SMALL MARKETS

49. FINANCIAL RETURNS: VISIONARY COMPANIES

50. WHY MISSION MATTERS
1. Startups are hard (very very hard)
2. Startups take a long time
3. Attract the best people
4. Attract the best partners

51. “We will create products that become
pervasive around the world… We will be
the first Japanese company to go into the
US market and distribute directly.. Fifty
years from now, our brand will be as well
know as any in the world.”

52. “I will build a motor car for the great
multitude… It will be so low in price
that no man making a good salary
will be unable to own one. The horse
will have disappeared from our
highways, the automobile will be
taken for granted.”

56. 100 MILLION TREES SAVED

58. HAGEN STEHR

59. PROBLEMS

60. QUESTIONS

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