1. Dr. Sean Wise, BA LLB MBA PhD

2. About me

3. About me Founded my first startup at 13
Been in venture capital business for 18 years
Heard more than 20,000 startup pitches
Spent 5 seasons on DRAGONS’ DEN
Have invested in 23 startups over the last 20 months
2014 Startup Mentor of the Year

4. Today’s Agenda Introduction to the course Starting Startups
The Lean Startup
The 6 Key Questions / Themes
The 7 Habits of highly successful entrepreneurs
Finding your Hedgehog
Picking a Problem to Solve
Building Extraordinary Founder Teams

5. INTRODUCTION

6. In this module you will learn:
Introduction to the course
Why start a startup
What is a:
Startup?
Entrepreneur?
Opportunity?
The Lean Startup
Key Questions / Themes

7. Core Curriculum Module 0: Getting Started
Module 1: Ideation & Opportunity Evaluation
Module 3: Finding your UVP
Module 4: Preselling
Module 5: Finding your Business Model
Module 6: Designing the MVP
Module 7: Scaling and Sustaining the Business
Module 8: Raising Seed Money

8. Why Start a Startup?
I can decide what the work is like. What I get to do. And that's the mecca for me.
I want to avoid the daily grind that comes along with a career that isn't self-sustaining.
I want to be able to call my own shots, be in charge of my destiny, and have the ability to set my own life.
I want to fix a problem, change the world, make life better.
I want my actions to have a direct impact on the outcome of the business.
I want job security, I’m driven by the sense of security that comes along with being in full control of their work.
I have to escape the Dysfunctional Workplaces.
I want Unlimited earning possibilities.
I want to work on something that I am passionate about.

9. Why Start a Startup? (now)
You Have The Power To Create Something From Nothing
Cloud Computing And Web Apps Make It Cheap To Start
A World Of Knowledge Is Available
There Are More Customer Acquisition Channels Than Ever Before
The Capital To Grow Is Widely Available If You Need It
Finding Out Whether You Are Right Takes Far Less Risk
A Traditional "Job" Isn't Much More Secure In The Long Run
What took $5,000,000 to launch in 1995, not costs less than $25,000 to launch today

10. Starting Startups

11. Introduction
In 100 days, if you follow this approach I’m teaching you, YOU will have a REVENUE generating Startup

12. 100 Days?
It is possible to get to revenue in 100 days, but keep in mind:
All on you, not on the system
Days are 10 hours (so 1000 hours in total must be invested)
Revenue will be nominal and serve as proof of concept
Days don’t have to be consecutive, but there must be 100, 10 hour days
This requires you to nail it (e.g. Product, Market, etc.) on the first try

13. What’s a Startup? A startup is an organization formed to search
for a repeatable and scalable business model.
A startup is NOT a small version of a big company
The goal of your early business model can be revenue, or profits, or users, or click-throughs – whatever you and your investors have agreed upon.
Customer and Agile Development is the way for startups to quickly iterate and test their hypotheses about their business model
Most startups change their business model multiple times.
This is often called: Pivoting

14. When is a Venture a Startup?

15. Product Market Fit Scale now
Startup Lifecycle
Product Market Fit Scale now
(LTV > COCA)
Problem Solution Fit

16. What’s an Entrepreneur?
Schumpeter
An entrepreneur is the person who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw materials. Creative Destruction.
Simpler
An entrepreneur is the person who perceives an opportunity and creates an organization to pursue it.

17. Entrepreneurial Traits
Internal Locus of Control
High Adversity Quotient
Understands failure is part of the game
Tolerance of ambiguity
Actions lead to creative destruction
Found 10x Solutions
Focused on their Hedgehog
Post Facto Success / Had huge $$$$ exit

18. Entrepreneurial DNA

19. What’s an Opporutnity?
opportunity exists when customers struggle to get a job done. Indeed, addressing those unmet needs is the key to success. 
Unmet market need
Focus on customers needs
Explore with customers:
What is the biggest challenge you are facing in your business?
Why is it important that you find a solution to this challenge now?
How hard have you worked to try to solve this challenge in the past?
What about this challenge makes it so hard to solve or answer?
How hard has it been to find an answer to your challenge?

20. Opporutnities are Subjective
Not all opportunities are suited for all founders
Not all opportunities are worth pursuing
Not all opportunities are startup worth building

21. The Opportunity Focus
Obesssed
10X

22. 9 elements of a Good Lean Startup Opportunity
Enjoyable daily tasks
Product / founder fit
Can become a scalable business model
Can operate profitably without the founder
Can become an asset you can sell
Large market potential
They tap into pain or pleasure differentiators
Unique lead generation advantage
Ability to launch quickly

23. Before you quit your dayjob

24. The Changing Process 20th Century 21st Century Build in Secret
Go to customers early and often
Only focus group in Secret
Share, share, share
Only have 1 chance to make a first impression of customers
Name it BETA and let customers shape it
Engineering Driven
Customer Driven
Business Plans
Lean Canvas

25. The Lean Startup Ready Aim Fire Ready Fire Aim
20th Century vs 21st Century
Customer Development
Lean Startup Method
Business Plans vs. Business Model Canvas
The Business Model Canvas vs the Lean Canvas
Ready
Fire
Aim

26. Customer Development Methodology

27. Lean Startup Methodology

28. Lean Startup Methodology

30. Lean Startup Stages

31. The 6 Key Questions Who is your Customer?
What can you do for your Customer?
How does a Customer acquire your solution?
How do you make money off your solution?
How do you design and build your product?
How do you scale the venture?

32. The Business Model Canvas

33. The Lean Canvas

34. Hypothesis Driven Entrepreneurship

35. In this module we learned about:
Introduction to the course
Why now is great time to start a startup
What is a:
Startup?
Entrepreneur?
Opportunity?
The Lean Startup
Key Questions / Themes

36. End of module 1

37. FOUNDERS & FOUNDING TEAMS

38. In this module you will learn:
The habits of highly successful entrepreneurs
How to find your Hedgehog
How to find a problem worth solving
That starting a startup is a team sport
Finding Co Founders
The components of startup teams
About the Talent Triangle

39. The 7 Habits of highly successful entrepreneurs
They set explicit goals quarterly and milestones according to the "80-20 Rule“, visualize daily, and track such with KPIs
They Share Often
They Fail Faster
They know when to say "no“
They Turn Obstacles Into Assets
They put their Customers First and use data based decision making
They are focused on their Hedgehog
A habit is a choice repeated for more than 21 days.

40. Finding your Hedgehog

41. THE HEDGEHOG CONCEPT

42. The Fox and the Hedgehog
"a fox knows many things, but a hedgehog one important thing“
an ancient fable, with both Eastern and Western analogues involving different animals, that addresses the difference between resourceful expediency and a master stratagem
In the basic story a hedgehog and a fox discuss how many tricks and dodges they have. The fox boasts that he has many; the hedgehog confesses to having only one. When hunters arrive with their dogs, the hedgehog balls up and the dogs ignore him, but the fox is chased and eventually caught by the hounds. 
Hedgehogs view the world through the lens of a single defining idea 
Foxes draw on a wide variety of experiences and for whom the world cannot be boiled down to a single idea

43. The Fox and the Hedgehog
Are you a fox or a hedgehog?
The fox knows many things but the hedgehog knows one big thing.
Can you take a complex world and simplify it.
The three circles
 What are you best at?
 What can make you money?
 What are you passionate about

44. 3 Questions to Find your Hedgehog
THE HEDGEHOG CONCEPT

45. Picking your Problem to Solve
Access to Customers
10X advantage
Domain Knowledge
Your Opportunity

46. FOUNDING TEAMS

47. Building Extraordinary Founder Teams
Passion
10x Adv
Access To users

48. 7 Reasons to Hire a Cofounder
7 advantages of a team
7 Reasons to Hire a Cofounder
Feedback
Increased skill set
Moral support
Capacity innovation
Extended network
Higher social level of support

49. What is a well rounded Management Team?

50. In this module you learned:
The habits of highly successful entrepreneurs
How to find your Hedgehog
How to find a problem worth solving
That starting a startup is a team sport
Finding Co Founders
The components of startup teams
About the Talent Triangle

51. End of module 2