Great video. Met Steve at TechDay NYC. The critical assumption for our business is something we're excited to have just proven, and will continue to iterate upon.
Great video! I have a couple of comments and questions. Can derisking be done publicly or is it more of an internal thing? Because I feel like for a lot of businesses the beauty is that there is risk involved, and you don't know what's going to happen before you go public with it. ---Getting to the core of my question, isn't there a balance between testing your assumptions and just going for it? I understand that you need to identify what could go wrong and derisk the assumptions you've made but I just feel like at some point you got to go public and test it before the competition catches on.
Hey Noah - thanks for your response and questions! Here you go: * Can derisking be done publicly or is it more of an internal thing? >> You can do it either way but I find doing it "publically" is really powerful. In a future Dose we'll talk about how to talk about critical assumptions with potential customers. That's a great way to do it publically. One of the biggest assumptions is that you are really solving an urgent need for customers. Best way to de-risk, ask early and often! * Isn't there a balance between testing your assumptions and just going for it? >> Yes, there is a bit of a balance, BUT, I consistently find that critical assumptions more often than not (> 50% of the time) kill startups. So you want to focus on de-risking those most critical assumptions first. Otherwise, following from the example in the video, I would not "de-risk" that my rope is tied tightly and just "go for it" -- leap off the cliff and just "hope" the rope (your most critical assumption) is nice and tight. What's the worst that can happen? Oh right -- splat! :-(
All this is good but i feel silicon valley, harvard and mit guys get more rope, more wiggle in the assumptions. I want to know if derisk was followed, why we have such poor vc track record
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I love the no BS tone. As a founder I often feel patronised when people are giving advice. This is just what I need and how I need it delivered.
He keep it on the 1 like James Brown.
love it, it's Risk Management 101, quickly and smoothly.
Great video. Met Steve at TechDay NYC. The critical assumption for our business is something we're excited to have just proven, and will continue to iterate upon.
Glad you liked it Erick!
Good and apt content. for a first time entrepreneur like me, it clears a lot of basic stuff. thanks for the valuable content.
Great video. Go DreamIt.
Pete - thanks for your note. Glad you liked it!
Great video! I have a couple of comments and questions. Can derisking be done publicly or is it more of an internal thing? Because I feel like for a lot of businesses the beauty is that there is risk involved, and you don't know what's going to happen before you go public with it. ---Getting to the core of my question, isn't there a balance between testing your assumptions and just going for it? I understand that you need to identify what could go wrong and derisk the assumptions you've made but I just feel like at some point you got to go public and test it before the competition catches on.
Hey Noah - thanks for your response and questions! Here you go:
* Can derisking be done publicly or is it more of an internal thing? >> You can do it either way but I find doing it "publically" is really powerful. In a future Dose we'll talk about how to talk about critical assumptions with potential customers. That's a great way to do it publically. One of the biggest assumptions is that you are really solving an urgent need for customers. Best way to de-risk, ask early and often!
* Isn't there a balance between testing your assumptions and just going for it? >> Yes, there is a bit of a balance, BUT, I consistently find that critical assumptions more often than not (> 50% of the time) kill startups. So you want to focus on de-risking those most critical assumptions first. Otherwise, following from the example in the video, I would not "de-risk" that my rope is tied tightly and just "go for it" -- leap off the cliff and just "hope" the rope (your most critical assumption) is nice and tight. What's the worst that can happen? Oh right -- splat! :-(
I love these words!
Great video
Quick question
How do you meet investors??
You need to reach out to those that you think are well aligned with your business and stage. Thx for watching! - Steve
I want to test the idea, should I make product then show customers or wireframe is fine
Good stuff
Richard - glad you liked it! If you have suggestions for future Dose topics you would like to see, please let us know!
All this is good but i feel silicon valley, harvard and mit guys get more rope, more wiggle in the assumptions. I want to know if derisk was followed, why we have such poor vc track record
MVP - Lean start-up by Erick Ries
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