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🚀 Guest: CEO of a Startup Studio Shares the Gameplan for the Idea Stage!
What to do at the idea stage. Part 1.
Aron Meystedt
September 01, 2023
Hello! (3 minutes, must-read)
This is what is taught in startup accelerators.
If you have an idea, this should get you on track.
👀 In today's edition:
🚀 Dawn Haynes with StarterStudio.org tells us exactly what to do if you are in the idea stage.
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Today’s Guest:
Dawn Haynes, CEO of StarterStudio.org
Starter Studio is located in Orlando, Florida. Dawn’s non-profit accelerator helps entrepreneurs at all startup stages, from idea, to build and pre-seed growth. Starter Studio’s curriculum rivals that of the top accelerators in Silicon Valley. She will be helping us with a few things, going forward. 😉
Dawn Haynes
➡ This is Part 1 of a 2 Part Interview. Part 2 Comes Monday. ⬅
Let’s jump right in.
👦 Aron:
When someone comes to you, can you describe the thought process a typical entrepreneur has? What do they think the journey should look like?
👱♀️ Dawn:
For many first-time entrepreneurs, they haven’t really thought too much about the ‘journey’ and certainly don’t have much knowledge and insight about how tough that journey can be.
I think, if there’s a common thread we see, it’s that entrepreneurs believe that success is primarily dependent on having a great idea and that if they develop and execute their idea, they’ll make money! That’s a “build it and they will come” mentality.
👦 Aron:
Ok, so tell me the type of guidance you give these people. What is the roadmap, so they understand the steps they should be taking?
👱♀️ Dawn:
At the Idea Stage, for us it starts out with asking questions, such as:
⭐ ‘Tell me about the problem you are solving with your idea’.
⭐ ‘Help me understand who has this problem and what pain points are experienced as a result of this problem’.
⭐ ‘How many potential customers have you spoken with to validate this is a real problem and to understand the depth and breadth of the problem?’
These questions help us understand the very early stages of the journey that the entrepreneur has already undertaken and allows us to make our guidance personalized to each individual’s experience and situation.
Our guidance at the Idea (or Concept) Stage of a startup is simple:
“Start with the problem! Fall in love with the problem you are solving and NOT your idea”.
✅ Understand the importance and value of Customer Discovery conversations, and why it’s ALWAYS the crucial first step in any successful venture.
✅ Develop and hone expert customer discovery skills and this will be one of the most beneficial competencies you’ll employ throughout the life of your business.
👱♀️ Dawn:
There are three possible outcomes at Idea Stage, and all of them are worthwhile:
You’ll validate you’ve got a real problem to solve; you have problem/solution fit; and customers willing to pay for your solution.
You’ll identify the REAL problem that needs to be solved and you can pivot your idea to be able to fully address that problem.
You don’t have a real problem to solve so there’s no-one willing to pay you for your idea. You keep your day job and keep your eyes open for another problem waiting to be solved!
Our Guidance at the Idea Stage is Simple:
“Start with the problem!
Fall in love with the problem you are solving and NOT your idea”.
👦 Aron:
What percentage of the people that come to you have experience in the industry they are looking to disrupt?
👱♀️ Dawn:
At our idea stage program, around 50% of the people have relevant industry experience.
👦 Aron:
Along with that, do you find it ideal that an entrepreneur has ‘domain experience’ or does it not really matter?
👱♀️ Dawn:
I think it depends on whether the idea is a B2C (Business to Consumer) or B2B (Business to Business) solution. In a B2C environment, the entrepreneur often has personal knowledge of the problem and may have come up with an innovative way to solve the problem. In this situation, in-depth industry knowledge and expertise may not be as important.
In a B2B environment, domain experience and expertise can be extremely helpful on a number of levels.
Firstly, the founder will understand the cause of the problem, and many have first-hand experience on how the problem affects profitability, productivity, efficiency etc.
Secondly, the founder will have a network to leverage for customer discovery to expand his/her knowledge of the problem.
Lastly, we know that investors invest in people, and expertise and experience can be important to an investor in terms of lowering the risk and increasing chances of a return on their investment.
Review:
By talking to customers early on in the startup process, you’ll arrive at one of three outcomes…
1️⃣ You will validate that you have a REAL problem to solve.
2️⃣ You’ll figure out what the ACTUAL problem is that you need to solve and you can pivot.
3️⃣ You will find out there isn’t a real problem to be solved and people won’t pay for your solution. In that case, stop and begin thinking of different problems to solve.
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⏸ Let’s Stop Right Here and Do This Today!
Your homework for today, is to answer these three points:
What is the PROBLEM you are aiming to solve? List it out.
Make sure you aren’t in love with your IDEA. Be in love with solving the problem that you have identified.
Identify a small group that could be your target customers. Go talk to them and find out what the key problem is they are facing.
✌ Monday, we’ll hear part 2 from Dawn, and it will be a game changer for you.
👉 She will tell us exactly what you will learn from Customer Discovery and how to determine your Unique Value Proposition.
This is the key takeaway we’ll learn about on Monday, and why it matters… 🔽 🔽 🔽
The cycle of trial and error, without good customer discovery, can lead to an enormous waste of time, effort and especially money.
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That’s it for today. I hope this gives you a few action items to do over the weekend, and Monday we’ll dive into Customer Discovery! Which is everything at the idea stage.
⏩ Don’t forget to forward this email to your friend that likes startups too.
🧑🤝🧑 Follow along on social media for a daily dose of Startup advice.
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