Wrong.
ANYONE who’s telling you this, wants you to FAIL.
Some business principles by Phil Libin, CEO, Evernote:
- It always pays off to invest all your money on product, because if you’ve got a great product, almost everything else comes for free.
- Make an amazingly great product.
- Charge money for it.
I don’t care if you’re a billionaire. If you haven’t started a company, really gambled your resume and your money and maybe even your marriage to just go crazy and try something on your own, you’re no pirate and you aren’t in the club.
-Michael Arrington, founder of TechCrunch
I learned something important from networking at Twiistup 7 and would like to share this with everyone. I met the founder of Baduku, an opinion engine similar to Aardvark or Hunch. He majored in sociology and told me something very different from what other entrepreneurs have told me in the past. He said that “Every event, historical or current, has two sides: ethnography and numbers. And through founding Baduku, I’m trying to accomplish both.”
So I’ve been TAing for my school’s web startups class and online marketing class for the past two months and I came to realize something.These brilliant students, many with game-changing ideas, when they share/present their ideas, vast majority of them seem to have trouble delivering the core value of their product in a simple form.
For those of you who have seen any video clips from Ted Conference, or Steve Jobs’ presentation, you know what I mean by ‘delivering core value in a simple way”. Personally, I had trouble simplifying my own ideas because I tried to accomplish too much in too little time. And it only accomplishes one thing: CONFUSING YOUR AUDIENCE.
When you give a presentation, just remember that there should be two things that you should pay attention to.
First, Numbers. Your facts and figures that you present should be accurate and cited from respectable/trustworthy sources that others can look up immediately. Making stuff up just to impress your audience will only get you so far. Be concise and clear as to why you are telling them about these numbers. Remember, relevance is the key.
Second, Story. Your presentation should be like a concert. Your facts/figures/numbers should coordinate beautifully with the story that you’re telling your audience. For instance, tell your audience how a day in your customer’s life is going to become different by using your product/service. Support your speech with believable sources/facts/numbers.
Again, why do we have to learn sociology? Because every event has two sides: ethnography(stories) and numbers. You don’t have to be the best presenter to become a successful entrepreneur. But ,those who can combine the two, are more likely to WIN.
If you are not good at public speaking or want to become a better speaker, sign up for Toastmasters. I already did.
I recently read an e-book called “What Matters Now” by Seth Godin and figured it was a good idea to share my thoughts on the book.
For those of you who have not heard of Seth Godin, he is one of the most famous and influential marketers/bloggers of our time. I am a big fan of his blog and encourage you to check out his profile featured on TED. He has written numerous books on marketing and entrepreneurship, including free e-books that he publishes from time to time, and all of his books have been and still are top sellers under Amazon.com’s business books category.
Personally, I think he is just as skilled as Steve Jobs when it comes to presentations and public speaking. If you have not seen any of his talks/lectures, please check out his video from TED at which he talked about standing out.
Recently, he wrote a book called “What Matters Now” in which he interviewed more than 70 big thinkers including Tim O’Reilly, Kevin Kelly, Jason Fried, Guy Kawasaki, Chip and Dan Heath, etc. If you have not heard of any of these guys, it might be a good idea to check out their blogs or profiles as each one of them is considered a leader/pioneer in his or her field. The book is FREE. Just download it here.
My favorite chapter in the book is called “Technology” by Phobe Espiritu where she talks about why relevant technology and design let humans be human, instead of making us feel stupid, helpless, and less human. I recommend it to those of you who are interested in creating/developing/building technology-based products as she emphasizes why we should pay tremendous attention on humanist design.
What do you guys think about the book? If you’ve read/heard of the book before, let’s share our favorite chapters from the book here. =)
Oh yeah, and enjoy your long weekend =)
Yes, for those of you who are familiar with the title, I just finished reading the most important chapter in Capitalism, Socialism, and Democracy by Joseph Schumpeter, The Process of Creative Destruction.
This chapter was the reason why I borrowed this 60-year-old book in the first place, and I have to admit that Schumpeter is now one of my favorite authors/economists. The book is very difficult to read, so if you have no previous experience in economics, I do not recommend it because the book uses many economic jargons in it.
Anyway, Here is the summary of the chapter:
Capitalism, in its essence, is an evolutionary process. It is by nature a form or method of economic change and not only never is but never can be stationary. And this evolutionary character is not due to mere increase in population or capital, but due to new consumers’ goods, new methods of production or transportation, new markets and new forms of industrial organization that capitalist enterprise creates.
Capitalism revolutionizes the economic structure from within, destroying the old one, and creating the new one. It is truly an organic process of industrial mutation, and this process of Creative Destruction is the essential fact about capitalism.
Some people may think that capitalist economy is dominated by monopolists and oligopolists but in reality, the constant introduction of new technology, commodity, sources of supply, and type of organization strikes existing organizations at their foundations and their very lives. Thus, in the long-run, capitalist society, by nature, ends up operating in a very similar fashion to perfect competition, in which all producers produce at “socially optimum/desirable” or profit-maximizing output.
What is truly amazing about this book is that it is written in the 1940s. Schumpter accurately predicted 60 years ago that whoever creates a new market and introduce new technology will keep the capitalist engine in motion and this exact phenomenon had been happening in the Silicon Valley since the 1970s. Apple and Microsoft redefined and pioneered the personal computer market and Google successfully revolutionized the search market. Intel created a market for CPU and mobile computing; Facebook and Twitter are both restructuring social networking as enormous businesses.
There is no longer a specific market for each product that companies produce. For instance, Apple’s iTunes is no longer just a music player but also an online market for music, movies, TV shows, and the App Store for iPhone and iPod Touch. Microsoft not only makes Windows OS but also Windows Mobile, Microsoft Office, and the newest contestant to Google search, Bing. Google recently showed off Android 2.0 for mobile phones and the App Store for Android phones.
In capitalist economy, where continuous destructions and creations of products and markets occur everyday, it is very important for entrepreneurs to remember that, whoever defines or creates a new market for their products and utilize relevant technology to promote them, will be the new KING.
And, this is why I believe that capitalism and American economy will continue to prosper for many years to come:
The evolutionary character, the incessant innovation and the Process of Creative Destruction embedded within the idea of capitalism will continue to improve the standards of living for many as it has been for many decades.
Just reviewing stuff from ITP499 from Spring 2009. I’ll be TAing for the same class next semester. YAY!
Conclusion: F**king listen to your customer.