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By: Matt Mandell
- Who am I - Idea Creation / Assessment - General Thoughts - Conclusion - Questions
Why am I talking to you?
Where do Ideas come from?
What's broken? What do I need? Do you give yourself time to be creative?
Game-Changing Ideas are Harder.
Bladeless Fan Gramaphone
Expose Yourself to as Much as Possible!
Fidelity vs Convenience Products / Services
LV vs SC Johnson
Read More in: Trade Off
Ideas are the easy part.
Ideation is not as hard as execution.
(If you telling me an idea diminishes it¶s value, it probably isn¶t worth much)
Is my idea worth pursuing?
What is your Goal?
Fortune Fame Fun
(Often you get 2 not 3.)
µSometimes what's right isn't as important as what's profitable.¶ -- Trey Parker & Matt Stone, South Park, Prehistoric Ice Man, 1999
What Scale are you thinking?
1 block celebrity City celebrity Global celebrity
How fast are you moving?
How quickly can you do it again?
Margins How much of each $ do you keep?
My Ideas Evaluated
Velocity DCSnacks Store4Summer CityCentric Low High High Repeata bility Low High High Margins Med High Low Matt¶s Response Make it Passive Grow & Copy it Give it a little more time
Steve Jobs & Bill Gates @ D5
An Entrepreneur¶s Big Mistake
Leave when you fall out of love« Know when to fall out of love«
Business Success is:
Success = Luck + Skill + Development
Success in anything is not about being right - it's about being progressively less wrong, faster than others. - Doug Davidoff
Model of Business Success:
Board of Friends Board of Directors Smart People Family Local Billionaires*
My idea of an agreeable person is a person who agrees with me. -Benjamin Disraeli
Find people who won¶t lie to you and can help you craft your idea.
*Billionaire friends & board members are highly encouraged by Matt.
My Quick Tips
All in the Details Look for ideas from other verticals Variable cost is good (esp in a down market) Rapid Iterations Fail Fast / Learn Fast
Can I starve my new idea of resources and have it thrive??
The market gives you feedback when you are an entrepreneur... they are your boss.
1 Page Business Plan
90 day 10 year plans
What to tell a VC (Presentation Tips)
Present Clear Ideas Know the Market
You need experience Very few well funded co¶s Where will it be in 5-10yrs
Product Person Programmer on your team (If you¶re in tech)
You don¶t have entrepreneurship and innovation without variance and disruption; but every system is created to reduce variance and disruption. -Doug Davidoff