A question from the front of the room: “How do you know when to quit your pursuit of a new entrepreneurial venture?” gave reason for all present to pause for a gut check. In a room filled with entrepreneurs and aspiring entrepreneurs, the question should not have been unfamiliar to any of us, including the presenter at this discussion on “Minimum Viable Channel: Is Your MVP A Viable Business?” Perry Evans. A serial entrepreneur and current founder /CEO at Closely; earlier, Evans acknowledged his own experience in riding the obligatory highs and lows of entrepreneurship. Speaking at Denver Startup Week 2014, only the most naïve were likely to have failed to run the risk/reward calculations, leading to this question: what event would force a recalculation?
The cited numbers vary from nine of 10 to three of four, but the reality is the same; launching a new startup is not for the faint-of-heart. Why then, if uncertainty and self-doubt are the soul mates of the entrepreneur, and failure more likely than success, undertake this journey of introspection? It has been suggested that the motivation can be found in a person’s DNA. Do you have what it takes?
Once you have decided that you do, here are some quick takeaways from this presentation that were equally insightful:
- The big winners are the well-timed new entrants
- Let the customer tell you what the price point should be
- Live your business, talk to as many people as you can
- Work out your addressable risks before talking to VCs
- When assessing your business’ viability: zoom out; own your boiler room; and always be tuning.
For a copy of the full presentation, check Slideshare.