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.
Remember when boundaries were better defined? When there were titles referencing regional economic differentiators that grade school children could easily memorize? If you are old enough you might recall: Northern Ohio, Southeast Michigan and Western Pennsylvania were known as the Rust Belt; the Midwest was the Grain Belt; and Northern California was known for Silicon Valley, a global leader in the development of electronic technology companies.
All that has changed, confronting geographic regions with a stark reality: Reinvent or die.
Private and state enterprise entrepreneurship programs have led the way in aiding with this reinvention process. As close as can be determined through records tracked by the National Business Incubator Association, in 2012 there were 1,250 startup incubators and accelerators in the United States to assist in the success of startups engaged in all forms of commerce. Among the top 15, according to Jonathan Shieber at TechCrunch, is Techstars in Boulder, Colorado.
Ranked second in the U.S. for innovative entrepreneurship by the U.S. Chamber, Colorado offers a unique composite of private/public entities formed to facilitate economic growth. Next week’s third annual Denver Startup Week will highlight many of those programs and, the successes that have resulted from these targeted initiatives. With so many excellent sessions scheduled, my only lament is that no one has perfected a system that might allow me to be in multiple places at the same time.