Branson Centre Passion to Profits

THE BEHAVIOURS OF PASSIONATE

ENTREPRENEURS

BRANSON CENTRE: AGENDA

09:00 Passion for a problem

09:30 Half-baked.com

10:00 Finding passionate customers

10:30 Customer interviews

11:30 A passion for great products

12:00 Test your pitchs

12:30 Mission driven startups

WHO IS IGNITOR?

PASSION FOR A PROBLEM

VIDEO: KAUFMANN SCRATCH YOUR ITCH

% OF INNOVATIONS COMING FROM USERS

25%Computer innovations

Chemical process

innovations

Scientific instrument

innovations

Semiconductor

innovations

Wire stripping

innovations

70%

63%

11%

82%

INNOVATIONS: SOLVE YOUR OWN PROBLEMS

Centre Pivot Irrigation

Kite surfing

Mountain Bike

The Internet

COMPANIES: SOLVE YOUR OWN PROBLEMS

1. Entrepreneurs count off into teams of 5

2. Audience selects 30 random words related to problems you have

3. Each team selects 2 words to use for a name (example. Blank-blank.com)

4. Each team has 5 minutes to create a business plan that solves a REAL problem

5. The business plan should consist of:

• A tagline

• A product or service (your solution)

• A business model (How do you make money)

• A go-to-market strategy (How do you get customers)

6. Each team has 2 mins to pitch their plan

GAME: HALF BAKED.COM

WHAT IS THE ONE THING EVERY BUSINESS

NEEDS TO SUCCEED?

CUSTOMER

HOW DO YOU ENSURE THAT A CUSTOMER

WILL BUY YOUR PRODUCT?

A MONETIZABLE PROBLEM

SUCCESSFUL BUSINESSES

SIMPLE SOLUTIONBIG PROBLEM

SUCCESSFUL BUSINESSES

SIMPLE SOLUTIONBIG PROBLEM

CD PLAYER JUMPS &

MISSION TO CARRY CDS!

SUCCESSFUL BUSINESSES

SIMPLE SOLUTIONBIG PROBLEM

OVERSEAS

CALLS ARE

EXPENSIVE!

SUCCESSFUL BUSINESSES

SIMPLE SOLUTIONBIG PROBLEM

IT IS A

HEADACHE

GETTING A

TAXI!

SUCCESSFUL BUSINESSES

SIMPLE SOLUTIONBIG PROBLEM

PIZZA TOOK

FOREVER TO

ARRIVE!

CUSTOMER-PROBLEM FITYou have found a customer segment that

has a problem they will pay to have solved

HOW DO YOU FIND OUT IF CUSTOMERS HAVE

A PROBLEM THEY WANT SOLVED?

TALK TO THEM

ARE CUSTOMER INTERVIEWS USEFUL???

WARNING!!!

CUSTOMERS THAT AREN’T PASSIONATE ABOUT A PROBLEM

HOW DO YOU CONDUCT A PROBLEM

INTERVIEW?

HOW TO CONDUCT A PROBLEM INTERVIEW

INTRODUCE

INDICATORS

INTERVIEW

INTRODUCTIONS

Reminder: 4Is

HOW TO CONDUCT A PROBLEM INTERVIEW

INTRODUCE yourself

i.e. My name is [name] I am doing market research for a startup and want to solve your problems and make your life better.

Check customer INDICATORS

i.e. Ask questions to test if they are in your target market.

Conduct INTERVIEW

i.e. Ask Problem, Competition and Spend questions

Ask for INTRODUCTIONS

i.e. Ask for introductions to friends and colleagues.

Reminder: 4Is

WHAT QUESTIONS TO ASK? (PCS)

PROBLEM

COMPETITION

SWITCH

WHAT QUESTIONS TO ASK? (PCS)

SWITCH

Have you spent any money or time trying to solve (describe problem)?

COMPETITION

How do you currently solve the problem? Likes? Dislikes?

PROBLEM

What problems did you encounter when

(describe goal or task they are trying to achieve)?

PROBLEM INTERVIEW DEMONSTRATION

PROBLEM: What problems did you encounter when

(describe the goal or task they are trying to achieve)?

COMPETITION: How do you currently solve the problem? Likes? Dislikes?

SWITCH: Have you spent any money or time trying to solve (repeat back the problem discovered with the first question)?

PROBLEM INTERVIEW PRACTICE

PROBLEM: What problems did you encounter when

(describe the goal or task they are trying to achieve)?

COMPETITION: How do you currently solve the problem? Likes? Dislikes?

SWITCH: Have you spent any money or time trying to solve (repeat back the problem discovered with the first question)?

HOW TO FIND CUSTOMERS:

1. Friends and family (Facebook, Linkedin, Email, Cell phone)

2. Shopping malls

3. Bored people (Waiting in lines, Gautrain, Bus stops, Taxi ranks)

4. Cold calling (LinkedIn, Facebook, Google)

5. Lead Generation (Landing Page, OLX, GumTree, Google Ads, Facebook Ads)

6. Public spaces (Events, Parks, conferences)

COMMON MISTAKES

1. Not talking to the right customer

2. To broad target market

3. Leading questions

4. Asking for predictive information

5. Not testing the size of the problem

THE NEXT HOUR

Interview at least 5 customers

Record the key insights from each interview

WHAT WAS STEVE JOBS GREATEST LEGACY

TO STARTUPS?

GREAT PRODUCTS WIN

GREAT PRODUCTS WIN

HOW DO YOU KNOW IF A

PRODUCT IS GREAT?

CUSTOMERS WANT IT

HOW MOST STARTUPS LAUNCH

Business Plan LaunchProduct

Development

Learning happens here!Months / Years

WARNING!!!

BUILD SOMETHING NOBODY WANTS

0 /1700

0 100 200 300 400

1 day

365 days

DO YOU WANT TO WASTE 365 DAYS?

HOW YOU SHOULD LAUNCH

Pre-sellProduct

DevelopmentBusiness Model

Learning happens here! Months / Years

EXAMPLE 1: DROPBOX 75,000 EMAILS

EXAMPLE 2: ROBOT TURTLES 13,000 ORDERS $639K IN PRE-SALES

EXAMPLE 3: BUSINESS MODEL GENERATION

470 STRATEGY PRACTITIONERS CO-AUTHORED $250 EACH

$117 800 IN PRE-ORDERS

GREAT PRODUCTS: SMALL PRODUCTS

GREAT PRODUCTS: SMALL MARKETS

GREAT PRODUCT: SMALL MARKETS

1. Have the problem

2. Desperately looking for a solution

3. Willing to purchase a first version

4. Get a 50%+ market share quickly

HOW DO YOU FIND THE

INITIAL TARGET MARKET?

TEST IT

GREAT PRODUCTS: ONE LINE PITCH

10 MIN SESSION

Decide on your early adaptor market

Decide on a small great product

Prepare a one line pitch

MISSION DRIVEN

GREAT PRODUCTS: SMALL MARKETS

FINANCIAL RETURNS: VISIONARY COMPANIES

WHY MISSION MATTERS

1. Startups are hard (very very hard)

2. Startups take a long time

3. Attract the best people

4. Attract the best partners

“We will create products that become

pervasive around the world… We will be

the first Japanese company to go into the

US market and distribute directly.. Fifty

years from now, our brand will be as well

know as any in the world.”

“I will build a motor car for the great

multitude… It will be so low in price

that no man making a good salary

will be unable to own one. The horse

will have disappeared from our

highways, the automobile will be

taken for granted.”

100 MILLION TREES SAVED

HAGEN STEHR

PROBLEMS

QUESTIONS

An acceleration programme that identifies high-growth entrepreneurs and significantly improves their odds of success.

Ignitor Acceleration

Ignitor Bootcaamp Coaching and MentoringOnline Application Action modules

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Access to 100+ local mentorsWhether it is finance, design, CEOs, marketing or branding we put entrepreneurs in touch

with mentors that will help them solve their specific challenges.

Action modulesBusiness are assessed and relevant advice from the worlds most successful entrepreneurs is supplied in form of short videos, documents and next step lists to help startups achieve more.

Virtual advisors include…

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250 Ignitor Bootcamp27 entrepreneurs accelerated Our clients

We have mentored 27 entrepreneurs,

15 have revenue and growing, 6 have

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We have run successful programmes

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ORTJet.

Over 250 entrepreneurs have

attended our bootcamp. With an

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About usIn the last 18-months we have run 11 LaunchWeekends with 250 entrepreneurs

and virtually accelerated 27 businesses.