Entrepreuship. The Ultimate Team Sport - Ken Singer

1. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Ken Singer
Managing Director, Sutardja Center for Entrepreneurship and Technology
IEOR Department, UC Berkeley
Entrepreneurship. The Ultimate Team Sport.

2. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Disruption:
• A proposed change in the order of things
• A rejection: that the current way is insufficient
• Threatens the incumbents
• They use their market dominance and power to
keep out new players
“A Startup is an Act of Rebellion” – Ken Singer

3. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
What do Entrepreneurs do?
Learn Innovate / Adapt Teach

4. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Recap: The Entrepreneur’s Journey.
Team Formation
Customer interviews
Pivot…
Nevermind…Pivot again.
Pivot
Ideation
Change Teams
Pivot again…
Product / Market Fit
Team Management
Pivot…
Customer acquisition
Prototyping
Basic Skills / cross training
Revenue Modeling
Financials
The Pitch

5. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Team
Customer
Validation
Market
Validation
The Startup Journey
Scale
Singer Startup Journey Model (2016)
Go To
Market
Product /
Market Fit
Idea
1
Problem /
Solution Fit
User
Validation

6. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer

7. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Team
Idea
Customer
Validation
Market
Validation
The Startup Journey
Scale
Singer Startup Journey Model (2016)
Go To
Market
Product /
Market Fit
Idea
1
Team
2
Problem /
Solution Fit
User
Validation

8. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer

9. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Problem /
Application
Team
Team
Idea
Customer
Validation
Market
Validation
The Startup Journey
Scale
Singer Startup Journey Model (2016)
Go To
Market
Product /
Market Fit
Idea
1
Team
2
Research
3
Problem /
Solution Fit
User
Validation

10. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer

11. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Problem /
Application
Team
Team
Idea
Customer
Validation
Market
Validation
Problem /
Application
Team
The Startup Journey
Scale
Singer Startup Journey Model (2016)
Go To
Market
Product /
Market Fit
Idea
1
Team
2
Research
3
Research
4
Problem /
Solution Fit
User
Validation

12. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer

13. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Problem /
Application
Team
Team
Idea
Customer
Validation
Market
Validation
Problem /
Application
Team
The Startup Journey
Scale
Singer Startup Journey Model (2016)
Go To
Market
Product /
Market Fit
Idea
1
Team
2
Research
3
Research
4
Problem /
Solution Fit
User
Validation
Gravity
Graveyard

14. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
How do you get there?

15. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Problem /
Application
Team
Team
Idea
Customer
Validation
Market
Validation
Problem /
Application
Team
Teams are the leading indicator of success.
Scale
Singer Startup Journey Model (2016)
Go To
Market
Idea
1
Team
Research
3
Research
4
User
Validation
Graveyard

16. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Entrepreneurship is NOT an Individual Sport.

17. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Diversity is an Act of Survival

18. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Successful Teams Have Many Diverse Skills and Traits

19. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
• Loves to discover how things work
• Seeks insight
• Understands how to apply lessons
• Always strives to improve
• Willingness to be proven wrong
Self-Learning & “Tinkering” Mentality

20. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Listening is Your Most Powerful Tool

21. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Efficient / Effective Two-Way Communication
• Give direction
• Ask for direction
• Verify and clarify

22. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Sees Everyone & Everything as Opportunities to Learn

23. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Brutal Honesty IS a Business Strategy

24. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Healthy Conflict and Resolution

25. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Find the Right Balance between Intuition and Evidence

26. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Timing is Everything. Luck is Good Too.

27. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Creative in All Parts of the Business

28. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Knows how to delegate work & leadership responsibilities

29. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Good, Speedy Execution is More Important than Strategy

30. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Willingness to take risks

31. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Equally willing to Accept and Learning from Failure

32. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Your Team is Your Competitive Edge
How To: The Art of Team Formation

33. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Choose Your Team Wisely

34. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Your Team must be able to:
• Ideation
• Team management and grow
• Project Management
• Product and UI/UX Design
• Product development & engineering
• Product marketing & positioning
• Customer qualification
• Lead generation and marketing
• Business and revenue modeling
• Competitive analysis and managing “co-opetition”
• Sales and evangelization
• Customer management & support
• Deployment and system management
• Accounting and budgeting
• Fund raising

35. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
The many sides of Team Diversity
• Business function
• Roles
• Dynamic
• Silicon Valley Triptych

36. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Traditional Business Function
• Business Planning/Data Analyst (strategy)
• Designer (user/creative)
• Engineer (builder)
• Sales/Marketing (customer development)
• Project Manager (nanny)

37. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Roles to Play
• Idea Guy (“The Dreamer”)
• The Communicator (“The Politician”)
• The Peace Maker (“The Glue”)
• The Problem Finder (“The Detective”)
• The Problem Solver (“MacGyver”)
• Executor (“The Ninja”)
• “Balloon Popper”
• “Puppy Shooter”

38. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Critical note
•Idea Guys usually views themselves as the CEO
•But they tend to be awful CEOs

39. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Team Dynamic
Clutch AcceleratorBreak

40. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Silicon Valley Triptych
• Hustler (sales)
• Hacker (builder)
• Hipster (designer)

41. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Meet as many DIFFERENT people as possible
who are interested in the SAME subject matter
Coffee Breaks

42. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Leverage next 48 hours to meet potential team mates.

43. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Self Evaluation
• What are your strengths?
• (How can you showcase them?)
• What are your weaknesses?
• (How can you mitigate them?)
• What is your topic interests?
• Why do you want to do a startup?

44. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Building a Team that Complements
Your Team must be balanced across all
sides of diversity:
• Business function
• Roles
• Dynamic
• Silicon Valley Triptych

45. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
Biggest test: will they listen?

46. THE BERKELEY METHOD
January 2015Confidential Material: Property of Ken Singer
How to Choose the Right Teammates
• Don’t choose members because they are “agreeable”
• Find smart people you can disagree with but can come to agreement
eventually (how do they respond when you disagree?)
• Discuss everyone’s strengths and weaknesses early on
• VALIDATE people’s strengths: are they REALLY good at Swift?
• Find teammates whose strengths fill your weaknesses
• It is more important that you choose the best team mates than join
the best idea