power of questioning 4
TRANSCRIPT
THE POWER OF QUESTIONING
AND OF HELPFUL
MENTORSMatthew Waymire CPA
702-279-0831
NEW PRODUCT STARTUP STAGES:1. Discovery
1. Product/Problem fit1. Solution/Problem, Solution/Irritations ,
Solution/Wants,Needs,Desires
2. Problem/Customer fit
2. Validation1. Will a market segment buy the product/solution2. Do I know how to sell to my initial customers
3. Efficiency1. A Profitable business model
1. Can we make money doing this with the resources/skills we have available?
4. Scale1. Can we expand rapidly and maintain profitability as we grow?
EARLY QUESTIONS FOR THE START UP TO ANSWER:
Have we identified a problem the customer wants solved?
Does our product/solution solve these needs?
Have we learned enough about our first set of customers to be able to sell to them?
If so, is the business model viable and profitable?
START UP HYPOTHESIS:
Nail the 1. Product Problem fit, 2. Problem Customer fit, 3. Learn how to sell to your
customer 4. Develop a plausible business
modelAnd your Start Up has a great chance to be successful.
TO ACHIEVE PRODUCT/MARKET FIT FOR A NEW PRODUCT YOUR HAVE TO PROBE DEEPLY INTO CUSTOMER THINKING,
BELIEFS, DESIRES AND MOTIVATIONS
Ask questions to uncover problems/irritations/wants/needs:DeepHiddenUndiscovered
Knowing the right problem to concentrate on makes it possible to create real solutions.
THE MODEL1. Discover significant customer
problems 1. Pain2. Desires3. Wishes4. Irritations
2. Provide a solution that meets a customers problems
3. Develop a plausible business model4. Build and Scale up the business5. Become rich
EXISTING DEPARTMENT
New Product
PRODUCE AISLE
LETTUCE
WHAT QUESTIONS THAT WOULD NOT HAVE LEAD TO THE INTERSECTION OF THEIR PAIN AND YOUR PRODUCT/COMPANY?
Do you like our lettuce? How well does our lettuce integrate with
your overall eating needs? How easy is our lettuce to use? If We lowered the price by 5 cents how
much more lettuce would you buy? What additional features would you like
our lettuce to have?
WHAT TYPES OF QUESTIONS MIGHT LEAD TO A DEEP UNDERSTANDING OF YOUR CUSTOMER’S PRODUCE PAIN?
1. What is your process? How and why do you go about doing the following?
1. Shopping for groceries2. Shopping for produce3. Shopping for lettuce
2. What irritates you about the above process?
3. Ideally, if time and money were no object how would you proceed instead?
1. What stops you?2. What would you achieve if you did?
BAG OF LETTUCE
EXISTING COMPANY
New Service
SELLING MOTOR OIL
LOOK AT THE PROBLEMS OF THEIR COMPANY FROM THEIR PROSPECTIVE
MOTOR OIL VS. ENGINE LIFE
NEW COMPANY
New Product
ACCOUNTING SOFTWARE
FAILING UNTIL HE DISCOVERED HIS COMPETITION
STILL FAILED TILL:
QUICKEN, QUICKBOOKS - INTUIT
NEED FOR MENTORSHIP
KNOW HOW Know-how (or knowhow as it is
sometimes written) is practical knowledge of how to get something done, as opposed to “know-what” (facts), “know-why” (science), or “know-who” (networking). Know-how is tacit knowledge which means that it is difficult to transfer to another person by means of writing it down or verbalising it. The opposite of tacit knowledge is explicit knowledge
KEY TO FUNDRAISING SUCCESS – HELPFUL MENTORS
NOYCE AND JOBS
STEVE JOBS “Bob Noyce took me under his wing, I
was young, in my twenties. He was in his early fifties. He tried to give me the lay of the land, give me a perspective that I could only partially understand," Jobs said, "You can't really understand what is going on now unless you understand what came before."
RESOURCES http://www.stevenblank.com/ http://www.businessmodelgeneration.co
m/
http://actiontrumpseverything.com/ https://beta.startupgenome.cc/ http://www.nailthenscale.com/#
