What are you passionate about? In the outdoor markets, and especially as entrepreneurs, passion is such an important asset. But it can also, sometimes, get in the way of our own clear thinking about the ideas and projects we’re so in love with.
This is why I’m so excited to be talking with Al Tabor, tech worker and market forecaster extraordinaire about what we in the outdoor markets can learn from tech start-ups. He’s translating what he knows about how tech startups get going and making it applicable to outdoor startups. And it’s working – Al has worked wonders with Sierra Designs, Mountain Headwear and recent visitors to the Intrepid Entrepreneur Podcast, Martin Zemitis of Slingfin, and Brad Stewart of Caravan Outpost.
Al and I both know that the outdoor markets are a completely different animal than tech start-ups, but something Al says every entrepreneur should read is The Lean Start-up, by Eric Ries. Al is admittedly not a business book person, so if he says it’s good, you better believe him!
The Lean Startup mentality is all about learning. You need to learn what path your business is on, and if this path will lead to success! And, you need to learn it as fast and cheaply as possible, to save yourself a lot of time and heartache. This sounds overwhelming, but Al’s talking me through the steps on how to evaluate your startup idea and find your minimum value product, your MVP!
Something else that we entrepreneurs in the outdoor markets can also learn from tech—and from basketball!—is to pivot! If you find out your idea isn’t working, keep one foot in it, and spin until you find a new opening. This is where passion can be a challenge to us outdoor market entrepreneurs. We’re so in love with our project, we don’t want to change anything. But Al says, you have to keep one foot in that passion, and use the other to pivot to a new way forward. Who knows what you’ll find!
Al’s giving some great examples of what it looks like to pivot in the outdoor markets by talking about his work with Slingfin and Caravan Outpost. He’s also discussing using the Root Cause Analysis system to hit the hard reality of any problem – in business or in your personal life.
Bravery in Business Quote
“The job of a startup is to learn. More than anything else, you have to figure out if you're on a path that's going to lead to some sort of success” - Al Tabor (click to tweet)
Cliff Notes Tech and outdoor markets are different animals, but can still both learn from Lean Startup Methodology Definition of a startup (from Reis) a human endeavor that's trying to deliver a product or a service under conditions of extreme uncertainty. The job of a startup is to learn what path it’s on and if this will lead to success. Important to attract and reward investors. Try to make explicit your assumptions. Who are target customers, assumptions about distribution, etc. Once you have made all of this explicit, test it. Find sales or feedback or metrics to validate the assumptions supporting the value of your proposition. If you can’t support your proposition value, it’s time to pivot (like in basketball). Keep one foot in what you know and spin to find a new opening. Passion can sometimes get in the way of a pivot, because you constrain yourself and are not willing to take one foot off the ground or experiment with an idea that you are in love with Pivoting is probably hard for most passion-driven founders. Need to keep one foot in the passion, and used the other to find a more viable way forward. Learn, Build, Measure cycle part of the Lean Startup. You want to find a way to shorten this cycle as much as possible for efficiency. 5 question approach (Reis calls it Root Cause Analysis, Tabor calls it Root Cause) / Six sigma methodology. Asking “why?” five times (or more!) until you get to the root causes, the “hard reality underpinning the situation” to find the corrective. Continuing to ask “why” can lead to finding an area in which you need to pivot. Leads to clarity. Passion is personal but you have to be clear about the business viability of the product. Minimum viable product (MVP): find the fastest, cheapest way to test your product viability/market to save yourself a lot of time and heartache. The sooner you know you need to pivot, the fast you can move.
The Lean Start-Up:
Step 1: Define your value of proposition
Step 2: Validate this proposition.
Step 3: If it’s not going to work, pivot. Keep one foot in what you know, and spin around to find a new opening.
“You’ve got to listen to everybody but you don't have to take anybody seriously.” - Al Tabor (click to tweet) Resources
IntrepidEntrepreneur.net/Brad-Steward (Past IE podcast w/ Caravan Outpost founder)
IntrepidEntrepreneur.net/Martin-Zemitis (Past IE Podcast w/Martin Zemitis)
IntrepidEntrepreneur.net/Dylan-Enright/ (WeFunder IE Podcast) PeakDesign.com/
TheLeanStartup.com/ (Lean Startup book website)
YouTube.com/watch?v=fEvKo90qBns (Eric Reis google talk referenced)
Show notes: IntrepidEntrepreneur.net/Al-Tabor
