90% of Start-Ups Fail
Trying to WIN with a 10% chance would classify any competitor as an UNDERDOG. According to Forbes, 90% of Start-Ups / Entrepreneurs fail. That means 90% of them wasted time building something no one wanted. According to Ash Maurya, “Life is too short to build stuff nobody wants.”
Ash describes an Entrepreneur as someone who sees a problem in the world and attempts to solve it. He continues by saying, the entrepreneur takes an idea (inside their head) and introduces his/her (new) solution to the world to solve the problem. Ash cautions entrepreneurs not to chase their entrepreneur’s bias: the mentality of trying to prove their new solution (in their heads) is the “right” solution for the customer. Instead he advises them to chase (or love) the problem, not their solution. By chasing the problem, customers will reveal the “right” solution / product before entrepreneurs invest the resources to build it.
Ash encourages entrepreneurs by acknowledging they will be ridiculed when they take their entreprenurial first step. He says, before you know it, many will follow by pursuing your same journey which will create a HYPE (or buzz / fad). However in Ash’s pursuits, he tries to stay focused on creating something of VALUE. He thinks the goal of a true entrepreneur should be to leave a problem / situation better than he/she enters it, pursuing it with a SERVICE oriented attitude. WINNING entrepreneurs create more value for their customers than (the value) they capture back from their customers.
It’s tempting to get caught up in pursuing MONEY ($$$) while pursuing your entrepreneurial dreams. Ash admits, it’s easy to do. He’s learned to view MONEY ($$$) like he views oxygen. He says, we don’t live for oxygen, but we need oxygen to live. Likewise as an entrepreneur, he doesn’t live for MONEY ($$$) but acknowledges his entrepreneurial pursuits need revenue (MONEY – $$$) to live. There’s a balance and a staged progression he thinks most entrepreneurs will go through. See the 3 stages below (or watch video).
3 Stages of Entrepreneurship (according to Ash Maurya)
- Wanting to build cool stuff (The Artist stage)
- Building a working business model around the cool, new solution
- GIVING back or finding a greater PURPOSE
In his books, Running Lean and Scaling Lean, Ash helps the entrepreneur go from stage #1 to stage #3 as quickly as possible.
For the record, I’m a (happy) Full-Time Employee (currently with Ideal Protein) that has had several entrepreneurial pursuits. You may be like me, asking yourself, how can I benefit from Ash Maurya’s books (about entrepreneurial thinking) if I’m not a Full-Time Entrepreneur? Ash breaks down his definition of what an entrepreneur is even further as, “anyone who lives in conditions of extreme uncertainty… often asking, how do I create something out of nothing?”
Ash elaborates in the video, by saying there’s “extreme uncertainty” everywhere. By that definition, I’ve been an entrepreneur since attending BGA, Vanderbilt and signing with the NFL’s Cleveland Browns as an undrafted free agent… since working for J&J, Lifecell, TEI, Covidien/Medtronic and now Ideal Protein… since authoring a book while supporting my (immigrant) wife as she started a family barber shop / salon and since single-hood to marrying a foreign wife to raising two (2) daughters in an international household. Talk about an uncertain journey. It’s definitely been that, and in each one of those phases I feel I could have used Ash Maurya’s books to help develop my entrepreneurial thinking skills to better deal with those times of uncertainty. As my family and I reboot our lives, we’ll definitely be using several of Ash’s entrepreneurial thinking techniques to deal with the uncertainties of our past, present and future.
So if you don’t want to do something crazy like start your own business (in Ash’s words) and you want to develop helpful entrepreneurial thinking skills to apply to your daily life, watch the video and listen to Ash explain what you can learn.
Also, Ash answers how his books address Forbes’ Top 5 (out of 20) reasons Start-Ups fail.
Lastly, Ash addresses the biggest question of all in the video: how do his books help The UNDERDOG WIN as an entrepreneur?
Til next time,
Lamont Turner aka…UNDERDOgLT