Difference between revisions of "Valley of Death"

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[[Category: Bootstrap Terms]]
 
[[Category: Bootstrap Terms]]
 
[[Category: Bootstrap Stages]]
 
[[Category: Bootstrap Stages]]
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*'''Principle''': Constraint creates innovation
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*[[Valley of Death Subgroup]]
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*'''Birth''': Customer Journey, Early Adopters
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*[http://www.bumperactive.com/herosjourney4.jsp VoD Bumper Sticker]
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*'''Product''': v1
 
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*'''Inner''': Death of the false ego, [http://en.wikipedia.org/wiki/Monomyth#The_Road_of_Trials Road of Trials]
 
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*'''Bootstrapper''': Evangelist Leads
 
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*'''Action''': [[SELL]]
 
  
 
The Venture is in a fight for its survival and the way it will survive is to find customers - people or organizations who will pay for its product or service. Just as the founders co-created the Demo in the previous phase, so they now co-create the solution with the customer. This is a delicate dance as it will involve many changes to the Demo in order to become a viable product. In some cases, the initial Demo will be thrown away entirely. The Demo acts as a way to get the conversation going with the customer.  
 
The Venture is in a fight for its survival and the way it will survive is to find customers - people or organizations who will pay for its product or service. Just as the founders co-created the Demo in the previous phase, so they now co-create the solution with the customer. This is a delicate dance as it will involve many changes to the Demo in order to become a viable product. In some cases, the initial Demo will be thrown away entirely. The Demo acts as a way to get the conversation going with the customer.  
  
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This is an incredibly challenging time, both for the bootstrapper and the venture. His persistence is severely tested. This is the time when relying on fellow-bootstrappers is a very appropriate "right action" for the bootstrapper to take. Indeed, many of the needs of the venture can be met by other bootstrappers who have experienced similar challenges.  
+
This is an incredibly challenging time, both for the bootstrapper and the venture. Her persistence is severely tested. This is the time when relying on fellow-bootstrappers is a very appropriate "right action" for the bootstrapper to take. Indeed, many of the needs of the venture can be met by other bootstrappers who have experienced similar challenges.  
  
 
If possible, some Bootstrappers will find customers while still in the [[Ideation]] Phase.  
 
If possible, some Bootstrappers will find customers while still in the [[Ideation]] Phase.  
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Here again, there is a temptation to seek investor capital. However, the Bootstrapper knows that this will shift focus away from the critical dialog with the key dance partner, the customer.  
 
Here again, there is a temptation to seek investor capital. However, the Bootstrapper knows that this will shift focus away from the critical dialog with the key dance partner, the customer.  
  
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Key mantra: constraint creates innovation
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===Principle===
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[http://www.abdmag.com/constraint_creates_innovation.htm Constraint creates innovation]
  
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This stage is similar to the [http://en.wikipedia.org/wiki/Monomyth#The_Road_of_Trials Road of Trials] as described by Joseph Campbell. An internal change is also happening for the bootstrapper - their delusions of grandeur and false ego are also getting slowly eroded.
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===Birth===
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Customer Journey - Innovator/Early Adopter customers
  
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*Previous Stage: [[Ideation]]
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===Product===
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*Next Stage: [[Growth]]
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v1
 +
 
 +
===Inner===
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Death of the false ego, [http://en.wikipedia.org/wiki/Monomyth#The_Road_of_Trials Road of Trials]. The delusions of grandeur and false ego are getting eroded. Learn to receive
 +
 
 +
===Bootstrapper===
 +
Evangelist Leads, Maven improves the product through customer input via Evangelist
 +
 
 +
===Action===
 +
[[SELL]]
 +
 
 +
===Resources===
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*[http://www.amazon.com/Selling-Wheel-Choosing-Company-Customers/dp/0684856018/ref=cm_lmf_tit_25_rdi1i10/104-1653032-2156713 Selling The Wheel: Choosing The Best Way To Sell For You Your Company Your Customers] by Jeff Cox and Howard Stevens
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*[http://www.abdmag.com/constraint_creates_innovation.htm Constraint Creates Innovation], by Bijoy Goswami (article in [http://www.abdmag.com Business District Magazine])
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*[http://www.bootstrapaustin.org/ssrn-id909038.pdf What Makes Entrepreneurs Entrepreneurial?] (pdf), by Saras Saraswathy
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*[http://www.amazon.com/Joseph-Campbell-Power-George-Lucas/dp/B00005MEVQ/ref=cm_lmf_tit_11_rdi1i10/104-1653032-2156713 Joseph Campbell and the Power of Myth DVD] - George Lucas
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*[http://www.amazon.com/Hero-Thousand-Faces-Mythos-Books/dp/0691017840/ref=cm_lmf_tit_10_rdi1i10/104-1653032-2156713 The Hero with a Thousand Faces] by Joseph Campbell
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*[http://www.amazon.com/Origin-Evolution-New-Businesses/dp/0195131444/ref=cm_lmf_tit_29_rdi1i10/104-1653032-2156713 The Origin and Evolution of New Businesses] by Amar V. Bhide
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*[http://www.amazon.com/Bhagavad-Gita-Eknath-Easwaran/dp/0915132354/ref=cm_lmf_tit_6_rdi1i10/104-1653032-2156713 The Bhagavad Gita] by Eknath Easwaran
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*[http://www.amazon.com/Tao-Te-Ching-Lao-Tzu/dp/055334935X/ref=cm_lmf_tit_5_rdi1i10/104-1653032-2156713 Tao Te Ching] by Lao Tzu
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*[http://www.amazon.com/LUCK-FACTOR-Richard-Wiseman/dp/0786869143/ref=cm_lmf_tit_31_rdi1i10/104-1653032-2156713 The Luck Factor], THE by Richard Wiseman
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*[http://www.amazon.com/Go-Alone-Building-Successful-Business/dp/0060731141/ref=cm_lmf_tit_32_rdi1i10/104-1653032-2156713 Go It Alone!: The Secret to Building a Successful Business on Your Own] by Bruce Judson. For bootstrappers building internet-based businesses.
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*[http://www.amazon.com/Bootstrappers-Bible-Start-Business-Almost/dp/157410103X/ref=cm_lmf_tit_33_rdi1i10/104-1653032-2156713 The Bootstrapper's Bible: How to Start and Build a Business With a Great Idea and (Almost) No Money] by Seth Godin
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*[http://www.amazon.com/Starfish-Spider-Unstoppable-Leaderless-Organizations/dp/1591841437/ref=cm_lmf_tit_37_rdi1i10/104-1653032-2156713 The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations] by Ori Brafman
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*[http://www.amazon.com/Blue-Ocean-Strategy-Uncontested-Competition/dp/1591396190/ref=pd_bbs_sr_1/104-1653032-2156713?ie=UTF8&s=books&qid=1188510074&sr=1-1 Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant] by W. Chan Kim and Renée Mauborgne
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*[http://www.amazon.com/Becoming-Category-One-Extraordinary-Comparison/dp/0471768073/ref=cm_lmf_tit_8_rdi1i10/104-1653032-2156713 Becoming a Category of One: How Extraordinary Companies Transcend Commodity and Defy Comparison] by Joe Calloway
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*[http://www.amazon.com/What-Customers-Want-Outcome-Driven-Breakthrough/dp/0071408673/ref=pd_bbs_3/104-1653032-2156713?ie=UTF8&s=books&qid=1188510074&sr=1-3 What Customers Want: Using Outcome-Driven Innovation to Create Breakthrough Products and Services] by Anthony Ulwick and Anthony Ulwick
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*[http://www.amazon.com/Bootstrap-Lessons-Learned-Building-Successful/dp/0971187304/ref=sr_1_9/103-9650784-6464605?ie=UTF8&s=books&qid=1189185094&sr=1-9 Bootstrap: Lessons Learned Building a Successful Company from Scratch] by Kenneth Hess
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*[http://edcorner.stanford.edu/authorMaterialInfo.html?mid=1530 Innovation loves Constraint] by Marissa Mayer, Google
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===Stages===
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*Previous: [[Ideation]]
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*Next: [[Growth]]
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*[http://www.bootstrapaustin.org/map Bootstrap Map]

Latest revision as of 10:43, 2 January 2009

The Venture is in a fight for its survival and the way it will survive is to find customers - people or organizations who will pay for its product or service. Just as the founders co-created the Demo in the previous phase, so they now co-create the solution with the customer. This is a delicate dance as it will involve many changes to the Demo in order to become a viable product. In some cases, the initial Demo will be thrown away entirely. The Demo acts as a way to get the conversation going with the customer.

This is an incredibly challenging time, both for the bootstrapper and the venture. Her persistence is severely tested. This is the time when relying on fellow-bootstrappers is a very appropriate "right action" for the bootstrapper to take. Indeed, many of the needs of the venture can be met by other bootstrappers who have experienced similar challenges.

If possible, some Bootstrappers will find customers while still in the Ideation Phase.

Here again, there is a temptation to seek investor capital. However, the Bootstrapper knows that this will shift focus away from the critical dialog with the key dance partner, the customer.

Principle

Constraint creates innovation

Birth

Customer Journey - Innovator/Early Adopter customers

Product

v1

Inner

Death of the false ego, Road of Trials. The delusions of grandeur and false ego are getting eroded. Learn to receive

Bootstrapper

Evangelist Leads, Maven improves the product through customer input via Evangelist

Action

SELL

Resources

Stages

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