Flashcards in Chapter 16: Leveraging Leverage Deck (26):
What are the 2 important qualifiers to doing things on your own?
1. Do it for yourself ONLY if you can do it well.
2. Do it for yourself ONLY if you have the bandwidth and energy to do it.
What are a few things a startup is missing?
What is UNLEASHING THE POWER OF HORSES?
Using your product advocates, graybeards and leverage their love of your product to your advantage.
What is EMPOWERING THE EARLY ADOPTING LOVE GROUP?
Know who your love group is (specific questions) and try to get customers to see through their eyes.
True or false? You should not resort to thoughts of exerting personal pressure, manipulation, and coercion.
How many prospecting sessions are needed to find a love group?
3-5 spread across a variety of geographic regions.
True or false? We don't choose love - love chooses us.
What are BETA TESTERS?
Help evaluate products in the real world
What are the 3 biggest challenges with beta testers?
1. Getting them to purchase the product
2. Using the product
3. Providing feedback on the product
*Solving #1 goes a long way towards the others
How do you turn beta testers into goldmines?
Picking customers with a strong need to believe.
What are the 3 product characteristics for attracting beta customers?
1. The product must have a distinct advantage relative to alternatives (value-in-use)
2. Beta products should fit into daily routines
3. Usability is another key characteristic
What are the 3 innovator purchasing behaviors?
1. Want to buy the next new thing before having to pay full price.
2. Believe they deserve special consideration because they are taking the extra time and effort to test an unproven product.
3. Refuse to sit back and watch anyone else have something new that they don't have.
What are some characteristics of IMITATORS?
Often apathetic and unafraid to share feelings of dissatisfaction
What can sales to innovators do for a startup?
Keep it going to a point where products are fully ready for expansion.
What is INNOVATOR CULTURE?
1. Innovators believe new technology costs more than the previous technology that price will eventually come down.
2. Innovators can't say no to new technology despite knowing they're not getting the best "bang for their buck."
True or false? Turning innovators into product development partners is beneficial for both sides?
What can an ANCHOR do for a startup?
Keep paying the bills. Provide a foundation for profitability. Provide credibility. Attract potential customers.
Why don't big anchors always suit small startups?
1. Failing to deliver products can be bad
2. Delivering products to a slow payer can be bad
How do you find benefactors?
By asking "who will benefit the most if I succeed?"
What is an unwritten law of the universe?
When you give people what they most want, then they happily give you what you need.
True or false? You should look at your value chain (components to customers) to see who could benefit from your success and become a benefactor.
What is a SPECIAL NEEDS BENEFACTOR?
Bank & Casino Example
What is a NON-CASH BENEFACTOR?
Microsoft & Agilix software example
What is an ADVISORY BOARD?
Connected individuals who are interested in your success.
What are the advantages of an advisory board over a board of directors?
1. Advisory boards are often not paid in equity or cash. Low cost, high value
2. Advisory board members can't be sued for their advice because they don't have fiduciary responsibility to stockholders.