Mar 26, 2015
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Failure
3. What if anything did you learn from the experience?
What is theArt of Failure?
What is theArt of Failure?
An experiment
What is theArt of Failure?
An attitude and mind set
… of inquisitiveness and discovery joyfully, strategically intelligently
embracing the drive to build innovative and entrepreneurial start ups
… an ongoing trial and error, learning process
What is theArt of Failure?
A set of emerging approaches, methodologies and resources that reflect Valley “fast failure” perspective.
• Super low entry cost ventures• Blank Customer Discovery process• Agile Development methodologies• Y-Combinator incubation approach• Psychology & Chaldini influence tools• Global crowd sourcing & crowd funding resources
What is theArt of Failure?
• An attitude and mind set…
• A set of approaches and tools
Silicon Valley & Failure
FailureQuotations
“I have not Failed, I have learnt 9,999 ways that won’t work.”
- Thomas Edison
“People don’t Fail, it is the Plan, Strategies and Tactics that Fail.”
- Paul Mc.Kenna
“Just do it”
- Nike
Risk ContinuumModel
Risk Level
Risk ContinuumModel
Risk Level
Risk Continuum ModelDimension of Risk
Risk Level• Legal
• Financial
• Emotional
• Reputation
• …
Risk Continuum Model
Risk Level
Risk Continuum Model
Risk Level
Risk Continuum Model
Risk Level
Fear of Failure
Fear of Failure
One of the greatest fears people have
Related to Fear of Criticism or Rejection
Incapacitates people
FailureFear of Failure – Overcoming
Take Action
Persist
Don’t take failure personally
Do things differently
Don’t be so hard on yourself
Treat the experience as opportunity to learn
Look for possible opportunities that result from the experience
Fail forward, fast
Fear of FailureLook at mistakes, not as as outcomes or results,
but as permanent and personal
Fear of failure is self-limiting
““Failures of omission” as the biggest failure of all!Failures of omission” as the biggest failure of all!
Risk Continuum Model Critical to thoughtfully consider the lines Critical to thoughtfully consider the lines
Risk Level
Risk Continuum Model Critical to thoughtfully consider the lines Critical to thoughtfully consider the lines
Risk Level
Clear understanding of unacceptable risks enables… Clear understanding of unacceptable risks enables… ……bold action outside the “danger zone”bold action outside the “danger zone”
• What risks should we rule out?
• What risks can we realistically manage?
Failure as a Balancing Act
Too Much Risk(Russian Roulette)
Too Little Risk(Homebound)
Manageable Risk Zone
Failure as a Balancing ActManageable Risk Zone vs Comfort Zone
Too Much Risk(Russian Roulette)
Too Little Risk(Homebound)
Manageable Risk Zone
Emotional Comfort Zone
Failure as a Balancing Act
Too Much Risk(Russian Roulette)
Too Little Risk(Homebound)
Manageable Risk Zone
Emotional Comfort Zone
As an entrepreneur, my goal is to start life transforming As an entrepreneur, my goal is to start life transforming ventures . while limiting self to “manageable risks”?ventures . while limiting self to “manageable risks”?
Agenda Day 1Topic Speaker TimeIntroductionVenture Capital: Failure Embracing Model
Eli Zelkha 9:00
Failure andCustomer Discovery & Development
Steve Blank, Venture Capitalist,
Professor at U.C. Berkeley, Entrepreneur: Epiphany, MIPS,
Convergent ..
10:00
Student Diagnostic Assessment: Personality and Failure Risk
All 11:00
Lunch
12:00
Frameworks & Models of Failure Eli Zelkha 1:00
Student Exercise: Life timeline exercisePersonal Reflections on Failure
All 2:00
Building India’s First Coffee Shop Chain Sashi ChimalaCEO Quickies, PayPod, Indigo
3:00
Samasource: A Start Up Providing Dignified Work for Marginalized People in Scale
Claire HunsakerVice-President, Strategy & Product
Samasource
4:00
Agenda Day 1Topic Speaker TimeIntroduction Eli Zelkha 9:00
Starting a Y Combinator Company Matthew Brezina EntrepreneurXobni
9:15
Student Discussion:Y Combinator & Why Startups Fail?
All 10:30
Start up Success & Failure in Silicon Valley Ariel PolerEntrepreneur, Angel, Advisor
IPRO, Topica, Kana, LinkExchange, StumbleUpon, Odeo, Flixster and more!
11:00
Lunch 12:00
TBD 1:00
Failure & the Concepto Venture Business Model
Eli Zelkha / Simon Birrell 2:00
Global Success & Failure in Technology & Social Ventures
Kamran ElahianEntrepreneur, VC, Philanthropist
CAE, Cirrus Logic, NeoMagic, Centillium, Momenta, Schools Online, Global Catalyst Foundation
3:30
Closing Remarks Eli Zelkha 4:45
END
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