The 3 Things This Week : 22nd February, 2018

Hey,

Happy Thursday!

How are you doing this week?

Here are this week’s 3 things!

This week’s theme is blockchain technology. There are lots of development happening in this area in past few days. These 3 things on the subject would not possibly give some clarity on the situation with regard to trading. But the focus is on what to expect from this new technology when it comes to startups and new opportunities.

Thing # 1:  The Blockchain and Us

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The Wright brothers invented the airplane in 1903. When they flew it for the first time nobody could have predicted that one day there would be over 500,000 people traveling by air at any given moment in time. In 2008, Satoshi Nakamoto invented bitcoin and the blockchain. His invention made it possible to send money around the globe without the intervention of banks, governments, or any other intermediaries.

Much like the Wright brothers, Satochi solved a problem that had been previously deemed unsolvable. Whenever this happens what usually follows is a lot of inspiration and innovation as minds are opened to see the future from a totally different perspective.

How long will it take before this becomes the norm and before many of the tasks that were previously handled by individuals and institutions become fully automated? Some experts suggest that it could all happen within a decade or two. Watch this now.

Thing # 2:  Beyond the Bitcoin Bubble

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Steven Johnson has penned a long and wonderful piece in New York Times Magazine, in the recent days, exploring what lies beyond the speculative market in crypto tokens.

One interesting perspective explained here is about the blockchain as the architectural breakthrough that we need to move beyond the current Internet market dominated by a few large tech companies.  After all, it was not just the antitrust division of the Department of  Justice that challenged Microsoft’s monopoly power in the 1990s; it was also the emergence of new software and hardware — the web, open-source software, and Apple products — that helped undermine Microsoft’s dominant position.  The blockchain evangelists behind platforms like Ethereum believe that a comparable array of advances in software, cryptography, and distributed systems has the ability to tackle today’s digital problems: the corrosive incentives of online advertising; the quasi-monopolies of Facebook, Google, and Amazon.  Read this long article to get the sense of this perspective and how it will change the game for the new businesses and startups who use digital marketing channels.

Thing # 3Is Crypto the Future of Early Stage Funding?

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A lot of people in the crypto sector have suggested that ICOs and tokens are the future of early-stage investing and highly disruptive to venture capital.

Watch this video from the Upfront Conference 2018, where VCs and other investors discuss why that may not be the case. And also, find out how things would really pan out in this direction.

 

I  would love to hear your feedback on 3 Things This Week.

Hope you enjoy, and thanks again for the privilege of emailing you!

Wishing you lots of happy reading,

 

Shashank

 

 

P.S. –

 

1. The 3 Things This Week” is a free, short, curated list of useful articles, tools and other resources for building startup businesses. These 3 things would deal, in a random way, with different aspects of startup building – validation, traction, growth, funding, team, founders.

2. If you think of anyone who might enjoy this email, you can share this with a friend or co-worker.

 

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Find a pain worth your time

pain-blog

I get so many questions on Quora and I’m truly flattered that so many of aspiring entrepreneurs ask my opinion and ask for my help.

I’ve always been very happy to offer my thoughts on all aspects of starting up and how to go about how pain point is the starting point of a new business and how to get started from there. However, my schedule has become increasingly busy this the past few weeks and as such, I just don’t get as much time as I would like to answer every question in Quora in as much detail as I would like.

So I’ve put together a short course for aspiring entrepreneurs.

This is going to be an online training resource for wannabe founders, aspiring entrepreneurs,  people looking to do some side hustle projects, and student entrepreneurs or even first-time startup founders who have just started. I really hope it will become an invaluable one-stop site for learning and improving every aspect of your pain point, the starting point for a new business.

Probably the most common question I’ve been asked is  ‘How do I know if the pain point is worth my time to work on?’

So in response to all the questions and indeed so that I don’t let any of you down by not replying fully to a question I’ve created an online course called “Find a pain point that is worth your time” which is going to teach you, well how to get going when you want to startup!

So, click on this link  and you get started right away.

In this course, you will learn how to spot a pain point worth engaging with and in the process you’ll also discover if your new business idea is indeed worth working on before you start building your product.

Doing a sound foundation leads to building products that would work.

 

 

The 3 Things This Week : 15th February, 2018

Hey,

Happy Thursday!

I am happy to introduce you Climb Lean’s weekly newsletter – “The 3 Things This Week” to you.

Here are this week’s 3 things!

This week’s theme is lean startup methods and practices.

Thing # 1:  Intuition vs. Rationality: Where One Stops the Other Starts

 

1As human beings, we have two amazing gifts – the ability to think rationally and the ability to think intuitively.  The conclusion that rational and intuitive thinking is often in a state of conflict and are often misapplied.  We use my rational mind to solve problems that in reality, only intuitive thinking can solve, and vice-versa, when rational thinking is better suited for the problem at hand, we often deny what the rational brain is telling me and grope instead for an intuitive solution.

The rational thinking is most appropriate when a life situation has presented all the facts and there is a clear understanding of the consequences of a word or deed – there is no ambiguity or unknown.  The rational mind can clearly say “if A, then B.”  Because the world has a certain order and predictability, the rational mind can make reasoned decisions founded on the trust of this external order and predictability.   However, when faced with the unknowable, the rational mind refuses to let go–it struggles to “rationalize” an action by seeking more and more information that might help in making a decision based on the facts that it gathers.

Intuitive thinking is most appropriate when the consequences of our words and actions are unknown, where the intuitive mind makes an inner journey into the soul, becomes vulnerable and open to insights whose conclusions rest on the foundation of an inner sense of trust.

This is a thought-provoking article that has lessons in entrepreneurship when you are building a new business. You need to use both your intuitive mind and the rational mind in this, but you should know which one to use in what situations of your startup building.

Thing # 2:  Choice, happiness and spaghetti sauce

2In this TEDx talk, “Tipping Point” author Malcolm Gladwell gets inside the food industry’s pursuit of the perfect spaghetti sauce — and makes a larger argument about the nature of choice and happiness.

His talk has a few lessons for a startup building process when it comes to customer discovery on what people want.  Assumption number one, typically we have, is that the way to find out what people want, what will make people happy, is to ask them. The lesson is that people don’t know what they want! “The mind knows not what the tongue wants.” It’s a mystery!  And a critically important step in understanding our own desires is to realize that we cannot always explain what we want, deep down.

 

 

Thing # 3:  How great leaders inspire action? 

OIR_resizer-3Simon Sinek has a simple but powerful model for inspirational leadership. In his TEDx talk, Simon explores how leaders can inspire cooperation, trust, and change. His model for inspirational leadership, involves 3 questions in 3 circles – Why? How? What? This little idea explains why some organizations and some leaders are able to inspire where others aren’t. He defines the terms really quickly. Every single person, every single organization on the planet knows what they do, 100 percent. Some know how they do it, whether you call it your differentiated value proposition or your proprietary process or your USP. But very, very few people or organizations know why they do what they do. And by “why” he doesn’t mean “to make a profit.” That’s a result. It’s always a result. By “why” he means: What’s your purpose? What’s your cause? What’s your belief? Why does your organization exist? Why do you get out of bed in the morning? And why should anyone care? We go from the clearest thing to the fuzziest thing. But the inspired leaders and the inspired organizations — regardless of their size, regardless of their industry –, all think, act and communicate from the inside out.  If you are not clear about and convinced about your and your startup’s “why”,  and if you are still fuzzy about your “why”, its time to spend some energies to get your act right.

 

 

I would love to hear your feedback on 3 Things This Week.

Hope you enjoy, and thanks again for the privilege of emailing you!

Wishing you lots of happy reading,

Shashank

 

P.S. –

1. The 3 Things This Week” is a free, short, curated list of useful articles, tools and other resources for building startup businesses. These 3 things would deal, in a random way, with different aspects of startup building – validation, traction, growth, funding, team, founders.

2. If you think of anyone who might enjoy this email, you can share this with a friend or co-worker.

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The 3 Things This Week : 8th February, 2018

Hey,

Happy Thursday!

I am happy to introduce you Climb Lean’s weekly newsletter – “The 3 Things This Week” to you.

Here are this week’s 3 things!

This week’s theme is lean startup methods and practices.

Thing # 1:  Don’t be afraid to pivot. Everybody does   by Sid Talwar

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Everybody pivots. If you ask anyone who’s run a business in the past, they’ll tell you they have pivoted a lot. They pivot based on everything from customer feedback to external advice, to market conditions. And it’s a good thing…it’s not shameful (another comment I heard recently).

In fact, as an entrepreneur, you should be ashamed if you don’t consider the

possibility of pivoting based on the circumstances in front of you to give your company the best opportunity to succeed. And that means making tough decisions, basing those decisions on relevant data, making them quickly, and then acting on them immediately.

Thing # 2:  I Started My Business on a Spreadsheet  by John Doherty

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Through a story of Credo, this article gives lessons for bootstrapped companies – that are relevant for most of the new startup businesses.

While explaining how Credo came into existence with a simple spreadsheet; John Doherty says, you need to nail the market pretty fast. Bootstrapping necessitates identifying a real need in the market.

Read on further and know more lessons from Credo.

Thing # 3:  The Leap and Lean Startup Approach  by Jennifer Xue

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When you take a “leap of faith” path, you merely need to know that you have what it takes to walk the first few steps without seeing the whole staircase. This means if you don’t have enough capital and other resources to work on the ideas, keep a positive attitude and remain enthusiastic. Airbnb and Snapchat

started out with a leap of faith and zero capital. Trusting one’s leap of faith and work through challenges with lean startup approach should be in every entrepreneur’s agenda. After all, every risk is not to be feared; every risk has a solution. Have faith; stay lean. Leap.

 

I would love to hear your feedback on 3 Things This Week.

Hope you enjoy, and thanks again for the privilege of emailing you!

Wishing you lots of happy reading,

Shashank

 

P.S. –

1. The 3 Things This Week” is a free, short, curated list of useful articles, tools and other resources for building startup businesses. These 3 things would deal, in a random way, with different aspects of startup building – validation, traction, growth, funding, team, founders.

2. If you think of anyone who might enjoy this email, you can share this with a friend or co-worker.

Web –

Climb Lean School of Starting Up

Climb Lean Blog

Climb Lean Facebook page

The 3 Things This Week, 1st February, 2018

Hey,

How are you doing?

I am happy to bring this week’s edition of “The 3 Things This Week” to you.

As you know, “The 3 Things This Week” is a free, short, curated list of useful articles, tools and other resources for building startup businesses. These 3 things would deal, in a random way, with different aspects of startup building – validation, traction, growth, funding, team, founders.

Here are this week’s 3 things!

This week’s theme is business models from past, present, and future. And some lessons about them.

Thing # 1Driverless Hotel Rooms: The End of Uber, Airbnb and Human Landlords  by Nathan Waters

 

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The inevitable reality of on-demand self-driving cars poses a huge looming existential risk to the entire auto industry. What is common to a nearly 1.3 billion vehicles on the planet is the fact that they are parked idle for 95% of the time.

And, here is a threat to the auto industry from a possibility of driverless on-demand cab services. When your $10 Uber ride suddenly becomes a sub-$1 ride anywhere in the city, the appeal of owning a car will diminish for most of the population, thus creating a massive oversupply of unwanted human-driven vehicles.

Not only that, but when auto manufacturers rapidly meet the 100 million vehicle demand for driverless on-demand transport, they will inevitably pivot operations to manufacture driverless modular rooms that cater to specific human experiences.

Read this article to know how driverless hotel rooms sound like changing times for Uber or Airbnb kind of business models.

Thing # 2How GE avoided Kodak’s fate  by  Ron Miller

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We are probably well aware of Kodak’s downfall when they did not pay attention to the market changes in respect of digital photography and lost an opportunity to change its business model in time.

But, you may not be too familiar with the story as to how GE just did the opposite and managed to not only stay afloat, but also grow.

Back in 1888 in Rochester, New York, George Eastman founded Kodak. Four years later, 200 miles down the road in Schenectady, New York, Thomas Edison and some pals founded General Electric. The two 19th-century industrial giants chugged along for more than 100 years, but GE is still rolling along with a market cap of over $250 billion and Kodak is a shadow of its former self with a market cap of $466 million, much of its camera and film business flushed down the disruption pipes of late-20th-century digitization.  Read this article to get answers to the question – how did GE manage to avoid the same fate?

Thing # 3Learning to Fool Our Algorithmic Spies   by John Herrman

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We all are very much aware that we are being watched over the internet. Every move we make in the virtual world doesn’t get noticed.

It is interesting to read how Facebook and Twitter and Instagram are inextricably tied to the experience of being monitored by others, which, if it doesn’t always produce “prosocial”

behavior in the broad psychological sense, but seems to have encouraged behaviors useful to the platforms themselves — activity and growth. These businesses serve many different purposes, but the one thing they have in common is that they have figured out new ways to monetize the powerful twin sensations of seeing and being seen by others.  Read this article to understand how these businesses leverage from “being watched” phenomenon.

 

I  would love to hear your feedback on 3 Things This Week.

Hope you enjoy, and thanks again for the privilege of emailing you!

Wishing you lots of happy reading,

 

Shashank

 

P.S.

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The 3 Things This Week, 25th January 2018

Hey,

How are you doing?

I am happy to bring this week’s edition of “The 3 Things This Week” to you.

As you know, “The 3 Things This Week” is a free, short, curated list of useful articles, tools and other resources for building startup businesses. These 3 things would deal, in a random way, with different aspects of startup building – validation, traction, growth, funding, team, founders.

Here are this week’s 3 things!

Thing # 1:  95 Ways to find your first customers for customer development or your first sale  by Jason Evanish

8You can have the best idea in the world, but until you find someone besides yourself that wants it, it’s not really a business.  To find those people, here are 95 ways to find your first set of users, as listed by Jason Evanish. All of us have been using most of these tactical options, you may be surprised to note a few new ideas on that list too.

Thing # 2:  “Turn The Ship Around”    by Jason Fried

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Turn the Ship Around! is the true story of how the Santa Fe skyrocketed from worst to first in the fleet by challenging the U.S. Navy’s traditional leader-follower approach. Struggling against his own instincts to take control, he instead achieved the vastly more powerful model of giving control. Before long, each member of Marquet’s crew became a leader and assumed responsibility for everything he did, from clerical tasks to crucial combat decisions. The crew became fully engaged, contributing their full intellectual capacity every day, and the Santa Fe started winning awards and promoting a highly disproportionate number of officers to submarine command.

An inspiring reading that turns our understanding on a “Leadership” upside down – there is a new meaning to “leadership”, as a way to give control rather than t0aking control and creating leaders rather than forging followers.

“A must” reading if you are building your startup team.

Thing # 3:  What’s Working Now in Internet Marketing (2018 Edition) by Marisa Murgatroyd

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Whether you have an online business, a service business, a coaching business, or an offline business that uses the internet to get new customers, the rules of the game are changing… and they’re changing FAST. Savvy customers are demanding a greater level of market sophistication, accountability and high-touch support. While some of the trends talked about in this article may seem discouraging on the surface, others are setting the stage for significant growth in 2018.  Get those insights from Marisa Murgatroyd if you want to be a super boss in 2018 when it comes to your online business.

 

I would love to hear your feedback on 3 Things This Week.

Hope you enjoy, and thanks again for the privilege of emailing you!

Wishing you lots of happy reading,

Shashank

P.S. – If you think of anyone who might enjoy this email, you can share this with a friend or co-worker.

 

Web – Climb Lean School of Starting Up

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Jumping the curve

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The changes happening around would be the most challenging thing for an existing business.

The only thing that is constant is “change”. The changes are all pervasive and no business is immunized against them.

In today’s fast-paced world, success often depends on how quickly your business can adapt to changing conditions. How well versed are you ready to pivot when the market changes?

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In the world of innovation, an S-curve explains the common evolution of a successful new technology or product. At first, early adopters provide the momentum behind uptake. A steep ascent follows, as the masses swiftly catch up. Finally, the curve levels off sharply, as the adoption approaches saturation.

High performance is defined by companies that execute repeated climbs and jumps of the S-curve.

Origins

“Jumping the curve” is a saying that has been around for a few decades. It is traced back to the Irish philosopher and management futurist Charles Handy who said that companies need to become aware of the sigmoid curve.

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The sigmoid curve (or S Curve) is the naturally occurring sloping line that Handy used to show that “companies will come to a natural end if they don’t re-create themselves during good times

What does it take to jump the curve?

You jump to the next curve by breaking old patterns of thinking and behaving. If you keep doing what you have been doing, you’ll keep getting what you have been getting.” So, to get different outcomes, you need to do differently.

Guy Kawasaki, while discussing “The Art of Innovation” at TEDxBerkeley, advises startup founders about the matter of perspective, when it comes to new opportunities. He says, “The perspective is to jump curves and not to stay on the same stupid curve that you’re on while trying to do things 10% better.” A classic example he elaborates is that of the ice business. In this example, he points out how ice making business transformed over past century from being ice harvesters to ice factory and then to refrigerators. The very interesting story about all of these curves is that none of the organizations that were ice harvesters became ice factories and ice factories did not become refrigerator companies because most companies define themselves in terms of what they do, not the benefits they provide. If you define yourself as we cut blocks of ice out of lakes, you remain an ice harvester. If you define yourself as we freeze water centrally, you remain an ice factory. If you define yourself as we make a mechanical gadget called a refrigerator, then you stay on the refrigerator curve. The way to jump the curve is to define your self from the point of view of benefits that your users get, as opposed to what you currently do.

No one can predict the future, but Jack Uldrich can help you prepare for it. Jack Uldrich is a futurist, who helps organizations gain the critical foresight they need to create a successful future. His work is based on the transformational principles of unlearning – or freeing yourself from obsolete knowledge and assumptions – as a strategy to survive and thrive in an era of unparalleled change.

In a short video here, he talks about the importance for entrepreneurs to understand the concept of Jumping the Curve.  He says, if anything is growing exponentially, and if there are nine technologies growing exponentially, you cant just go by the early trends, you have to follow it up with conclusions. The future does not increase linearly, but it grows exponentially.

Great opportunities ion occurs when you jump to the next curve.

When do you jump the curve?

If we view the first curve as a technology beginning to die out, and the second curve as a

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newer and more promising alternative, their first point of intersection shows continued improvements to the old system alongside the short-term upstart costs of investing in new methodologies. The best time to change is therefore when there is no immediate benefit to doing so, whereas sticking with successful practices eventually ensures their failure.

Lessons for startups

In today’s environment, there are rapid changes happening everywhere – markets, technologies and that continues to build big challenge for a startup founder.

As a founder, the most critical skill that you probably need today, irrespective of the startup stage, is to be able to jump your curve, generate a huge number of ideas,  run efficient experiments to test assumptions underlying those ideas and launch new businesses as quickly as possible.

This can happen by seeing and pursuing the “big enough” market insights that can take a startup business to the top of an industry and by creating strategy “from the edge”  to find and capture the next winning business idea.

Jumping the curve is not just relevant for the startups already in business but also for wannabe founders who are looking for the next business idea!

This skill is a core of entrepreneurship today.

Transition – from college project to startup

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(Based on an answer to this question “Is it a good idea to start up based on a college project when 4-5 companies are ready to pay for the product?” on Quora)

“Is it a good idea to start up based on a college project when 4-5 companies are ready to pay for the product?”

What the hell – why not?  This is an immediate thought that flashes your mind when you come across this question.

If you have someone who is willing to pay for what you are making, what the hell is stopping you from starting up?

But, the answer is much more complex than what you think.

If you’re a student, turning a side project into a startup is one of the most important steps in your journey as a founder. Done well, this transition builds the determination and commitment that’s necessary to overcome the challenges of a startup that lie ahead.  Done half-heartedly, the transition can be toxic for both the fledgling startup and the rest of your commitments.

More ever, the transition is not like an overnight makeover of the situation.

Transition Stages

When it comes to how you relate to the project (or startup), there are several stages. Some of them are tough on your mind and some of them are a hell of a good time.

transition phases

The “This is just a hobby” Stage

The first stage of your project is the hobby stage. You have something that you are really passionate about and that is how, in most of the situations, the college projects ideas would originate.

The “Oh snap! I can make money doing this?” Stage

The second stage of transition is when you realize you manage to reach some progress on your project and you feel you can actually make money out of it.

Before you know it, your mind is spinning with possibilities. You start putting in a crazy amount of time learning everything you can about how to make money from this project and implementing as much of the knowledge as you can into your efforts.

The “My study is getting in the way!” Stage

Once you start treating your project as an important work, you quickly enter the third stage of transition. This is the stage where your study starts getting in the way of your dream work. No matter how difficult it may be, it starts to look extremely appealing.

This is a stage where you take a considered decision about what is more important to you.

The Hustling Stage

Definition of hustle is to move or work in a quick and energetic way and to play with a lot of energy and effort. Hustling is simply taking next step, whatever it might be. Its not about standing still. Its about making moves.  The act of hustle is more important than wherever you are planning to go. This is the phase where you start getting real insights from the real world.

The Tipping Point Stage

Once you’ve been hustling for some time, you’ll reach a tipping point.  A tipping point is “the moment of critical mass, the threshold, and the boiling point”.  It is the critical point in a situation, process, or system beyond which a significant and often unstoppable effect or change takes place – both, inside your mind and outside in the market. You are pretty sure you want to do this.

The “Holy crap! I am in it!” Stage

The last stage in transition is when you realize you’re actually doing it. Not only are you doing it, but it’s easier than ever. The struggle is so very much less.

For some student entrepreneurs, this transition happens fairly smooth, while for many others it’s a bumpy ride.

Bumpy ride

We are talking about 3 critical bumps that will need to get negotiated well:

transition - bumps

Leaving the bliss of project  – Side projects are fun because you get to work on something in a blissful vacuum–no negative feedback or responsibilities. Going from a side project to a startup, however, means going from building something that interests you to building something people want.

The intensity of work – The way projects are measured is mostly based on the distance between the starting point and where you are now. If someone has achieved more, they should get a good grade. But customers will judge you from the other direction: the distance remaining between where you are now and what solves their pain. The market doesn’t care how hard you worked. Users just want your product to do what they need, and if it doesn’t, you get a zero. There is no reward for putting in a good effort.

Committing huge amounts of time – If you’re like most busy students, you’re probably spending about 90% of your time on some combination of academics, athletics, extracurricular, and social activities, leaving 10% for your side project. But for your side project to even have a chance of becoming a successful startup, you’ll have to flip that ratio and spend almost all of your time on it.

“Be a real student and not start a startup or start a real startup and not be a student”

Paul Graham , Y Combinator, in “How to Start a Startup”

How do you know if you are ready for a transition?

There is one sure shot way to know if you are prepared to work on these bumps – take a ride and check it out!

But, if you’re not certain, you should wait. It’s not as if all the opportunities to start companies are going to be gone if you don’t do it now. Maybe the window will close on some idea you’re working on, but that won’t be the last idea you’ll have. For every idea that times out, new ones become feasible.

Strong opinions, weakly held

balance

When building something, we need to balance between what we feel strongly about and getting users to validate it. How do we balance our act?

We do it with strong opinions, held weekly.

Bob Sutton describes the origin and power of this phrase “Strong opinions, weakly held” in more detail:

”Perhaps the best description I’ve ever seen of how wise people act comes from the amazing folks at Palo Alto’s Institute for the Future. A couple years ago, I was talking the Institute’s Bob Johansen about wisdom, and he explained that – to deal with an uncertain future and still move forward – they advise people to have ‘strong opinions, which are weakly held’. . . .

Bob explained that weak opinions are problematic because people aren’t inspired to develop the best arguments possible for them or to put forth the energy required to test them. Bob explained that it was just as important, however, to not be too attached to what you believe because, otherwise, it undermines your ability to ‘see’ and ‘hear’ evidence that clashes with your opinions. This is what psychologists sometimes call the problem of ‘confirmation bias.’”

– Bob Sutton, Strong Opinions, Weakly Held

When dealing with the complex new product development in an uncertain and changing environment, wise founders keep their strong opinions, weakly held.

Strong opinions

Let’s begin by exploring the idea of strong opinions. Strong opinions are not fundamental truths. Rather opinions are a working hypothesis used to guide your thinking, decisions, and actions. Dictionary definition of an opinion –

 An opinion  is:

“a belief or judgment that rests on grounds insufficient to produce complete certainty.”

A strong opinion is one based on the current best available information and knowledge. It’s a belief for which you have some evidence and one that you’re prepared to defend. Strong opinions are supported by strong arguments that validate your point of view.

Consider the alternative – weak opinions. When you have weak opinions:

You don’t develop robust arguments to support weak opinions.

Weak opinions don’t challenge people to debate and test the validity of the supporting argument.

Weak opinions don’t inspire the confidence necessary for you to take action, commit resources and accept the risk.

Weakly held

Holding an opinion weakly means:

You’ll listen to contradictory views and opinions.

You’re looking for evidence that may contradict your strong opinion.

You’re open changing your mind and your actions.

The strong opinions you hold today are based on your past experience. While strong opinions encourage you to develop strong arguments if your opinions are too strongly held you are much less likely to consider contradictory evidence and new information.

Wise founders act, whilst being open to change

Founders with strongly held opinions invest too much time and energy, supporting their existing beliefs. They fail to consider new information and ignore contradictory feedback.  As a result, they continue to make decisions and take action based on outdated ideas.

Wise founders are willing to be wrong. Rather than defending their ideas and opinions until death, they understand that being wrong makes room for change.

Wise founders take action as a way to gain the feedback necessary to validate their ideas.

Take action “as if” your strong opinions are true.

Acting “as if” reminds you that you’re taking action on the best available information.

Acting “as if” reminds you that you may be wrong.

Acting “as if” keeps you open to learning and changing direction.

Instead of seeking to find the right answers, acting “as if” means you focus on chipping away at the various ways that you may be wrong, resulting in you becoming more right over time.

Balancing act

The fastest way of moving into the future is through defining and validating a series of hypotheses. Formulate a hypothesis based on the best available information – adopt a strong opinion. Then act, seeking feedback, adjusting as you go – weakly held.