Early Start-up Playbook: How To Go From Concept To Customer

The Okwera Podcast EP2: Navigating Early-Stage Entrepreneurship with Adeyinka Adesesan

 

In this episode, host Justina Kanza is joined by Adeyinka, also known as Yinka, to discuss building minimum viable products (MVP), problem validation, and navigating resource constraints as an early-stage entrepreneur.

Yinka shares his journey from university ventures to his current role at the Black Innovation Programs at DMZ in Canada.

The conversation delves into understanding customer problems, crafting effective solutions, pricing strategies, and the art of pivoting quickly based on market feedback.

Whether you're just starting out or looking to refine your approach, this episode is packed with actionable insights and practical advice.

Connect with Yinka on LinkedIn

 

00:00 Introduction to Building Minimal Viable Products (MVPs)

00:23 Welcome to The Okwera Podcast

00:58 Meet Our Guest: Adeyinka's Entrepreneurial Journey

05:35 Understanding the Problem Before Building Solutions

09:30 The Importance of Customer Conversations

16:32 From Problem to Solution: Crafting Your Value Proposition

19:06 Pricing Strategies for Early-Stage Startups

21:55 Vanity Metrics and Early Adopters

22:18 The 10X Rule in Innovation

23:11 Differentiation and Solving Pain Points

24:31 Selling to Early Adopters

26:55 Building a Sales System

28:46 Scaling Your Sales

29:42 Navigating Resource Constraints

36:07 The Importance of Loving the Problem

37:58 The Art of the Pivot

39:43 Final Thoughts and Contact Information

Episode Transcript

(00:00):
What is the smallest thing that I can build that will enable me service this customer? Now it doesn't have to be like a fully fleshed out product.

(00:10):
it could be a process that you run manually.
.999The main important thing you want to focus on is to learn as you solve the problem. 4 00:00:23,724.999 --> 00:00:24,104.999 Hello. 5 00:00:24,124.999 --> 00:00:24,694.999 Hello. 6 00:00:24,734.999 --> 00:00:27,124.999 Welcome to the The Okwera Podcast a.k.a 7 00:00:27,354.999 --> 00:00:27,664.999 T.O.P 8 00:00:27,844.999 --> 00:00:29,794.999 where we're elevating you to the top. 9 00:00:30,64.999 --> 00:00:31,774.999 I'm your host, Justina Kanza. 10 00:00:31,784.999 --> 00:00:34,4.999 We've got some exciting guests for you today. 11 00:00:34,14.999 --> 00:00:36,634.999 I hope you stick around to the end and catch you soon. 12 00:00:37,44.999 --> 00:00:58,104.999 If you're anything like me, you're ever bursting with lots of ideas, lots of initiatives, lots of innovations, but it's sometimes very challenging to get that idea into, you know, turn it into a product, turn it into a service, turn it into a venture, especially using design thinking, especially using a playbook that works really well and effectively. 13 00:00:58,104.999 --> 00:01:01,654.999 And so today I'm excited to be joined by Adeyinka, a. 14 00:01:01,654.999 --> 00:01:01,974.999 k. 15 00:01:01,974.999 --> 00:01:01,984.999 a. 16 00:01:01,984.999 --> 00:01:02,434.999 Yinka. 17 00:01:02,434.999 --> 00:01:04,214.999 Thank you for being here with me. 18 00:01:04,374.998 --> 00:01:05,734.998 I'm very happy to be here. 19 00:01:05,934.999 --> 00:01:06,714.999 Absolutely. 20 00:01:06,904.999 --> 00:01:17,654.999 Well, Yinka, starting off the top, just walk us through a little bit of your journey over the past seven years and the different ventures you've built and also the work you're doing at the Black Innovations Zone at DMZ. 21 00:01:17,794.999 --> 00:01:18,114.999 Okay. 22 00:01:18,324.998 --> 00:01:22,605 So, I'm going to go back a little longer than seven years.

(01:23):
I, started off my journey while I was in university studying engineering.
I had this dream to become, an electrical engineer, but while I was in school, I discovered graphic design.
And very quickly went on to start a design company.
that was the first company that I started.
The second company I started was a t shirt making company.

(01:45):
.999because I was part of an organization that needed t shirts.
.999And I was like, I'll do it myself. 30 00:01:51,604.999 --> 00:01:53,94.999 And I did, and that was the second company. 31 00:01:53,94.999 --> 00:02:05,164.999 we went on to have quite a lot of success growing the business and doing work for multinationals and other organizations within Nigeria where I lived at the time. 32 00:02:05,774.999 --> 00:02:07,224.999 And so that was my second venture. 33 00:02:07,874.998 --> 00:02:16,474.999 And that was kind of like the introduction into entrepreneurship and being able to create value for people that you serve. 34 00:02:16,784.999 --> 00:02:41,674.9985 The second piece was when I graduated school, I started running my design agency called Creovativ and I ran that for a couple of years that was essentially just working with small businesses, startups, some medium sized companies and helping them essentially go from, they were usually at the idea stage and we're helping them with branding and building out their corporate, identities and websites. 35 00:02:42,449.9985 --> 00:02:49,289.9985 But one of the trends I started to notice was, a lot of businesses knew where they wanted to go. 36 00:02:49,674.9985 --> 00:02:51,434.9985 But they didn't know how to get there. 37 00:02:52,864.9985 --> 00:03:03,914.9975 And so they were doing all this branding and doing all these logos and doing websites, when in reality the products and the services that they wanted to offer, they were unclear about. 38 00:03:04,384.9975 --> 00:03:05,754.9985 And so that was the second piece. 39 00:03:06,444.9985 --> 00:03:11,794.9985 Um, after doing that for a couple of years, I decided to do a master's program in design management. 40 00:03:12,94.9985 --> 00:03:23,84.9995 that was when I pivoted into the innovation sector specifically, which is now, I've gone to school, I've learned, business, I've learned design thinking practice. 41 00:03:23,435.0005 --> 00:03:31,250.0005 now how can I use this to support entrepreneurs? Just like I was to deliver value and to capture value effectively. 42 00:03:31,830.0005 --> 00:03:32,950.0005 So that was the third piece. 43 00:03:33,380.0005 --> 00:03:36,350.0005 In November, 2022, I moved to Canada. 44 00:03:36,730.0005 --> 00:03:51,360.0005 after having worked in the innovation space in Nigeria for two years, I moved to Canada and, started looking for work I was very fortunate to have my first job in Canada at Highline Beta, which is a corporate venture studio and VC firm. 45 00:03:51,610.0005 --> 00:03:55,409.9995 I was running a couple of corporate accelerator programs there. 46 00:03:55,925.0005 --> 00:04:00,355.0005 it really gave me a crash course on innovation in Canada, which was great. 47 00:04:00,835.0005 --> 00:04:06,125.0005 And then finally, I had the opportunity to transition to DMZ. 48 00:04:06,495.0005 --> 00:04:15,805.0005 I started off as a program lead, which is working with founders within our portfolio and helping them get access to all the resources that the DMZ has. 49 00:04:16,175.0005 --> 00:04:22,585.0005 sometime last year in March, I got promoted to program manager of the Black Innovation Programs. 50 00:04:22,855.0005 --> 00:04:31,341.0199 that is all of our programming that the DMZ offers for Black founders and entrepreneurs in Canada and in some ways around the world. 51 00:04:31,341.0199 --> 00:04:37,988.22438 So that is essentially the journey from university through some of the different careers that I've had. 52 00:04:38,798.22438 --> 00:04:40,868.22438 All the way up to where I am right now, That is beautiful. 53 00:04:40,978.22438 --> 00:04:41,888.22438 And I kept getting it wrong. 54 00:04:41,888.22438 --> 00:04:49,808.22438 I kept saying Black Innovations Zone, but the Black Innovations Zone is the coalition of the different accelerators and organizations in the entrepreneurship space. 55 00:04:50,58.22438 --> 00:04:51,668.22388 But that's such a beautiful journey. 56 00:04:51,668.22388 --> 00:04:52,848.22388 at the heart of it is. 57 00:04:53,198.22488 --> 00:04:58,478.22488 One, delivering, you know, helping founders deliver product that's relevant to the community they serve. 58 00:04:58,828.22488 --> 00:05:02,778.22488 And another part of it is identifying how to go from zero to one. 59 00:05:02,798.22488 --> 00:05:06,338.22488 And a lot of us entrepreneurs, I'll tell you this, are confused. 60 00:05:06,418.22388 --> 00:05:13,648.22288 I spent a whole year obsessing over the brand colors and working on the website for one of my initiatives. 61 00:05:13,948.22288 --> 00:05:16,368.22288 that whole year was dead, first of all. 62 00:05:16,658.22288 --> 00:05:21,878.22288 That's not how it should be done, right? We've talked a lot about building an MVP, starting small. 63 00:05:22,118.22288 --> 00:05:23,858.22288 So maybe that's our starting point here. 64 00:05:23,858.22288 --> 00:05:35,148.22288 What is an MVP? Why does it matter to entrepreneurs? How are they getting started from zero to one, leveraging this MVP? So, I know you asked about the MVP. 65 00:05:35,218.22288 --> 00:05:36,258.22288 But there's a step before that. 66 00:05:36,288.22288 --> 00:05:38,608.22288 But I always like to take a step back. 67 00:05:38,638.22288 --> 00:05:39,558.22288 Absolutely. 68 00:05:39,748.22288 --> 00:05:50,728.22288 it's always about what is the problem that I'm trying to solve without clarity on the specific problem that I'm trying to solve. 69 00:05:51,918.22288 --> 00:05:55,128.22288 there is no premise for a business now. 70 00:05:55,128.22288 --> 00:05:57,618.22288 So that's, there's no premise for a business without. 71 00:05:58,233.22288 --> 00:06:08,83.22288 a real problem that a group of customers have that they are willing to pay for, then there is no business. 72 00:06:08,123.32288 --> 00:06:27,603.32388 that's what a lot of businesses kind of like jump to a lot of superficial things like logos, branding, websites, when in reality, the first step you need to take when launching your business is one, if I think I have a problem, I need to validate if this is a real problem. 73 00:06:28,573.32388 --> 00:06:44,433.32188 And when I have evidence that there is a small group or there is a group of people who have this problem and it's so critical to them that they are willing to pay for it, then I figure out what is the best way to solve this problem? Cause it's not about just offering. 74 00:06:44,933.32288 --> 00:06:45,863.32288 Another solution. 75 00:06:45,863.32288 --> 00:06:53,283.32288 It's about offering a better solution, a different approach to solving the problem, than the existing alternatives. 76 00:06:53,413.32288 --> 00:07:04,3.32288 once you are able to figure that out, mentally The next step would be, okay, so what is the smallest thing? And remember, I didn't say product. 77 00:07:04,893.32288 --> 00:07:13,33.32288 What is the smallest thing that I can build that will enable me service this customer? it doesn't have to be. 78 00:07:13,418.32288 --> 00:07:14,958.32288 a fully fleshed out product. 79 00:07:15,28.32288 --> 00:07:17,338.32288 it could be a process that you run manually. 80 00:07:18,858.32288 --> 00:07:29,308.32288 The main important thing you want to focus on is to learn as you solve the problem for your customers. 81 00:07:29,698.32288 --> 00:07:38,558.32288 and what you would find is over time and the earliest stages of working one on one with your customers, you will find that you are learning. 82 00:07:39,273.32288 --> 00:07:52,53.32188 a lot about how to solve the problem, about the problems they have, you become an expert on the problem and then you're able to craft creative ways to solve the problems for them. 83 00:07:52,723.32288 --> 00:08:05,693.32188 And then once you have a process, meaning you have a step by step guide of going from problem to solution, then you can think about how do I build a product. 84 00:08:06,153.32288 --> 00:08:10,763.32288 with tech, potentially, that would help me scale my impact. 85 00:08:11,643.32288 --> 00:08:22,213.32188 How do I automate this process? And then that's when you need tech and that's when you begin to think about scaling and then you think about company building, and so on and so forth. 86 00:08:22,213.32288 --> 00:08:27,313.32288 So the MVP is kind of like maybe three or four steps down the line. 87 00:08:28,123.32288 --> 00:08:30,593.32288 The first thing you want to identify is. 88 00:08:30,933.32288 --> 00:08:35,943.32288 a problem that needs to be solved by a certain group of people. 89 00:08:36,213.32288 --> 00:08:43,203.32188 and that it's a valid, urgent, critical, pressing need that people are willing to pay to solve. 90 00:08:43,203.32288 --> 00:08:50,103.32288 once you do that, you need to figure out what is the actual solution to this problem and to deliver that. 91 00:08:50,593.32288 --> 00:08:51,733.32288 And once you're there. 92 00:08:52,148.32288 --> 00:08:53,858.42288 Then we say, okay, Absolutely. 93 00:08:53,858.42288 --> 00:09:01,918.42188 And that was a trick question because a lot of founders like me will go straight to what should we build? Oh, there's this problem that I think exists in the market. 94 00:09:01,918.42188 --> 00:09:03,758.42288 Let me build something and just send it out there. 95 00:09:03,818.42288 --> 00:09:04,168.42288 Okay. 96 00:09:04,188.42288 --> 00:09:06,18.42288 But that is, that is beautifully said. 97 00:09:06,148.42288 --> 00:09:07,978.42288 Take it, take us back a couple of steps. 98 00:09:08,208.42288 --> 00:09:13,378.42288 So identify the problem, map out a potential solution after validating the problem. 99 00:09:13,428.42288 --> 00:09:18,798.42288 Going back to that and also remembering the lean canvas and the solution canvas that we've worked on before. 100 00:09:19,108.42288 --> 00:09:30,488.42188 What are some questions that we're asking ourselves as entrepreneurs during the problem identification and validation stage? What are the questions to ask to validate your problem? Okay. 101 00:09:30,488.42188 --> 00:09:47,578.42188 So the way I would answer this question is imagine you are speaking to a prospective customer or user that You think has this problem, the first thing you want to understand is the context in which the problem exists. 102 00:09:48,228.42188 --> 00:09:51,888.42088 So the very first thing you want to say is, tell me about your journey. 103 00:09:52,508.42188 --> 00:10:03,818.42188 So for example, if the problem that you think people have is they struggle to find transportation, for example. 104 00:10:04,548.42188 --> 00:10:08,378.42188 What you want to understand the context in which this problem exists. 105 00:10:08,478.42188 --> 00:10:15,288.42188 So tell me about the last time you tried to get transportation, or maybe it's transportation for your pet. 106 00:10:15,998.42188 --> 00:10:21,118.42188 Something like that, right? so tell me about the last time you went out on a journey with your pet. 107 00:10:21,898.42188 --> 00:10:27,788.42288 what they'll tell you is, Oh, I remember that morning, this happened I did this and I had to wait there. 108 00:10:27,998.42288 --> 00:10:31,778.42288 as you are listening to this answer, what you're looking for is. 109 00:10:32,433.42288 --> 00:10:45,483.42188 The pain point, like where are the places where there was a bit of struggle, there was a bit of friction, lack of satisfaction with the outcome, time was being wasted, a lot of money was being spent. 110 00:10:45,953.42188 --> 00:11:02,48.42288 You're looking to see, okay, what are all the tension points in the stories? And then once you have a clear idea of what essentially the journey is like, right, then you would say, what are the ways that you have tried to transport your pet in this example, it would be. 111 00:11:02,48.42288 --> 00:11:10,468.52188 So what are the options that you have explored? And they'll say, I've tried calling an Uber, but the Uber doesn't let me keep my Cat in the cabin. 112 00:11:10,568.52188 --> 00:11:11,678.52188 They want to put it in the boot. 113 00:11:11,898.52188 --> 00:11:14,408.52188 I also tried buying a bike with a basket. 114 00:11:14,558.52188 --> 00:11:20,608.52188 now what you're learning is the different ways that they've tried didn't work for them. 115 00:11:20,618.52188 --> 00:11:22,808.52088 And now, you know, why it didn't work for them. 116 00:11:23,248.52088 --> 00:11:32,58.52188 And so you're beginning to have a sense of you know, what is it that you're trying to achieve? In innovation speak, we call it jobs to be done. 117 00:11:32,98.52188 --> 00:11:32,978.52188 Jobs to be done. 118 00:11:33,18.52188 --> 00:11:44,358.52188 Right? And then what are the pains or what are the obstacles stopping them from achieving that goal? But then beyond that, you're also kind of learning. 119 00:11:44,608.52188 --> 00:11:55,948.52088 What are the things that matter to them when they think about solving this problem? So it's not just about taking away the pains, but also providing some benefits. 120 00:11:57,48.52188 --> 00:12:04,558.52188 Right? So, to recap, you want to understand the context of the problem. 121 00:12:05,448.52188 --> 00:12:08,768.52188 You want to understand, how it happens. 122 00:12:09,128.52188 --> 00:12:13,738.52188 You want to understand the attributes, the factors that contribute to this being a problem. 123 00:12:14,398.52188 --> 00:12:19,758.52238 You want to understand the pain points the tensions, the friction in the current point. 124 00:12:20,138.52238 --> 00:12:24,58.52238 You want to understand the existing alternatives and why they do not work. 125 00:12:24,668.52238 --> 00:12:30,278.52238 Right? Once you have all these things, you'll be able to say, okay, now I know all these things. 126 00:12:30,558.52238 --> 00:12:31,998.52238 I know what matters to you. 127 00:12:32,268.52238 --> 00:12:34,988.52138 I can think about what I can do to solve this problem. 128 00:12:34,998.52238 --> 00:12:38,578.52238 when you think about a problem, you must understand. 129 00:12:39,3.52238 --> 00:12:50,723.52188 You know, what are they trying to achieve? What stops them from achieving it? What matters to them to solve it, right? But then you need to understand why it matters to them, there always has to be a bit of that emotional connection. 130 00:12:50,963.52088 --> 00:12:56,403.52188 So it's like, why does it matter that you transport your cat? Like your cat, it's like my cat, it's my cat. 131 00:12:56,423.52188 --> 00:13:02,303.52088 And then, because a lot of times purchasing decisions are emotional, very emotional. 132 00:13:02,313.52088 --> 00:13:07,163.52188 And in order to understand humans, you must understand the emotions of those humans. 133 00:13:07,173.52188 --> 00:13:16,308.52188 And so You can only do that when you talk to them, there's no automating that part of innovation, eh? They're talking to the customer and understanding them. 134 00:13:16,348.52188 --> 00:13:16,858.52188 Exactly. 135 00:13:16,858.52188 --> 00:13:23,608.52138 and if I could say something, you said earlier, the founders kind of jumped straight into building. 136 00:13:24,588.52238 --> 00:13:29,928.52238 The reason they do that is because building is easy. 137 00:13:30,908.52238 --> 00:13:34,578.52238 Understanding human beings is hard. 138 00:13:35,8.52238 --> 00:13:35,678.52238 Interesting. 139 00:13:35,688.52238 --> 00:13:38,58.52238 Building, it's tangible. 140 00:13:38,358.52238 --> 00:13:40,848.52238 It puts an input, you get an output. 141 00:13:42,58.52238 --> 00:13:45,748.52238 Understanding, speaking to humans, understanding problems. 142 00:13:45,748.52238 --> 00:13:46,948.52238 That is intangible. 143 00:13:47,328.52138 --> 00:14:00,338.52138 That is abstract, right? That is amorphous and emotional and messy, And a lot of people who want to start businesses are craftsmen, they want to forge an amazing product. 144 00:14:00,338.52138 --> 00:14:20,745.19638 They want to build something beautiful, right? But a lot of people don't realize that this messy front end of venture creature, of creation, which is understanding and speaking to users understanding, emotions reasons why people do things and human psychology. 145 00:14:21,295.19638 --> 00:14:25,255.19638 Like, which is tough for the best of us to master. 146 00:14:25,445.19638 --> 00:14:27,65.19638 Like, this is what is most important. 147 00:14:27,75.19638 --> 00:14:28,535.19638 Building, we can figure out. 148 00:14:28,895.19638 --> 00:14:29,265.19638 Absolutely. 149 00:14:29,275.19638 --> 00:14:37,755.19538 Because even if you rush to building and you don't get the basic need from, understanding in these conversations, then you're just building in vain. 150 00:14:37,915.19438 --> 00:14:38,235.19438 Exactly. 151 00:14:38,315.19538 --> 00:14:46,925.19538 But I was listening to you speak and listening to you, share the questions that entrepreneurs should be asking as part of these initial conversations to understand. 152 00:14:47,245.19638 --> 00:15:05,375.19538 what I didn't hear from you was, you know, entrepreneurs saying, what if I, created a solution where we fly your cat from this place to that place, how would that make you feel? Would you buy that product? Can you share a little bit more of why, we shouldn't be asking these initial questions that way. 153 00:15:05,485.19538 --> 00:15:16,265.19538 At the early stages, you really want the initial conversations with potential customers or people who have the problem to be focused on the problem itself. 154 00:15:17,275.19438 --> 00:15:22,935.19388 in design thinking, there's this idea of empathy almost like putting yourself in the person's shoes. 155 00:15:24,485.19388 --> 00:15:29,35.19388 There is a certain type of openness or vulnerability. 156 00:15:29,605.19388 --> 00:15:40,205.19388 That is unlocked in someone you're having a conversation with when they believe that you are speaking with them just to know them. 157 00:15:41,455.19288 --> 00:15:48,575.19288 You're not trying to sell something to them just for their benefit to understand their life journey. 158 00:15:49,355.19288 --> 00:15:49,745.19288 Right. 159 00:15:49,985.19288 --> 00:15:54,875.19288 And so at the very beginning in order to understand the problem, you need to take that posture. 160 00:15:55,395.19288 --> 00:15:55,525.19288 Absolutely. 161 00:15:55,885.19288 --> 00:16:00,75.19288 The second piece is you cannot assume that you know the solution to the problem. 162 00:16:01,5.19288 --> 00:16:15,495.19338 no matter how much of an expert you are, and there are a lot of examples of experts who came up with solutions that no one used, So you must not assume that you know the answer. 163 00:16:16,135.19338 --> 00:16:18,975.19338 Let the users tell you what the problem is. 164 00:16:18,975.19338 --> 00:16:24,595.19338 And then almost as if the solution will become apparent as you learn more about the solution. 165 00:16:24,595.19338 --> 00:16:44,290.19438 So it's not about pitching your idea, it's about understanding the problem from all the different perspectives and angles, And then once you do that, there is a time when rather than saying, what if, or hypothetical, you know, you, you come up with a solution or what I'll call a solution idea. 166 00:16:45,160.19438 --> 00:16:46,810.19438 You give it some type of form. 167 00:16:47,875.19438 --> 00:16:51,665.19438 That you can use to describe what it will do and what benefits it would create. 168 00:16:52,385.19438 --> 00:16:55,325.19438 And then you go back and have a second conversation with that person. 169 00:16:55,525.19438 --> 00:17:00,855.19338 rather than saying, what if, you would say, here's an offer. 170 00:17:01,435.19438 --> 00:17:03,195.19438 You provide a value proposition. 171 00:17:03,795.19438 --> 00:17:11,985.19438 So I have this tool or widget that will help you in the example I've been using. 172 00:17:11,995.19438 --> 00:17:25,50.19438 Get your cat from one place to the other in a way, that's better than the existing alternative, right? And then person would say, that's, that's actually perfect. 173 00:17:25,110.19438 --> 00:17:26,380.19438 that's what I've been looking for. 174 00:17:26,830.19438 --> 00:17:29,280.19438 how do I get access to it? All right. 175 00:17:29,280.19438 --> 00:17:41,910.19538 So, and then you make them take some kind of step and make some kind of tangible commitment, but you will notice that there's a difference in that first conversation and the second conversation. 176 00:17:41,970.19438 --> 00:17:45,910.19438 The second one is actually you have an offer in hand and they'll either get it or not. 177 00:17:46,0.19438 --> 00:17:47,470.19438 And that's actual data. 178 00:17:47,510.19438 --> 00:17:49,350.19438 You're not brainstorming with the customer. 179 00:17:49,430.19438 --> 00:18:03,925.19338 You are at this point, having gotten a very clear understanding of what the problem is and you've brainstormed certain solutions, then you put together, a package and then you sell, like you're actually selling it. 180 00:18:04,345.19438 --> 00:18:16,575.19488 you say, I have this widget, I have this tool, and then you sell it and then you would see, it's like, Oh, this sounds compelling or this sounds exactly like something that I've used before. 181 00:18:17,5.19488 --> 00:18:20,75.19388 then you can go back and keep rejigging the offer. 182 00:18:20,145.29488 --> 00:18:22,465.29488 cause someone doesn't have to see something to buy it. 183 00:18:22,735.29488 --> 00:18:23,465.29488 Absolutely. 184 00:18:23,485.29488 --> 00:18:27,205.29488 you're a perfect segue to the solution part of the conversation. 185 00:18:27,565.29488 --> 00:18:34,555.29488 I, in my mind, I have like the, I created a spreadsheet out of the exercise you made us do last time. 186 00:18:34,555.29488 --> 00:18:39,115.29488 So in my mind, I'm like, okay, sheet one, the lean canvas, problem canvas, we're done. 187 00:18:39,115.29488 --> 00:18:40,185.29488 I know all my P's. 188 00:18:40,495.29488 --> 00:18:43,765.29488 Sheet two, we have the problem, the packaging, the promise. 189 00:18:44,85.29488 --> 00:18:47,195.29488 The price and the people to all of those things. 190 00:18:47,585.29488 --> 00:18:48,645.29488 I remember those. 191 00:18:48,865.29488 --> 00:19:06,75.29438 And so on to the solution as we segue into that you mentioned identifying what the promise is, right? What is the value proposition that you're offering? And what packaging does it carry? Maybe it's a service, maybe it's a scrappy spreadsheet that does things manually, et cetera. 192 00:19:06,275.29438 --> 00:19:10,65.29438 at this stage, the founders also want to identify what a price is. 193 00:19:10,285.29438 --> 00:19:21,135.29488 How do folks go around this? Cause I know someone like Kanye West, for example, he just put all his uses at the same price and just let, you know, the market tell him how to price, which ones were selling more. 194 00:19:21,135.29488 --> 00:19:32,990.29388 Like what are some strategies around that? I think founders, myself included, find it challenging to price products or offerings at the very early stage when you're still validating your idea and your solution. 195 00:19:33,90.29388 --> 00:19:45,250.29388 So what you want to do is, this is, and it's going to be a controversial take, and it depends on what you're doing. 196 00:19:45,730.29288 --> 00:19:50,120.29288 I think the first thing I'd like to say is, it's important to charge. 197 00:19:51,570.29288 --> 00:20:04,470.29288 Don't say I'll give it for free because if someone has a problem that they are willing to pay for, that is the greatest signal or indication that this is a real problem. 198 00:20:04,490.29288 --> 00:20:05,440.29238 product market fit. 199 00:20:05,830.29338 --> 00:20:13,600.29238 Right? And when I say pay, a lot of times people might wonder like, do you have to have paid money? But you could also look at proxies for paying. 200 00:20:13,600.29338 --> 00:20:20,800.29338 So if they are spending a lot of time, it takes 60 hours to do something themselves. 201 00:20:21,210.29238 --> 00:20:22,360.29338 They are paying in time. 202 00:20:23,100.29338 --> 00:20:23,620.29338 Interesting. 203 00:20:23,620.39338 --> 00:20:24,200.29238 All Right. 204 00:20:24,200.29238 --> 00:20:25,100.29238 So that's one thing. 205 00:20:25,460.29238 --> 00:20:36,90.29138 Now, the next thing that you will do is if there is some kind of existing alternative that they are able to pay for, that almost sets a benchmark for how much you can charge. 206 00:20:36,860.29238 --> 00:20:50,140.19238 if it costs in dollar amounts, 20 in the existing way that they try to solve the problem that's inefficient, then that gives you a baseline of what you could charge for something better. 207 00:20:51,370.19238 --> 00:20:53,230.19238 Ideally you want to charge so much more. 208 00:20:54,100.19138 --> 00:20:56,390.19238 Ideally at the very beginning you want to charge. 209 00:20:56,730.19238 --> 00:21:17,990.19238 A lot, a lot more lot more than the alternative because if someone is able to believe your promise that I can do this for you five times better, like I would reduce the amount of times that it takes for you to do this job from 60 hours to six hours or six minutes. 210 00:21:18,375.19238 --> 00:21:21,715.19238 Oh my goodness, that's just a crazy value proposition. 211 00:21:21,715.19238 --> 00:21:24,585.19238 And then they're like, yes, I want to pay that. 212 00:21:24,925.19238 --> 00:21:26,895.19238 So I already gave a couple of strategies. 213 00:21:26,905.19138 --> 00:21:33,550.09238 One, think about what do people pay right now? So in money. 214 00:21:35,850.19238 --> 00:21:38,10.19238 So you want to benchmark against them. 215 00:21:38,30.19238 --> 00:21:43,170.19138 You can start off there and then you can always increase or reduce your price. 216 00:21:43,600.19238 --> 00:21:47,210.19238 What matters is that people are paying. 217 00:21:47,270.19238 --> 00:21:48,190.19238 that's very important. 218 00:21:48,190.19238 --> 00:21:55,590.18988 I think I've seen organizations start off even with like, yeah, just like giving out subscriptions, products for free, but we all like free things. 219 00:21:55,590.18988 --> 00:22:00,820.19088 And those are vanity metrics, because it doesn't really tell you anything about whether, you know, there's a market for this. 220 00:22:00,925.19088 --> 00:22:02,815.19088 You know, when there's a charge attached to it. 221 00:22:03,35.19088 --> 00:22:17,755.19088 But one of the things I also do remember us talking about around early adopters and also just making sure that, between your service or packaging and promise and the alternative, that yours is doing things significantly better. 222 00:22:17,855.19088 --> 00:22:18,115.19088 Okay. 223 00:22:18,115.19088 --> 00:22:18,315.19088 Yes. 224 00:22:18,315.29088 --> 00:22:25,155.09088 So in the innovation space, in the startup world, the number is 10 X. 225 00:22:29,525.19088 --> 00:22:36,500.19088 You have to be doing your, like the solution has to be 10 X the alternative. 226 00:22:37,350.19088 --> 00:22:41,40.19088 Now in some cases, and in some situations that is valid. 227 00:22:41,670.19088 --> 00:22:49,980.19088 Technology allows you to do things 10 X, meaning something that takes, 60 hours could take six hours, maybe 60 minutes. 228 00:22:50,420.19088 --> 00:23:02,235.19088 but there are other cases for example, Airbnb, When they started off, they could not be 10 times better than the hotel, which was the existing alternative. 229 00:23:03,45.19088 --> 00:23:06,535.19088 But they could be different from the hotel. 230 00:23:06,635.19088 --> 00:23:09,375.19088 They could be good and different. 231 00:23:10,405.19088 --> 00:23:11,265.19088 So that is the thing. 232 00:23:11,275.19088 --> 00:23:14,635.19088 So you want to make sure that ,one, you are solving the problem. 233 00:23:15,965.19088 --> 00:23:23,255.19088 But then, and, and it is significantly like you're effectively solving all the pain points you have identified. 234 00:23:25,295.19088 --> 00:23:38,125.19088 And then two, when you start thinking about competing with existing alternatives, there needs to be a clear differentiating factor that makes people say, this is a different way of solving this problem. 235 00:23:38,125.19088 --> 00:23:39,685.19088 And then they're like, I want to do that. 236 00:23:40,145.19088 --> 00:23:45,945.19088 So it's 10 X is like I said, in some cases you can do things 10 X better. 237 00:23:45,945.19088 --> 00:23:54,365.19088 In some cases, a hundred X better, but in some other cases you can do things three X better, but then you always want to show that you're different. 238 00:23:55,105.19088 --> 00:23:55,695.19088 Absolutely. 239 00:23:55,695.19088 --> 00:23:55,955.19088 Absolutely. 240 00:23:55,995.18988 --> 00:23:56,595.19088 Does that make sense. 241 00:23:56,595.19188 --> 00:23:58,245.19188 It makes a lot of sense in my mind. 242 00:23:58,245.19188 --> 00:23:59,45.19188 It's very clear. 243 00:23:59,45.19188 --> 00:23:59,895.19188 Like you're either. 244 00:24:00,185.19188 --> 00:24:10,785.19188 10, 100 times better than what exists or you're, you know, very unique from what exists, almost like, unique service, unique offering, but still solving the same problem. 245 00:24:10,825.19088 --> 00:24:11,315.19088 Exactly. 246 00:24:11,405.19088 --> 00:24:12,35.19188 I love that. 247 00:24:12,45.19188 --> 00:24:12,575.19188 I love that. 248 00:24:12,755.19188 --> 00:24:12,995.19138 Okay. 249 00:24:12,995.19138 --> 00:24:24,45.19188 So now that we've walked through that journey where people have identified their problems, identified the different pain points, identified, the alternatives that exist, et cetera, on the problem side. 250 00:24:24,310.19188 --> 00:24:31,120.19188 On the solution side, they've identified, you know, what the, you know, MVP is, if you will, identify the pricing of it. 251 00:24:31,440.19188 --> 00:24:44,820.19188 How do you sell to that first set of, 10, 50, 100 customers? so typically, the way when you start approaching selling, you want to think about it in orders of magnitude. 252 00:24:45,945.19188 --> 00:24:55,865.19188 first, after you've figured out what the problem is, you want to sell to one person, find one person that fits the early adopter criteria category. 253 00:24:55,865.19188 --> 00:25:09,245.19188 And we didn't speak about what the early adopter is, but let me just define it here as the person that is most likely to purchase your product or to switch from an existing alternative to using a new way. 254 00:25:09,805.19188 --> 00:25:15,265.19188 that would be someone who is feeling the pinch the most, And that you can access. 255 00:25:15,335.19188 --> 00:25:17,185.19188 Someone who's very in love with their cats. 256 00:25:17,205.19188 --> 00:25:19,295.19088 who like their cat is their God. 257 00:25:19,305.19188 --> 00:25:19,765.19188 It's their baby. 258 00:25:20,525.19188 --> 00:25:22,505.09088 They dress it up and everything. 259 00:25:22,505.19088 --> 00:25:25,415.19088 have all the costumes and so on and so forth. 260 00:25:25,675.19088 --> 00:25:27,685.19088 for that person you've identified. 261 00:25:27,885.29088 --> 00:25:53,495.19088 The early adopter, you find one person who loves their cat in this example, and then you sell to them essentially what you're doing is one on one because I am a very big advocate of founder led sales, meaning you as a founder will go and meet this person and say, Oh, can I, have a conversation with you? I would like to show you something that I have been. 262 00:25:54,90.19088 --> 00:25:57,690.19088 I just wanted to give you feedback because obviously this is probably someone you've spoken with. 263 00:25:58,210.19088 --> 00:26:01,580.19088 So I just wanted to give you feedback on the original conversation that we had. 264 00:26:02,70.19088 --> 00:26:18,660.18988 And then you would say, what if I could transport your cart in a very fast way, in the most comfortable way, that no discomfort, you know, and it doesn't cost an arm and a leg, and the person would say. 265 00:26:19,105.19088 --> 00:26:21,75.19088 Oh, that sounds really interesting. 266 00:26:21,95.19088 --> 00:26:21,845.19088 Tell me more. 267 00:26:22,435.19088 --> 00:26:24,255.19088 And then you say, yeah, if you sign up. 268 00:26:24,735.25338 --> 00:26:29,625.25338 for this service that I'm putting together, then, you'll be able to do this. 269 00:26:29,995.25338 --> 00:26:33,275.25288 And they're like, yeah, where do I sign up? How do I sign up? And then you close that deal. 270 00:26:33,275.25288 --> 00:26:41,555.25438 And you say, okay, so all you need to do is just give me a check of a hundred dollars and I'll only cash it in two weeks, when I'm able to finalize my operations. 271 00:26:42,25.25438 --> 00:26:46,235.25438 I will cash that check and then I'll come pick up your cat, So that's the first conversation you had. 272 00:26:46,345.25438 --> 00:26:49,585.25438 The next order of magnitude is like, okay, I need to find 10 more people. 273 00:26:50,505.25438 --> 00:26:55,5.25238 then I'm going to talk to those people one on one and sell the same way you do it. 274 00:26:55,615.25238 --> 00:27:00,675.25338 And so what you then need is a system, a sales system, a very simple one. 275 00:27:01,200.25338 --> 00:27:01,470.25338 Right. 276 00:27:01,470.25338 --> 00:27:02,920.25338 So you start off with prospecting. 277 00:27:02,920.25338 --> 00:27:05,750.25338 So like, okay, you know, I'm going to find 10 people. 278 00:27:05,760.25338 --> 00:27:08,340.25338 I'm going to put their name and email, right. 279 00:27:08,360.25338 --> 00:27:10,260.25338 I'm going to reach out to them one after the other. 280 00:27:10,690.25338 --> 00:27:11,920.25338 I'm going to book times to call. 281 00:27:11,920.25338 --> 00:27:14,390.25338 and then I'll speak with them and I'll sell with them. 282 00:27:15,60.25438 --> 00:27:21,600.25538 Now, this is a manual and painstaking process of sending each person an email and doing all that. 283 00:27:21,880.25538 --> 00:27:31,670.25538 but it's very important cause you are learning along the way, how to sell, what words to use, how they find it compelling. 284 00:27:32,410.25538 --> 00:27:35,550.25638 you also know how easy it is for you to sell. 285 00:27:35,550.25638 --> 00:27:38,385.25638 What is the close rates? when you sell one on one. 286 00:27:38,385.25638 --> 00:27:46,575.25638 So is it 50%? Do half of the people say yes? Is it 80%? that in itself is a signal that what you have built works. 287 00:27:47,65.25538 --> 00:27:54,710.25538 Cause if you have the early adopter segment right, you should be hitting at like 80%. 288 00:27:54,970.25538 --> 00:28:00,860.25538 if you are really speaking to a specific problem that someone has, they should be able to say, okay, wow. 289 00:28:00,860.25538 --> 00:28:03,700.25538 You're like, stop talking, take my money. 290 00:28:04,180.25438 --> 00:28:08,540.25438 if that's not happening, then it's valuable because you're learning something from that not happening. 291 00:28:08,580.25338 --> 00:28:09,160.25338 Exactly. 292 00:28:09,200.25438 --> 00:28:10,345.15438 And you're learning that. 293 00:28:10,515.25438 --> 00:28:30,265.25438 It's either what I'm offering is not compelling or the way I'm offering it is not compelling, right? So that's 10 and then after you've sold to kind of 10 people you want to start thinking what's the next order of magnitude? At this stage, even one on one, you can still sell to a hundred people. 294 00:28:30,715.25438 --> 00:28:33,785.25438 And I have to say, it depends on the type of business you're trying to sell to. 295 00:28:34,105.25338 --> 00:28:37,785.25438 So typically you're selling B2C, it's easier, it's simpler. 296 00:28:37,785.25438 --> 00:28:41,825.25438 If it's B2B, it's a little more complex, but it's the same process. 297 00:28:41,845.25338 --> 00:28:44,475.25438 It just takes a little longer, That's it. 298 00:28:44,475.25438 --> 00:28:46,705.25438 and then you keep working your way up the ladder. 299 00:28:46,735.25438 --> 00:28:52,995.25438 once you start getting to a hundred, then you need to start thinking about, I've been able to successfully sell to 10 people. 300 00:28:52,995.25438 --> 00:28:53,765.25438 I know the language. 301 00:28:53,785.25438 --> 00:28:56,215.25338 I know my product is solving a real problem. 302 00:28:56,215.25438 --> 00:28:58,445.25438 There's a compelling case here. 303 00:28:58,635.25438 --> 00:29:04,775.25438 Then I can take all I've learned to begin to scale my outreach. 304 00:29:05,985.25338 --> 00:29:17,515.25338 then you need to start thinking like, can I build out a list of a hundred people? I'll do an email template that goes out to them and then they book some time, then you're beginning to automate some of those processes. 305 00:29:18,65.25338 --> 00:29:30,805.25338 And then once you've sold to your next 100 customers, in this case, if that's valid for your business model, the next you want to think about is the next 1, 000, next 10, 000, the next 100, 000, and the next million. 306 00:29:31,225.25338 --> 00:29:32,505.25338 And that's how you begin to scale it. 307 00:29:33,395.25338 --> 00:29:41,995.25338 But in the first few steps, it's all about the grinding, grueling walk of finding one individual and selling to them. 308 00:29:42,265.25338 --> 00:29:42,795.25338 absolutely. 309 00:29:42,795.25338 --> 00:29:53,55.25338 And I like that you have the founder led approach to selling, because one of the questions I had noted here is resource constraints, which a lot of founders face very early on. 310 00:29:53,55.25338 --> 00:29:57,250.25338 It's either you're, doing it by yourself or you have a couple of folks doing it with you. 311 00:29:57,250.25338 --> 00:29:59,940.25338 And so you have to be out there doing it, initially. 312 00:29:59,940.25338 --> 00:30:07,320.25238 So how do founders navigate resource constraint in this very early stages, stages outside of, you know, founder lead sales, et cetera. 313 00:30:08,340.25238 --> 00:30:18,60.25438 So if I understand the question, a lot of early stage businesses are small, team of one team of two, maybe. 314 00:30:19,0.25438 --> 00:30:24,510.25438 And there's a ton of work to be done, especially now, maybe when you're thinking about sales. 315 00:30:25,290.25438 --> 00:30:29,200.25438 so how do you, and each person's bandwidth is limited. 316 00:30:29,360.25438 --> 00:30:36,290.25238 Right? how do you manage the fact that you have limited bandwidth? I think that's one part of it too. 317 00:30:36,390.25338 --> 00:30:40,825.25338 And also the other part of it, now that I think of it is, so early on. 318 00:30:40,825.25338 --> 00:30:49,355.25338 I see founders rushing to, getting either co founders or CTOs, because we think we need, we need help and we do need the help. 319 00:30:49,355.25338 --> 00:30:55,215.25338 We need the extra resources and we're trading in equity because sometimes the cash is in there to pay for. 320 00:30:55,235.25238 --> 00:31:05,155.25338 So how do you navigate both pieces of accessing resources to really build this once it's been validated? in terms of you having narrow bandwidth, I'll answer that one first. 321 00:31:05,695.25338 --> 00:31:09,135.25338 It's just making sure you're focusing on doing the right things. 322 00:31:09,145.25338 --> 00:31:10,295.25338 All right. 323 00:31:10,615.25338 --> 00:31:13,395.25338 So when you should be validating problem, validate the problem. 324 00:31:13,395.25338 --> 00:31:15,185.25338 Don't be selling or building. 325 00:31:15,535.25338 --> 00:31:20,305.25338 And that way everyone's effort is focused on that point. 326 00:31:20,845.25238 --> 00:31:23,65.25238 you should be doing one thing at a time as a founder. 327 00:31:23,505.25338 --> 00:31:26,365.25338 You should be only like validating the problem. 328 00:31:26,680.25338 --> 00:31:30,440.25338 Or it should be only selling at some point, right. 329 00:31:30,440.25338 --> 00:31:34,880.25338 Which is also validating the problem the solution and the offer at the same time. 330 00:31:35,390.25338 --> 00:31:38,500.25388 You should always have such a narrow focus at the early stages. 331 00:31:39,120.25388 --> 00:31:42,835.25388 That is the very first thing you should never be doing everything. 332 00:31:42,845.25388 --> 00:31:50,545.25388 And, and they are trade offs for, for someone who, is willing to build, they might, they might decide that, Oh, I'm not going to do pitch competitions. 333 00:31:50,595.25388 --> 00:31:56,35.25388 I'm just going to really focus on selling because that is the biggest leverage I can build in my business. 334 00:31:57,35.25388 --> 00:31:57,955.25388 So that's the first point. 335 00:31:58,715.25388 --> 00:32:05,145.25388 The second point then is how do I go from, I validated my problem and solution. 336 00:32:05,765.25388 --> 00:32:06,55.25388 Right. 337 00:32:06,105.25388 --> 00:32:09,925.25388 Now I want to kind of like grow my team so I'm able to do more. 338 00:32:10,765.25388 --> 00:32:11,155.25388 Right. 339 00:32:11,865.25388 --> 00:32:18,295.25388 And then I, to answer that, I have a bit of a hot take, which is I like hot takes and controversies. 340 00:32:18,775.25388 --> 00:32:19,685.25388 I like this. 341 00:32:20,445.25388 --> 00:32:24,865.25388 So my hot take is you shouldn't grow unless you have to. 342 00:32:26,305.25388 --> 00:32:32,85.25388 innovation and venture creation benefits from having a team. 343 00:32:32,735.25388 --> 00:32:34,615.25288 if you have teams that are able to commit. 344 00:32:35,275.25388 --> 00:32:38,525.25388 And you're able to, sell the vision great. 345 00:32:38,955.25388 --> 00:32:48,75.25388 When you want to grow your team in a way that like you have to pay to grow your team, you should only do that when you have reached the limit. 346 00:32:49,755.25388 --> 00:32:57,925.25388 for founders, especially the type of founders that I like to support or the types of founders that I like, you should have a lot of capacity. 347 00:32:57,925.25388 --> 00:33:06,705.25438 You should be extremely resourceful and you should have done a ton before you think Oh, now I need to go out and hire three salespeople. 348 00:33:07,765.25438 --> 00:33:08,115.25438 Right. 349 00:33:08,635.25438 --> 00:33:23,975.25338 my general thinking is when you have gone through this process and you have sold to one person to 10 people, you're on your way to selling to a hundred people, what have you done? At that point, you have a lot of leverage. 350 00:33:24,65.25438 --> 00:33:25,725.25438 Why? Because you have traction. 351 00:33:27,15.25438 --> 00:33:30,525.25438 You have customers that you can point to that you've solved your problem. 352 00:33:31,45.25338 --> 00:33:33,935.25338 You have some revenue that you've earned. 353 00:33:34,635.25338 --> 00:33:46,280.25438 Beyond that, you have all these valuable insights about the problem you're trying to solve about the space, you've essentially become an expert in this field. 354 00:33:46,940.25438 --> 00:34:03,470.25438 at that point, once you've been able to validate that, look, there's a market opportunity beyond this hundred people that I'm selling to, there's 1 million people, 100, 000 people, 10, 000 people that needs to be served. 355 00:34:04,235.25438 --> 00:34:05,485.25438 But I can't do it on my own. 356 00:34:06,215.25438 --> 00:34:11,315.25438 And then at that point in time, you know, two answers at that point in time, it's good to look for help. 357 00:34:12,195.25438 --> 00:34:17,405.25438 So it's like, Oh, I need two other people to join my team so that we can focus on doing this more. 358 00:34:17,555.25438 --> 00:34:21,365.25438 Then that's a really good time to consider external funding. 359 00:34:21,865.25538 --> 00:34:23,535.25438 And by external funding, I'm not saying VC. 360 00:34:23,535.25538 --> 00:34:25,135.25538 It could be, you know. 361 00:34:25,225.25538 --> 00:34:26,475.25538 Everybody loves VC. 362 00:34:26,515.25538 --> 00:34:30,445.25538 Everybody loves VC, but like VC shouldn't be your first source of capital. 363 00:34:30,635.25538 --> 00:34:32,925.25438 Actually your first source of capital should be your revenue. 364 00:34:34,30.25538 --> 00:34:51,370.25438 as to the founders that I support, I always tell them what is the straightest path to getting to operational break even from day one, you should be thinking how long is it going to take us to cover our cost of operation just so that we're good. 365 00:34:53,500.25438 --> 00:34:56,950.25538 And then the point being, let me just go back. 366 00:34:56,960.25538 --> 00:35:02,405.25538 The point being the revenue is the most important, cheapest form of capital. 367 00:35:02,945.25538 --> 00:35:16,420.25538 But then there's always all these, especially in Canada, there are all these amazing non dilutive options like grants and pitch competitions, even though pitch competitions could take a lot of time, but grants could be a really good option. 368 00:35:16,570.25438 --> 00:35:17,410.25438 that could help you. 369 00:35:17,420.25438 --> 00:35:19,170.25438 Maybe you bring someone on part time. 370 00:35:19,780.25338 --> 00:35:30,860.25438 The key being, like, don't do more than you have to, right? Always reach the very bottom before you say okay, I'm going to go do something. 371 00:35:30,860.25438 --> 00:35:32,210.25338 All right. 372 00:35:32,270.25338 --> 00:35:32,730.25338 So. 373 00:35:33,355.25438 --> 00:35:35,145.25438 hopefully I answered the question. 374 00:35:35,315.25438 --> 00:35:37,285.25438 Absolutely, and you answered it beautifully. 375 00:35:37,285.25438 --> 00:35:43,935.25538 And for those that are watching, there's another episode on grant writing and tips on, other forms of non diluted funding. 376 00:35:43,935.25538 --> 00:35:45,605.25538 So you'll see that on our channel. 377 00:35:45,875.25538 --> 00:35:54,570.25638 but part of what I'm hearing, Yinka, is also for me, that it's harder actually to sell to your first 10 or 100 because you don't have much traction there. 378 00:35:54,830.25638 --> 00:36:06,980.25638 But once you have that, and that's why we're encouraging founders to start there first, it becomes a little bit easier because now you've identified processes that work, you've identified selling language that works, and you have traction to show. 379 00:36:07,330.25638 --> 00:36:16,450.25638 my next question, because I know we're very short on time here, is being in love with a problem versus being in love with a solution. 380 00:36:17,880.25638 --> 00:36:30,880.25538 We already kind of touched on this where it is, it is people being craft people and being in love with their ideas because they give birth to them. 381 00:36:31,305.25638 --> 00:36:34,975.25638 the ideas become their babies, right? No one wants to shoot their baby. 382 00:36:37,855.25638 --> 00:36:38,285.25638 Right. 383 00:36:38,775.25638 --> 00:36:52,575.25738 But, like I said, the very, very basic premise for every business is that there is a real problem to be solved by people who are willing to pay for that problem to be solved. 384 00:36:53,515.25738 --> 00:36:58,605.25738 And, you know, a lot of people come and say like, Oh, I, I've developed this really amazing technology. 385 00:36:59,415.25738 --> 00:37:01,645.25738 Like, let's start from the technology side. 386 00:37:01,665.25738 --> 00:37:14,205.25738 It's like, I have this really amazing tool that can do this, right? Then it now becomes another question of like, okay, this tool can do this, right? Let's find and validate a problem. 387 00:37:14,675.25738 --> 00:37:30,995.25788 that can be solved really well, maybe 10X well, maybe 100X well, maybe you've developed a technology that improves the way something is done by 100X, right? But you still need to go through that process of identifying a group of people or a context that could benefit. 388 00:37:31,705.25788 --> 00:37:53,285.25788 So loving the problem should always be number one, even when you grow on, you're now like a more mature company, having that focus on the user and on their problem would make sure that even when the customers are changing, the customer segments are changing and their needs are evolving, that you evolve along with them. 389 00:37:53,875.25788 --> 00:37:56,735.25788 It's a mindset that every single business owner should have. 390 00:37:56,995.25788 --> 00:37:58,525.25788 And a more so rapid fire on this. 391 00:37:58,810.25788 --> 00:38:13,310.25788 The specific point, the art of the pivot, right? How do you pivot, whether it's your solution, as those needs are changing, as those customer segments are changing, how do you pivot effectively? How do you pivot fast? So quick pivot. 392 00:38:13,350.25788 --> 00:38:17,580.25788 It's like when you are at the early stages, you've validated the problem. 393 00:38:17,620.25788 --> 00:38:18,970.25788 Now you're selling your solution. 394 00:38:19,345.25788 --> 00:38:22,575.25788 Pivots are quick because what you're selling is a pitch. 395 00:38:23,385.25788 --> 00:38:25,145.25788 so you go this way, it doesn't work. 396 00:38:25,535.25788 --> 00:38:26,765.25788 Next one, you try something else. 397 00:38:27,245.25788 --> 00:38:27,965.25788 That's a pivot. 398 00:38:28,375.25688 --> 00:38:30,625.25688 The bigger you grow, the bigger the pivot. 399 00:38:30,795.25688 --> 00:38:38,165.25788 But when you start with this type of methodology, where you're focusing on the problem first and you're selling before you build, then your pivots can be smaller. 400 00:38:38,445.25788 --> 00:38:44,165.25788 And when you indeed start building your MVP, then it is like, it's smaller manual steps. 401 00:38:44,655.25788 --> 00:38:46,455.25788 So you're trying out different things. 402 00:38:46,475.25788 --> 00:38:50,55.25788 That's a pivot, right? the only time that you should do a big pivot. 403 00:38:50,790.25788 --> 00:38:56,180.25788 Usually it's when, you know, there is enough evidence from the market that there is no need for this. 404 00:38:56,190.25788 --> 00:38:58,990.25788 It's like, Oh, you taught this was a problem. 405 00:38:59,290.25688 --> 00:39:00,690.25688 it's not that much of a problem. 406 00:39:00,730.25688 --> 00:39:02,270.25688 Maybe you had this idea. 407 00:39:02,430.25588 --> 00:39:03,550.25588 but yeah, it's not. 408 00:39:03,610.25488 --> 00:39:04,800.25488 And we're not willing to pay for that. 409 00:39:04,800.25488 --> 00:39:07,145.15638 And then you say okay, let's find another problem. 410 00:39:07,615.25638 --> 00:39:07,945.25638 And then you pivot. 411 00:39:08,815.25638 --> 00:39:09,355.25638 That's beautiful. 412 00:39:09,355.25638 --> 00:39:18,425.25638 I never thought about it that specific way very early on if you're selling to 10 people, you sell to the first person and it doesn't stick, try something different with the second person. 413 00:39:18,435.25638 --> 00:39:25,945.25438 Like that in itself is a pivot because it's just an MVP or like a packaging that in most cases hasn't even been fully built yet. 414 00:39:25,945.35438 --> 00:39:32,495.35438 so much flexibility at those early stages to really come in and try out different things. 415 00:39:32,585.35438 --> 00:39:33,735.35438 the main goal. 416 00:39:34,10.35438 --> 00:39:40,90.35438 Especially in those early stages is to learn every single interaction is to generate new insight. 417 00:39:40,800.35438 --> 00:39:41,310.35438 Absolutely. 418 00:39:41,610.35438 --> 00:39:43,140.35438 Thank you so much, Yinka. 419 00:39:43,170.35438 --> 00:39:47,240.35438 Well, with the last few minutes, I'm pushing it. 420 00:39:47,240.35438 --> 00:39:49,710.35438 I know we could talk for days and days. 421 00:39:50,130.35438 --> 00:39:50,860.35438 Absolutely. 422 00:39:51,30.35338 --> 00:40:00,320.35388 Well, in the last minute, where do people find you? I know people have a lot of questions, LinkedIn, Instagram, any social medias where people can connect with you and learn from you. 423 00:40:00,460.35388 --> 00:40:05,120.35388 so LinkedIn would be the best place, right? you can search for me on LinkedIn. 424 00:40:05,130.35388 --> 00:40:07,220.35388 I am Yinka Adesesan on LinkedIn. 425 00:40:07,690.35388 --> 00:40:08,670.35338 that would be the best place. 426 00:40:08,670.35338 --> 00:40:10,510.35338 that's my most active social media. 427 00:40:10,510.35438 --> 00:40:12,0.35438 I don't have any other social media. 428 00:40:12,0.45438 --> 00:40:12,590.25338 Beautiful. 429 00:40:12,590.35338 --> 00:40:12,880.35338 Beautiful. 430 00:40:12,880.35338 --> 00:40:19,180.35438 And I'll make sure it's tagged in all the different places that this podcast is shared and then also looking into the camera. 431 00:40:19,180.35438 --> 00:40:20,860.35438 One last word for the founders. 432 00:40:20,870.35438 --> 00:40:25,960.35438 If they forget everything else here, what's one thing they should remember? It's just love the problem. 433 00:40:26,510.35438 --> 00:40:33,130.35438 It's understand that at the end, it's a person you are trying to help. 434 00:40:33,970.35438 --> 00:40:36,590.35338 It's a person that has a problem you're trying to solve. 435 00:40:36,890.35438 --> 00:40:42,540.35538 empathy for that person makes you a much better problem solver and business person. 436 00:40:43,45.35538 --> 00:40:45,465.35538 So that's the one thing, right? Thank you, Yinka. 437 00:40:45,515.35538 --> 00:40:49,195.35538 And thank you everybody for joining us for today's episode. 438 00:40:49,415.35538 --> 00:40:56,245.35538 make sure you drop any comments, any questions in the chat and thank you to Weston Frontlines for sponsoring this episode as well. 439 00:40:56,485.35538 --> 00:40:57,875.35538 And until next time, bye bye. 440 00:40:58,630.35538 --> 00:41:00,390.35538 Hope you enjoyed this episode. 441 00:41:00,450.35538 --> 00:41:02,570.35538 I'm very, very curious to hear from you. 442 00:41:02,580.35538 --> 00:41:19,870.35538 So let me know, what did you like about the episode? What resonated for you? What was food for thought for you and beyond anything, make sure you like you subscribe, you share this with your friend, because the more people we can get this information and these resources and these stories to the more we can reach, the more we can impact. 443 00:41:20,90.35538 --> 00:41:23,960.35538 And let us know what other topics do you want to see on the channel, what other. 444 00:41:24,265.35538 --> 00:41:26,785.35538 Guests you want to interact with through the channel. 445 00:41:27,5.35538 --> 00:41:29,305.35538 we hope to hear from you and until next time. 446 00:41:29,395.35538 --> 00:41:29,695.35538 Bye.