By Larry Chiang<\/p>\n
Failure Modes Analysis.<\/p>\n
This is similar to hooking up a bridge up to a computer, simulating load bearings and wallah: you can predict potential points of failure. The Entrepreneur Failure Modes Analysis method for vetting risk is for engineers only.<\/p>\n
These are potential points of failure for us as engineer entrepreneurs. They’re meant to reduce risk<\/p>\n
-1- Premature Di-WORSE-ification<\/p>\n
When I startup a relationship, I just show her that I’m a bandit between the sheets. I seek to establish core competence in that area of value added spooning first. You don’t seee breaking out my wok and stir frying up vegetables– it’s a prime example of pre-mature Di-WORSE-ification.<\/p>\n
As a startup, do ONE thing well. And get known for being an expert at doing that one thing.<\/p>\n
-2- Engineer out the risk<\/p>\n
We are engineers and we are hecka smart.<\/p>\n
Let’s think our way out of the majority of risk we will face and execute a ton so we minimize our risk exposure.<\/p>\n
-3- Failure to listen to an old dude telling us something.<\/p>\n
In school we learn to do things that are semi original, on our own. Working is copy pasting similar work, sprinkling in customization and solving an old business executive’s problem.<\/p>\n
For example, pattern recognition, pattern replication, and pattern iteration are extremely difficult for us an undergrad entrepreneurs. For an old, battle hardened executive… pattern recognition and pattern replication is what they do. Pattern iteration and pattern replication is where you come in.<\/p>\n
Old people pattern recognize. You work and delegate the decision making to them.<\/p>\n
-4- Pre-Pay that Pattern<\/p>\n
Old executives has massive million dollar problems.<\/p>\n
If they trust you and your two engineer buddies, they’ll pre-pay.<\/p>\n
Execute the blog post: “Reducing Sales Friction”. Pay particular close attention to – one way letter of intent – internal escrow<\/p>\n
Do both and that startup you started is all of a sudden a “Larry Chiang Mini Company Concept (LCMCC)” with revenue.<\/p>\n
Question: But Larry Chiang. Where do I meet these executives? Answer: value addedly crash as a engineering undergrad, pre-preneur founder.<\/p>\n
-5- Network at a Party You’re Not Invited To<\/p>\n
As an undergrad, you are going to network at a party you’re not invited to. Remember if you’re uncomfortable crashing a party, how are you going to crash an entire industry?!<\/p>\n
No worries.<\/p>\n
I have a system for party crashing. I boiled it into a recipe. This recipe gets you from crasher to VIP using specific steps. Its like homework. But for crashing. BUT KNOW THAT IT IS FOR ENGINEERS ONLY AND YOU WILL GO FROM CRASHER TO VIP USING SPECIFIC PATTERNS YOU WILL REPLICATE.<\/p>\n
This signature recipe of mine, “crasher to VIP” is awesome. It’s a gua Gua guacamole recipe.<\/p>\n
You should probably get to googling that.<\/p>\n
CEO of Duck9 Stanford University EIR (Entrepreneur in Residence)<\/p>\n
Duck9 = Deep Underground Credit Knowledge 9 125 University Avenue\/ 100 Palo Alto CA 94301 https:\/\/www.duck9.com\/ass<\/a> 650-566-9600 650-566-9696 (direct) 650-283-8008 (cell)<\/p>\n **************** Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” https:\/\/whattheydontteachyouatstanfordbusinessschool.com\/blog<\/a> CNN Video Channel: https:\/\/ireport.cnn.com\/people\/larrychiang<\/a><\/p>\n Read my last 10 tweets at https:\/\/www.Twitter.com\/LarryChiang<\/a><\/p>\n Author, NY Times Bestseller https:\/\/whattheydontteachyouatstanfordbusinessschool.com\/blog\/?s=Ny+times+bestseller<\/a><\/p>\n “What They Will NEVER Teach You at Stanford Business School” comes out 11-11-12<\/p>\n ########## Duck9 is part of UCMS Inc. https:\/\/www.ucms.com<\/a> 630-705-5555<\/p>\n CEO of Duck9 Stanford University EIR (Entrepreneur in Residence)<\/p>\n Duck9 = Deep Underground Credit Knowledge 9 125 University Avenue\/ 100 Palo Alto CA 94301 https:\/\/www.duck9.com\/ass<\/a> 650-566-9600 650-566-9696 (direct) 650-283-8008 (cell)<\/p>\n **************** Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” https:\/\/whattheydontteachyouatstanfordbusinessschool.com\/blog<\/a> CNN Video Channel: https:\/\/ireport.cnn.com\/people\/larrychiang<\/a><\/p>\n Read my last 10 tweets at https:\/\/www.Twitter.com\/LarryChiang<\/a><\/p>\n Author, NY Times Bestseller https:\/\/whattheydontteachyouatstanfordbusinessschool.com\/blog\/?s=Ny+times+bestseller<\/a><\/p>\n “What They Will NEVER Teach You at Stanford Business School” comes out 11-11-12<\/p>\n