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Patrick Ng
May 24, 2024
In The Venture Builder
Many great stories that sticks with us, that we remember fondly follow a common story spine, a universal way of storytelling. If we follow this format, will our story sticks better? The Hero's Journey according to Joseph Campbell - video by Matthew Winkler and Kirill Yeretsky
The Hero's Journey content media
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Patrick Ng
May 24, 2024
In The Venture Builder
1. Know your audience: Emphasize the market opportunity and impact 2. A story that sticks - the Hero's journey The Secret to Successfully Pitching an Idea | The Way We Work, a TED series
Pitching an idea successfully  content media
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Patrick Ng
Apr 07, 2024
In The Venture Builder
6 tips to being a successful entrepreneur: 1. Yes, we can 2. Problem-first 3. Focus on the problem. 4. Think narrow, not broad 5. Ask for the cash and ride the float 6. Beg, borrow 7. Don't ask for permission https://youtu.be/eHJnEHyyN1Y?si=J-ZgRSfYnpu37iBw
Mindset of an entrepreneur  content media
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Patrick Ng
Mar 25, 2024
In Problem-Solution Fit
What is the problem you want to solve? Why do you do what you do? When we better understand the problem our customers want solved, what drives and motivates this, and why they want it solved, we can better provide a corresponding solution and create value. In uncovering the fundamental motivation of our customer Jobs-to-be-done: • We observe what our customers do (Don’t always listen to your customer), • We interview them (What do you ask), • We ask, "why?" 3x times The fundamental motivation should converge towards the Elemental Jobs-to-be-done.
Table of Elemental Jobs-to-be-done content media
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Patrick Ng
Feb 24, 2024
In The Venture Builder
Problem-first, not product-first.
How to think like an entrepreneur content media
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Patrick Ng
Feb 23, 2024
In Problem-Solution Fit
"I have a cure for cancer," the founder continued passionately, sharing the specifications, biochemistry, how it worked, and his journey of scientific discovery. However, the judges were unimpressed and deemed it a failure. "Who is your customer, and what problem do you solve?" they asked. The founder believed that patients in their final stage would pay a high price for the cure. The judges shook their heads in dismay, questioning if the law allowed them to sell the cure without a clinical trial. The founder explained that a principal investigator from the national hospital was eager to run the clinical trial with them. Still, someone whispered that he might expect the startup to pay for the trial. According to the lean launchpad methodology, this pitch was a failure. It's hard to believe that the chosen customer segment would provide a steady stream of revenue to fund the clinical trial. A better pitch would sound like this: "Pfizer is in the process of discovering a cure for cancer. They experimented with 'A' and 'B', but neither met expectations. We believe that our approach 'C' is a breakthrough that provides the outcome they need - a cure for cancer." In this pitch, the customer segment is believable, and it's easy to infer that there are more pharmaceutical companies like Pfizer, making the market size larger. Large enterprises like Pfizer have market access and funding to support expensive clinical trials. How would you have pitched the cure for cancer? (Credits: AI-generated image)
"I have a cure for cancer" content media
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Patrick Ng
Oct 26, 2023
In Problem-Solution Fit
https://bizthoughts.mikelee.org/book-summary-crossing-the-chasm.html 5 customer profiles based on buying behaviour: 1. Innovators 2. Early Adopters 3. Early Majority 4. Late Majority 5. Luggards Each profile has peculiar characteristics and requires different actions to capture. Generally, buying behaviour can be summarised as follows. Why do people buy? 1. Novelty (it's new) 2. Solves an urgent problem 3. Solves more problems better than existing 4. Friends recommended it 5. Existing solution had gone obsolete
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Patrick Ng
Oct 09, 2023
In Problem-Solution Fit
1. Who are the target customer? 2. Customer vs Users 3. Customer segment 4. Pains and Gain ratio, to overcome inertia. 10x gain to overcome inertia.
Value Proposition - Create a Product People Will Actually Buy content media
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Patrick Ng
Mar 22, 2023
In General
The Porter 5 forces of competitive forces: Assumes that participants are already in the market (not really effective with emerging startups) While competition is real, the largest player has more influence (economy of scale & scope) on the market than new entrant
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Patrick Ng
Nov 08, 2022
In Product-Market Fit
TEV or Economic Value to a customer (EVC) is a measure of how much value an individual customer, or customer segment, gets from using a company’s products or services The higher EVC is to a customer, the more likely they will pay a higher price for a product/service EVC = Tangible value the product provides + Intangible value the product provides Functional (or utilitarian) needs. I buy a Sam Adams beer to quench my thirst. Social needs. I buy a Sam Adams beer to fit in with the people at my office holiday party. Ego-expressive (or symbolic) need. I buy a Sam Adams beer to make me look upscale and intelligent. Recreational needs. I buy a Sam Adams beer to have a prop to hold and something to fiddle with while I am at a bar. Absolute EVC = Your product’s EVC – Costs customer must incur to purchase the product Relative EVC = [Your product’s EVC – costs to customer to purchase your product] – [The next best alternative’s EVC – costs to customer to purchase that product] If a product relative EVC is negative, customer is unlikely to buy the product.
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Patrick Ng
Sep 26, 2022
In Product-Market Fit
Marketing and sales drive revenue, not the other way: You'll need to know your Cost of Customer Acquisition, Traffic conversion rate, to predict revenue (not the other way round) Sales per agent per month --> Sales forecast
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Patrick Ng
May 30, 2022
In The Venture Builder
If you think you need an NDA before pitching your startup idea, you need to read this. Operating in "stealth mode" does more harm than you realised: 1. Little to no validation of your startup idea 2. No well-wisher to warn you of relevant trends or information that may help you correct your path 3. No potential talents working on the same problem know you 4. Nobody knows what you're doing - no good fortune comes to you 5. Makes you look silly
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Patrick Ng
May 16, 2022
In The Venture Builder
1. What we do. We all know what we are doing (product that we build, problems that we solve) 2. How - how do we do that? 3. Why - why do we do what we do? Do we know why we do what we do? https://youtu.be/qp0HIF3SfI4
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Patrick Ng
May 07, 2022
In Business Storytelling
The slower you speak, the more we listen. Emphasize the keyword of each sentence. Pause at all the commas, and full stop. Take all the time you need, for the slower you speak, the more we listen. https://youtu.be/rrOnk0JnXW4
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Patrick Ng
May 03, 2022
In Business Storytelling
The main character with a dream or problem A conflict, challenge or obstacle the character must overcome A resolution, achievement or success (unless you’re writing a tragedy) Your customer: the beneficiary of the story
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Patrick Ng
Apr 27, 2022
In Business Storytelling
Plan your story starting with the takeaway message. Think about what’s important to the audience. The ending is the most important point of the story. This is the message we want to deliver, and the one that will linger with the audience. Keep your stories short for the workplace. Three to five minutes long is about what people can digest in today’s ADD world. Good stories are about challenge or conflict. Without these elements, stories aren’t very interesting. The compelling part of a story is how people deal with conflict–-so start with the people and the conflict. Think about your story like a movie. Imagine you are screenwriter with a goal to get your message across. The story has to have a beginning, middle, and end. Start with a person and his challenge, and intensify human interest by adding descriptions of time, place, and people with their emotions. Be creative. Create a storyboard; draw it out, while listening to music or reading something for inspiration. A good story always has ups and downs, so “arc” the story. Pull people along, and introduce tension, just like in a fairy tale. (“From out of nowhere, the wolf jumps onto the path…”) Intensify the story with vivid language and intonation. Tap into people’s emotions with language. Use metaphors, idioms, and parables that have emotional associations. (Note: For more on this, see Leo Widrich’s article entitled, “Which Words Matter Most When You Talk” and studies on intonation performed by Ingrid Johnsrude at Cambridge University). When using a story in a PowerPoint presentation, use appropriate graphics/pictures to convey your message. Stay away from text and complicated graphics. A single picture interlaced with emotional language will go a long way to convey your message. Most of us have not told stories in front of an audience since English class in high school. So you will need to practice. Tell your story in front of a friendly audience and get feedback. Gauge your pace, and take note of the story’s length and your use of language. It will be a bit rusty at first, but underneath it all, we are all born storytellers. The most important point is to make the switch within; because once you internalize that today’s “left-brain” communication style doesn’t work very well and you realize that stories are how people really communicate, you will find it a lot easier to proceed…because it’s authentic. And that is what really persuades.
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Patrick Ng
Mar 29, 2022
In Problem-Solution Fit
Source: (As indicated in watermark)
Jobs-to-be-done Canvas content media
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Patrick Ng
Jan 28, 2022
In Product-Market Fit
1% increase in price, brings 11.1% increase in profit. 1% reduction in variable cost, brings about 7.8% improvement in profit 1% increase in sales volume, increase 3.3% in profit 1% reduction in fixed cost, improves 2.3% in profit. ... according to research across hundreds of listed corporates. Source: Hbr.org
Profit levers - Price, Variable Cost, Volume, Fixed Cost content media
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Patrick Ng
Jan 11, 2022
In Product-Market Fit
Minimum Viable Product is a form of hypothesis testing Build minimum features in order to get feedback (e.g. mockup, wireframe, demo, etc.) Early feedback helps build a better product There’s no way to know what the customer needs without talking to the customer https://youtu.be/JyKe2wZKVuA
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Patrick Ng
Jan 04, 2022
In Problem-Solution Fit
The Value Proposition Canvas is often used to identify and articulate the problem a customer wants to be solved. And by examining the core motivation of the customer desire, we sometimes uncover the unarticulated, unserved needs of the customer. And if there are enough of such customers, it forms a new unserved market to be exploited. To uncover such opportunities, we form hypotheses and test them with customers, gathering insights to establish if enough customer forms a sizeable market segment.
Uncovering Unarticulated Unserved Opportunities content media
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