Forum Posts

Patrick Ng
May 16, 2022
In Venture Builder Mindset
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?
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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.
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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
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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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Patrick Ng
Jan 04, 2022
In Problem-Solution Fit
Customer Profile & the Value Map
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Patrick Ng
Jan 04, 2022
In Problem-Solution Fit
Understand the value proposition to the customer. Figure out the minimum viable product to validate the need.
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Patrick Ng
Jan 04, 2022
In Venture Builder Mindset
Common types of startups are: 1- Small Business Startup 2- Scalable Startup 3- Large Company Startup 4- Lifestyle Startup 5- Buyable Startup 6- Social Startup Of the various types, Scalable Startup is what most entrepreneurs are going after. In my experience, the Lean Startup Methodology is the preferred approach.
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Patrick Ng
Dec 24, 2021
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Patrick Ng
Dec 24, 2021
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Patrick Ng
Nov 02, 2021
In Product-Market Fit
A summary of 6 phases: Create (VPC) Release (MVP) Morph (Product-market fit) Model (BMC) Scale (multiply success) Harvest
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Patrick Ng
Nov 02, 2021
In Product-Market Fit
Your Total Available Market (TAM) size are: NOT Top Down, NOT the size of the problem, NOT the size of the market today, ARE the number of customer multiply by your price Estimated size should: be meaningful, somewhat achievable with the current business model & strategy. It should target your customer, not someone else's. Market size estimates is an aspiration and roadmap for a start-up to earn this market share.
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Patrick Ng
Nov 01, 2021
In Product-Market Fit
In R&D, maybe you use net return on assets (and end up outsourcing everything), or IIR (and prioritise near-term returns), or Net returns on investment (and discourage risk taking). The selected unit of measurement rewards a narrow class of behaviour and outcome that is not necessarily beneficial to the larger good.
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Patrick Ng
Nov 01, 2021
In Problem-Solution Fit
A cautionary tale about how established company failed in the face of disruptive innovation. The original 1997 Disruptive Innovation explained in 4 minutes. How established company failed to overcome seemingly 'dark horses' from rendering them obsolete. And the strategy gives home to startups disrupting established market leaders with a highly differentiated value proposition.
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Patrick Ng
Oct 16, 2021
In Problem-Solution Fit
When we understand better what problem our customer wants solved, what drives and motivates this, and why they want it solved, we are better able to provide a corresponding solution and value is created. 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?" 5x times , What is the problem you want to solve? Why do you do what you do? But how do I know that I have arrived at the elemental motivation? Consider the Elements of Value Pyramid. Source: Bain & Company Inc, HBR.
Elemental Jobs-to-be-done content media
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Patrick Ng
Oct 16, 2021
In Problem-Solution Fit
How can I conduct a better interview to uncover customer needs? Here is some suggested structures: Tell me about the last time _____ What was the hardest? Why was that hard? How do you solve it now? Why is that not awesome? Ground rules: No pitching No hypothetical questions - No "Would you...", "will you"
Customer Discovery - Structuring an Interview content media
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Patrick Ng
Oct 02, 2021
In Entrepreneurs Are Innovators
We started a series of stories called, "Entrepreneurs are Innovators", about how entrepreneurs innovate, differentiate their business to compete and improve scalability. If you have a story to share, please contribute to this forum. Instead of competing on who has a larger pool of users, Coffee Meets Bagel focuses on improving the user experience of ladies.
Coffee Meets Bagel brings the honey and the bees will come content media
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Patrick Ng
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