Week 1 Masterclass Ismail Akbani Entrepreneurial Mindset and Opportunity Evaluation
Summary
TLDRThe speaker explores the human tendency to seek equilibrium and balance, using the example of thirst to illustrate how needs lead to action. They emphasize the importance of anticipation in driving consumers to choose a product or service, such as a startup program, to address their imbalance. The talk also covers factors like accessibility, observability, relative advantage, compatibility, and viability that influence consumer decisions. The speaker concludes with insights on identifying opportunities, highlighting the significance of timing, space, and team in turning ideas into successful ventures.
Takeaways
- 😌 Human beings naturally seek equilibrium and balance, and when they experience discomfort or frustration, they look for ways to restore normalcy and alleviate negative feelings.
- 🔄 The process of regaining balance often involves taking action, which is preceded by anticipation of the outcome, a critical component that many startups overlook in product and marketing design.
- 💧 An example given is thirst, where one anticipates that drinking water will quench their thirst, highlighting the importance of trust and anticipation in consumer behavior.
- 🤔 The decision to take action is influenced by factors such as accessibility, skills, observability, relative advantage, compatibility, viability, and the ability to satisfy not just the primary need but also secondary needs that may arise.
- 🏢 For entrepreneurs, it's crucial to understand that customers' needs extend beyond the immediate product or service, and there may be opportunities to address related needs before or after the primary interaction.
- 🔗 The concept of 'jobs to be done' is introduced, emphasizing that customers' goals are not solely about eliminating discomfort but also about maintaining social, emotional, and financial balance.
- 🔄 Satisfying one need can lead to another, creating a cycle of needs and opportunities for entrepreneurs to provide solutions.
- 💡 Not every idea is an opportunity, and the difference lies in factors such as timing, location, cultural norms, and the resources and network of the individual or team involved.
- ⏰ Timing is crucial for an opportunity; what is viable and attractive today may not be the case in the future, as societal mindsets and technologies evolve.
- 🌍 The 'space' in which an opportunity exists is not just physical but also includes cultural, religious, and social contexts that can significantly influence the success of a product or service.
- 👥 The team and individual capabilities play a significant role in determining whether an idea can be transformed into a successful opportunity.
Q & A
What is the primary reason humans seek to maintain a state of equilibrium?
-Humans seek to maintain a state of equilibrium because they dislike discomfort, unease, frustration, and disappointment, and strive to return to a balanced and 'normal' state when they experience these negative feelings.
How does anticipation play a crucial role in the actions people take to balance their state of disequilibrium?
-Anticipation is crucial because it influences whether someone will take action to balance their state of disequilibrium. People will only take a specific action if they believe it will resolve their discomfort or need.
Why is it important for a startup to make customers feel that using their product will address their disequilibrium?
-It is important because if customers do not anticipate that a product will solve their problem or satisfy their need, they are unlikely to engage with the product, even if they are in a state of disequilibrium.
What factors might prevent someone from taking action to satisfy a need, even if they are aware of the solution?
-Factors such as accessibility, skills required, observability, relative advantage, compatibility, viability, and social norms might prevent someone from taking action to satisfy a need.
How does the concept of 'jobs to be done' relate to the satisfaction of needs and the potential creation of new needs?
-The concept of 'jobs to be done' suggests that satisfying one need can lead to another. For example, eating to satisfy hunger might lead to a subsequent need for a drink, illustrating how needs can be interconnected and sequential.
What is the significance of timing in determining whether an idea becomes an opportunity?
-Timing is significant because an idea that is an opportunity today might not be tomorrow or in the past due to changing circumstances,市场需求, and technological advancements.
How can the same opportunity vary in viability based on the geographical location or cultural context?
-An opportunity's viability can vary based on location and cultural context because what is acceptable or successful in one place may not be in another due to differing cultural norms, regulations, or市场需求.
Why is it essential for an entrepreneur to understand not just their product's role in solving a customer's problem, but also what happens before and after?
-Understanding the entire customer journey, including what happens before and after the use of their product, can help entrepreneurs identify additional opportunities to meet customer needs and enhance their product's value proposition.
What role does the entrepreneur's personal network, expertise, and team play in turning an idea into an opportunity?
-The entrepreneur's personal network, expertise, and team are critical as they can influence the resources, credibility, and knowledge available to turn an idea into a viable opportunity.
How can the feedback loop after satisfying a need impact future actions or product development?
-The feedback loop can reveal whether the action or product fully satisfied the need, if it led to new needs, and if there are areas for improvement or additional opportunities for product development.
Outlines
🔄 Balancing Disequilibrium and Anticipation in Consumer Behavior
The speaker discusses the human tendency to seek equilibrium and balance in life, and how discomfort or imbalance prompts individuals to take action. They emphasize the importance of anticipation in driving actions, using the example of thirst and the decision to get water. The speaker highlights that startups often overlook the significance of creating anticipation in their customers, which is crucial for driving product adoption. They explain that customers will only take action if they believe it will address their needs or imbalances, and that this anticipation is key to whether they choose a particular product or service. The speaker also touches on the importance of accessibility, observability, relative advantage, compatibility, and viability in influencing consumer decisions.
📈 Understanding the Dynamics of Job-to-Be-Done and Entrepreneurial Opportunities
This paragraph delves into the concept of 'jobs to be done' and how satisfying one need can lead to another, creating a cycle of needs and opportunities for entrepreneurs. The speaker uses the example of satisfying hunger leading to thirst, illustrating how product or service offerings can be linked to address a series of needs. They also discuss the factors that differentiate an idea from an opportunity, with timing and space being critical. The speaker provides examples to show how the same opportunity might be viable in one context but not in another, and how personal networks and resources can influence the feasibility of pursuing an opportunity. The paragraph concludes with a humorous anecdote about a hypothetical memory-enhancing drink, highlighting how cultural norms and personal beliefs can significantly impact the success of a product.
🌐 Cultural and Personal Factors in Opportunity Recognition
The final paragraph explores how cultural and personal factors can influence the perception of an opportunity. The speaker uses the continued example of the memory-enhancing drink, suggesting that an ingredient considered taboo in one culture might be acceptable in another, thus affecting the product's marketability. They emphasize the importance of understanding the target market's values and norms when assessing opportunities. The speaker also touches on the role of personal networks and resources in determining whether an opportunity is viable for an individual, using the contrast between Elon Musk and an average entrepreneur to illustrate the point. The paragraph concludes with a reflection on the complexities of opportunity recognition and the need for a deep understanding of various influencing factors.
Mindmap
Keywords
💡Equilibrium
💡Disequilibrium
💡Anticipation
💡Action
💡Accessibility
💡Observability
💡Relative Advantage
💡Compatibility
💡Viability
💡Jobs to be Done
💡Opportunity
Highlights
Humans naturally seek equilibrium and balance, and when discomfort arises, they look for ways to restore it.
The anticipation of an action's effectiveness is crucial for motivating individuals to take steps to alleviate discomfort.
Startups often overlook the importance of creating anticipation in customers to ensure they believe the product will solve their problem.
Accessibility and observability are key factors that influence whether an individual will take action to address a need.
The relative advantage of a product or service over alternatives can significantly impact a customer's decision to engage with it.
Compatibility with social, religious, regional, and cultural norms is essential for the viability of a product or service.
Customers' goals to eliminate discomfort must align with their social, emotional, and financial considerations.
Feedback loops from satisfying one need can lead to the identification of another, creating a cycle of product or service use.
Entrepreneurs must understand not only their product's role in solving a customer's problem but also the broader context of the customer's journey.
Opportunities arise from ideas, but not all ideas are opportunities; timing, space, and the team's capabilities are critical differentiators.
The concept of 'jobs to be done' is central to understanding customer needs and the potential for a product or service to address them.
The speaker illustrates the importance of cultural compatibility in product acceptance with the example of a hypothetical memory-enhancing drink.
The example of a memory drink also demonstrates how a single ingredient can make or break a product's success based on cultural norms.
The speaker emphasizes the importance of understanding the customer's entire journey, from identifying a need to satisfying it and the subsequent effects.
The concept of opportunity is fluid, changing with time, location, and the capabilities of the team behind the idea.
The speaker uses the example of Elon Musk to highlight how opportunities are relative to an individual's network, expertise, and resources.
The transcript concludes with a reminder of the complexity involved in identifying and seizing opportunities, especially in the context of entrepreneurship.
Transcripts
[Music]
as human beings we always always always
like to stay in a zone of equilibrium in
a zone of balance we don't like being
uncomfortable we don't like to be in a
space where we are uneasy where we are
frustrated we disappointed so the moment
the balance tips off on that side we try
to recover it we want to go back to
becoming normal we want to get rid of
the pain we want to get R of the
frustration the sadness right and that
is why we then start looking for options
okay I'm having this imbalance I'm
having this thirst now comes the next
stage that is action I'll take certain
action to balance this out but there is
one very very very important link
between that disequilibrium and the
action and that is anticipation a very
important point that a lot of startups
Miss while designing the product and
specially while marketing the
products see I have a disapp I have in
inner imbalance that I'm thirsty right
but I will go to that Arrow water unit
in my kitchen and fill water in my
bottle only if I anticipate that doing
that action is going to quench my
thirst if I don't trust that there will
be water available if I'm not sure
whether that water is drinkable if I'm
not sure whether that water will be at a
temperature can where I can drink even
though I'm thirstday I'm not going to
the kitchen I look for some other
Alternatives right same as the people
who came here for some this master class
orone who enrolled for this cohort you
had a need and there was a sense of you
know probably a disappointed or sense of
know uncomfortableness that okay I want
to learn more to grow my startup and
then you anticipated that okay if I be I
join vadani Foundation
program joining this attending this V
might help me either reduce this dis
equilibrium or or eliminate it those who
felt this anticipation joined the
program there are so many who have seen
the link on LinkedIn there are so many
who have received email invitation to
join the program they did not join
because while they had the need they had
the dis equilibrium but they did not
anticipate they did not feel that
joining this program will help me and so
they did not join and that is your very
important important role as an
entrepreneur that when you put a product
out there it's not sufficient to put the
product out there it's also in your
responsibility to make the customers
feel that using your product is going to
address that
disequilibrium I normally say if I got a
headache for example right and there's
Haron lying on my desk or some other
fail for headache I have the need I have
disequilibrium I need some medicine but
I will take the sidon only if I
anticipate if I believe that taking that
sidon will help me with the headache if
I don't trust it I'm not going to take
it even if it is available on my desk so
then that leads to the actions Now
actions again I take the action based on
the skills
required do I have the skill to take
that that action right is it accessible
I might be thirsty if I was in a place
where the water was probably if the
water was not available in the kitchen
here and if I had to go down four floors
I'm on the 11th floor right now so if I
had to go down fourth floor to get the
water probably I would not have gone I
would have said no no let me continue
with the session I'll go later right so
you see everything was there but
accessibility was not there and that
stopped me for taking that action right
sometimes it's observability when if I'm
able to observe we come back to this
point later as well right sometimes it's
a relative
Advantage so a lot of you who joined
this program quote see this is not the
only program out there available in the
market to help entrepreneurs right there
are lot of other organizations you have
Tai you have some other organizations
everybody runs programs in their own
ways some are charged some are free they
have their own uh structure for the
program they have their own outcomes and
at a given point of time any
entrepreneur that enrolls in any of
these programs has multiple options but
you cannot go on attending all of them
you have limited time so you have to
choose and how do you choose you choose
that based on the relative Advantage
which of the program is offering me more
advantage compared to the other in terms
of cost in terms of flexibility in time
in terms of the expertise in terms of
the relevance to my uh problem or my
startup same is with your customers as
well right then there's a compatibility
compatibility social compatibility
religious compatibility Regional
compatibility cultural compatibility
viability is it viable for me the same
program if tomorrow Foundation must to
say okay the same program everything
Remains the Same they're going to charge
you 20,000
rupees suddenly most of you will drop
out because is no more viable for you
20,000 for a student probably is too
much at this stage some of you might be
able to pay some of you would be like I
want to attend I'm very serious I'm very
genuine interested but I can't pay
20,000 and then there are social norms
based on the actions then you reach
certain goals your goal is always to
eliminate the dis equilibrium but at the
same time you have to take care of your
social emotional and financial jobs to
be done as well right if going around
pitching water would have brought me
some kind of uneasiness in terms of
social I think let's say for example if
I go down right now and I see somebody's
going to be sitting there observing me
like oh this dude is coming to fill
water at noon
right why doesn't keep water in the
morning if I have that fear that people
are going to judge me probably I will
not again go so those
uh what you say the jobs to be done
along emotionals and social and
functional Financial had to be taken
care of and then there's a feedback that
happens internally that was this
eliminated did it make me feel good or
did it sometimes I satisfy one need it
leads to another need right so I'm
hungry I order chicken comes I eat the
chicken now the hunger is gone now
because since I eat had chicken now I
feel thirsty so then I go and I need to
do something to fetch water and then I
have a lot of water half a liter of
water and then after after a while I
have the know need to go to the toilet
so sometimes one need I satisfy that
that leads to another need and then I
have to use some other product service
to satisfy that need it keeps building
on and as an entrepreneur if you can
figure that out as well that not just my
part of the product uh my part of the
Journey of the customer's problem that
my product is satisfying but what
happens before it what happens after it
and is there an opportunity for me there
as well once you understand that that
then we move on to the next part what
makes an opportunity right so we all
have
ideas and normally say every idea is not
an opportunity while every opportunity
germinates out of an idea but every idea
is not an opportun and what makes an
idea opportunity or how does an
opportunity
differ
one the important point is that my
favorite is
timing what is opportunity today may not
be an opportunity tomorrow may not have
been an opportunity last year now we are
doing all these programs online right
and we've been doing for I think the
foundation is doing for the past two
three years now but I have been
associated with the foundation I think
probably since 20145 and back then all
the programs used to be offline we used
to offline train the train programs we
used to have offline programs and then
there were programs in the campus for
the students if the same program ignite
program in the online meral mode was
launched in
2014 I'm not sure how many people would
have picked it up because online back
then people were say you cannot teach in
online
online that was the concept right we did
not have a mindset of that so that
probably was not the good time now the
the past 2 three years during the covid
and just before Co when they launched
that was a we actually started picking
up so sometimes the timing changes the
opportunity the same thing could be an
opportunity today may not be an
opportunity tomorrow or day
after same way space Also matters when I
say space is is a location something
that is an opportunity in probably Metro
City may not be opportunity in tier2
City something that is an opportunity in
India may not be an opportunity in
America today right so that again
varies and that of space is not only the
location sometimes the religious Norms
change so normally usually give an
example all our students over here let's
say I come up with a drink so this is a
problem that you know all of you study
late nights just before the exams and
you have to mug up a lot of things and
then you end up forgetting so let's say
I set up a company we do a lot of R&D
and we come up with a memory
drink and that memory drink costs you
100 rupees for 200 mL and the benefit is
that you drink that you have that one
can of the drink and in the next two
hours after having my memory in whatever
you read once will be imprinted in your
memory for the next 24 hours you will
not forget a simple single word out of
it now how amazing that is all that you
have to do is a day before exam buy one
one can 100 rupees drink it and then
take your textbooks notes ppts whatever
you want to study from just flip through
them once just read them once that's it
it's imprinted next day you go to the
exam you just print it everything get
good marks come back after 24 hours
you're doing another can read another
set of things imp that go back five
subjects 500 rupees all done minimum 70
80% marks
guaranteed right now how many of you
would want it and when I normally do
this offline say 70 80% hands go up 20%
don't raise their hand and that to
internally they want but they are those
n nerds who don't want to know Showcase
in front of others that I would do
something like that for them it's a form
of cheating and they don't want to
acknowledge that but then I say one of
the ingredients in that drink is let's
say dragon's blood or or some some other
uh animals blood right some reptile
blood 1% or
.5% now how many of you would want to
buy it suddenly the hands go down 70 80%
to hardly do for hands up everybody's
like I I would rather flun the exam I
would rather fail in the exam but I'm
not drinking that ring that has a
reptile blood in it right now you would
say of course nobody would have it but
then I ask you the question if if I was
to launch the same drink in
China what would
happen so you see the same thing that
probably fail miserably in India because
of that one ingredient China nobody
would care they would be happy because
that's a part of their culture and food
anyways so that is another thing then
the team is important something that is
an opportunity for me may not be an
opportunity for you something that is an
opportunity for you may not be an
opportunity for your friend something
that is an opportunity for Elon Musk
today may not be an opportunity for me
because the idea is good Elan wants to
go to space he wants to start space
tourism I also want to start space
tourism but that dude has got Network he
has got expertise he has the who who of
the world in his WhatsApp list he can
contact the president of America any
time he wants right he he can raise any
amount he wants without having to
establish any credibility he has the
experience he has a team he has a brand
name for him that's a good
opportunity for me even starting a
travel bus service from Pune to B
Bangalore would be a good big deal
getting all those approval just for a
travel service in between two cities in
India would end up know taking a lot of
my time and energy and I I don't know
how many contacts I will need how many
Network I would need and how many people
I would have to approach and request and
sometimes beg
[Music]
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