Startup Team and Business Model Canvas
In the second week of class, I learned about how to make a startup team and how to make a simple business plan. I found a bigger picture in my mind about the importance of each roles in forming a startup team. It’s important for me to know what roles should a startup team has and what they should do as a team. I also found that it was quite interesting to make a business model canvas. It helps me to imagine all the possible things I should do and all the customers I will have in my future business.
To form a startup team, it’s important for a company to have three types of people, the hipster, the hacker and the hustler. Hipster is the person who always brings up new ideas and thoughts to the start-up team. Hacker is the person who thinks about “How” to make the idea come true and works hard toward the team’s goal. Hustler is the person who always ask questions and thinks about the right way to make their goal come true. By having these three types of persons, a start-up team can efficiently distribute their labor forces and people can show their strengths in their own professional realms. More specifically, as Stephanie Vozza mentioned in her article The Only Six People You Need On Your Founding Startup Team, we can divide them into six types of person:
1. The prima donna genius: The person who is full of passion and always get hard things done. Always gives new ideas.
2. The superstar: The person who get down to business and accomplishes tasks. He or she always do all types of works to help the business.
3. The leader: The person who can lead this team and make hard decisions.
4. The industry veteran: The person who knows about the industry and understands the process of how this specific industry works.
5. The sales animal: Someone who has the skill to sale the products the team made.
6. The financial suit: The person who deals with the financial issues in the start-up team.
A business model canvas is basically a one page business plan. For example, on the business model canvas, we need to write our customer segment, our partner, our resources, our activities and so on. We will put our ideas and assumptions on this canvas to make our plan clear. Instead of doing a 20 pages business plan, making a business model canvas can not only saves us a lot of time but also makes it easier for us to revise our assumptions. In real life, things are unexpectable and there may be chances that we need to have a more feasible idea to replace our old ideas. We need a lot of experiments to testify our ideas and assumptions. Therefore, a business model canvas can make it easier on revising our assumptions and helps us to work effectively.
It was a great opportunity to have a discussion with Stephen in class. To be honest, I did not actually understand everything he talked about since the noises we had during Skype. However, I did remember the response he gave us for the question about the sticky note. We were curious about whether everything could has ‘Why’ for entrepreneurs to start up businesses. I believe he answered ‘yes’ by giving several examples that we could probably start up with a ‘What’ and then transform it into a ‘Why’. He tried to prove that everything can has ‘why’ and I believe he was right. That’s the new thing I learned during Skype.