Building the foundation for a successful venture in a studio setting
3 months have passed since I embarked on my journey with Builders as an Entrepreneur in Residence. As I wrap up the Discover phase, I find myself reflecting on the valuable insights and lessons learned while laying the foundational groundwork alongside Builders team.
Beginning the Quest for an Advanced Workspace Solution
Builders is all about the future of work and living. I’ve always had a keen interest in this industry as I feel that in the past 10 years, the two have been merging into each other, and there is tremendous opportunity here. I’ve been very fortunate to embark on this opportunity and find a clear problem with a clear solution. No doubt there’s a problem/solution-fit here.
Starting a company within a studio environment is a uniquely collaborative and dynamic experience. Unlike my previous journey as a founder, where I had to wear multiple hats and juggle a multitude of tasks, the studio environment provided me with access to a range of expertise and resources right at my fingertips.
It’s a hive of collective intelligence where each member contributes their unique skills to fast-track the venture creation process.
Compared to my previous experience, the studio environment creates a platform that encourages innovation and creativity, allowing me to focus on what I’m truly passionate about — solving problems and creating value.
Thus, by merging personal drive, iterative development, and market validation, I uncovered the opportunities for my venture. Keep reading, and I will take you through this discovery journey!
Identifying Opportunities as a Prospective Founder
Identifying opportunities started with introspection, rooting my venture in issues I was passionate about solving — the office area and the way people work together. This inner drive was my guiding light. However, my past experiences as a founder taught me that personal passion alone isn’t enough. A viable business requires a market need, a willingness to pay, and a sustainable competitive advantage.
1. The Crucial Role of Market Validation in Early Stages
Market validation was pivotal. It began within our own network and eventually extended to a wider scope. Through more than 80 interviews and thorough market research, I assessed whether the problems I wanted to solve were not just personal but pervasive, ensuring a viable market existed. I stress-tested my concepts against real-world scenarios and sought feedback from potential customers, sometimes with a lot of harsh but honest reviews.
Why, you might ask?
This rigorous process helped me align my solution with the actual needs. It involves three key elements:
- Customer insights: Validation provides essential insight into the potential customer base. It enables you to better understand their needs, pain points, and expectations, leading to a more customer-centric product. Ultimately, the best sales machines come out of a strong product-led orientation.
- Iterative Learning: The validation process often involves iterative learning, allowing you to refine and improve the idea based on feedback and real-world testing. It started with over 80 initial calls, followed by 40 in-depth discussions, and presently involves 10 active potential customers.
- Business Model Verification: Through validation, you can determine whether your proposed business model is feasible and sustainable in the long term.
A memorable moment during the validation process was when we pivoted our initial concept quite early, only a few days in. We had started with a few core beliefs and assumptions, but when we put our product to the real-world test, we discovered that our target users had slightly (ok … very) different needs than we initially anticipated.
That was where the challenge surfaced — having to make the tough call to pivot our focus so early in the process. As we had invested substantial time and energy into the original concept, letting go wasn’t easy. But the final decision was grounded in the very essence of the studio’s approach — being iterative and responsive to market feedback. Our primary focus is always on solving our customers’ top three priorities. If that objective is not being met, redirection is necessary. This continuous feedback loop was essential to stay aligned with market needs.
2. The Art of Letting Go — Embrace the process of invalidating ideas
Remember, it’s okay to say no to an opportunity if it’s not the right fit. It’s part of the iterative process of startup building. It’s better to pivot early and focus on something promising than to stick with an unfeasible opportunity.
Determining the viability of an opportunity is a critical process that involves rigorous examination and testing. The first red flag for us was when our assumptions didn’t align with the market feedback, it wasn’t a top 3 problem for organisations, or even a top 5 or top 10. We want to go after the big problems with clear solutions. If the target users didn’t resonate with our proposed solution or if they weren’t willing to pay for it, it was a strong indication that our opportunity might not be viable.
If you found yourself in the same situation and felt demotivated? I have something to tell you. The challenge eventually rewarded us with success as we received many positive responses. The new direction post-pivot resonated strongly with our target users. Their feedback was a testament that we had made the right call.
This experience, albeit challenging, was a reminder of the importance of staying flexible and adaptable in the journey of venture building. The real-world validation brought us closer to our goal of providing a solution that meets the market’s actual needs.
Key Takeaways
A validation journey is always full of uncertainties and setbacks. My approach is characterised by resilience, maintaining a positive and determined mindset even when faced with challenges. Through multiple iterations and constant refinement, I transformed my initial ideas into a solution that not only carried personal significance but also resonated externally.
Alright, let me wrap up by sharing some lessons I’ve picked up along the way:
- Embrace: Embrace the entrepreneurship journey with an open mind and a resilient spirit. Here are a few pieces of advice based on my personal experiences:
- Be Flexible: Rigidity can be a roadblock to success. Pivoting is not a sign of failure but an indication of adaptability. If your initial concept isn’t gaining traction, don’t be afraid to reassess, reiterate and pivot.
- Keep the Customer at the Forefront: Your business exists to solve a problem for your customers. Regularly collect feedback and stay in tune with their needs. This customer-centric approach is essential to creating a product that truly resonates.
- Be Passionate, But Objective: Passion is essential, but it should not cloud your judgment. It’s important to validate each opportunity objectively, even if it means invalidating an idea you’re deeply passionate about.
- Remember, entrepreneurship is a marathon, not a sprint. Patience, perseverance, and an unwavering belief in your vision are the key to navigating the ups and downs of this exciting journey.
Moving on
Life has a knack for dealing us tricky hands; what first appears problematic might later reveal itself as a blessing in disguise. And sometimes, it goes the other way around. I recently faced such a momentous decision when my wife’s job required us to relocate to New York City. Pursuing my dream of launching Moris, a business I had envisioned and nurtured for three months, was at odds with our family’s other dream: chasing our very own version of the American Dream in the Big Apple.
The concept of blitzscaling often involves scaling up amidst great uncertainty, and our decision to move to New York was a textbook case. The move would complicate my commitment to Moris, a business rooted firmly in Europe.
Leaving behind the wonderful team at the Builders studio was indeed a hard pill to swallow. But what’s the upside? Who can say at this point? As the saying goes, we can only connect the dots looking backward. For now, we are stepping into a new chapter, carrying both dreams in our hearts, and waiting for life to unfold its surprises.
Not too worry, all the great work that we did with Moris is still there. Put in well stored hibernation sleep and looking for a new CEO-Founder to take it and ride with it. If so, I’d be the first and biggest supporter.
Final Notes
As Builders continues to expand our portfolio of companies, we’re actively seeking passionate entrepreneurs and technical co-founders to join the studio. If you’re interested in knowing more, don’t hesitate to connect with me or subscribe to our blog for any new updates on the ventures!
