Entrepreneurship is management
a. Goal: Create an institution, not just a product.
b. Frederick Taylor: Invented Scientific Management…in 20th century got us thinking about scientific process.
c. We need practices and principles geared to extreme uncertainty—like entrepreneurship that employs a scientific process.
d. The PIVOT: One foot planted in what we’ve learned and changing one thing in the business at a time—using the scientific experimental process.
i. What do successful startups have in common?
ii. Successful startups…had screwy ideas. They didn’t give up OR drive biz into the ground. They made a critical pivot.
iii. Speed wins: If you can reduce the time between making “pivots” you’ll increase the odds of success—before you go broke!
iv. So, how do you figure out how to make a move sooner…aka pivot faster?
v. Pivot: One foot in the known and moving the other foot in a different direction. Like basketball. Pivoting faster makes the difference between success and failure.