Mike Maples: “You Have to Be Willing to Throw it all away” [Video]
If you are a entrepreneur-- especially a first time entrepreneur or an entrepreneur outside of Silicon Valley-- you need to stop what you are doing and watch this video. Yes, it is 45 minutes long. But it's worth it. Last night at a Founder Institute event , super angel Mike Maples gave a talk about what he calls "pivots" and "thunder lizards." Thunder lizards are startups born from atomic eggs that "emerge with attitude" want to disrupt and chew up their competition-- both new world and old. They are big, chaotic, relentless and when successful, become huge companies. What helps make a thunder lizard successful is something Maples calls the "pivot." This isn't about product iteration-- the pivot has to do with business model. Business model shouldn't be confused with "business plan," Maples says. A business plan is a static thing, a business model charts money flowing out to create a product and money flowing back in from that product. A startup's entire reason to exist is to have more arrows going back in than arrows going out, and it's always changing. To some corners of the business world that may seem obvious, but in today's build-a-product-throw-it-out-there-and-flip-it startup culture it is actually contrarian. A big reason? Pivots are really hard and painful to do.