Missing In Action
It’s been a whirlwind few weeks while I’ve been missing in action. TEDxNormal is quickly coming up, which I have been organizing for many months. My new venture, Legacy Out Loud, is partnering to produce the after-party for Women’s Entrepreneurship Day on November 19th in New York City, so I’ve been hustling to make that happen with zero budget. Yup, a super high-end party in Manhattan with no budget. Talk about taking a risk!!!!!!! I was honored to give a keynote speech at the annual conference of the National Association for Community College Entrepreneurship and also a workshop about my approach to this class. And, most importantly, I received the prestigious ATHENA Leadership Award for my contributions to inspiring and encouraging the empowerment of female leaders. Oh yeah, and teaching, and family, and eating and sleeping, and . . . .
Back to School
Class is plugging along. The students wrapped up the Online Venture Challenge (OVC). It was a pretty disappointing exercise, to be honest. I consider it a small success and a large failure on my part. I realize I did not present enough setup structure for the students and enough encouragement. Of course, my point with this class is to introduce them to an opportunity and let them decide what to do with it. In this case, though, I fear they may not have understood the opportunity. A few teams made a profit, but only around the $100 range. A few had a few customers (8 or 10). Nothing mind-blowing, nothing impressive. They underwhelmed me, both with their effort and their performance. My lesson learned is to create more excitement at the beginning of the month, and to create more pain if they don’t engage.
Here’s where my philosophy gets tested – do I let the failure be theirs, do I share in the failure, do I take ownership of the failure?
Tomorrow we will debrief the OVC and I’ll see what they have to say about the experience and hopefully that gives me some fodder to adjust the experience for next semester.
Now we turn 100% to the individual project – starting a business. I have scheduled 30 minute phone calls with each student to check in with where they are, what they need, etc. I have encouraged them to provide me the following details so I can get them encouragement and feedback:
- The problem they are attempting to solve.
- The customer who experiences the most pain with that problem.
- The solution they are proposing to build.
- Their routine. I want to know how they will stay productive, and have encouraged them to have a routine. I presented them with the concept of a Lean Sprint as one model, but condensed into 5 days – one stage per day. I really don’t care what their routine is, but I tell them they better have one so they stay on task and don’t let themselves slack.
I have received nothing from any of them. I know a few of them are working on ideas, a few are actually at the point of messing around with prototypes in preparation of our big student startup competition here at ISU in a few weeks. But I don’t hear from them.
Next conversation is about experiments. I will again explain them in the context of Diana Kander’s tools – determining and documenting the goal, the hypothesis, the subject, the logistics, the currency, and the success and failure criteria. I hope they jump in the pool instead of sitting on the sidelines or just dipping their big toe in!
I am already getting excited about next semester. I have ideas of how to better incorporate the Online Venture Challenge – I will make it a competition with students from other schools using the tool, I will model for them the behavior I’m looking for, and I will do a much better job of setting up better structure to get them some forward inertia. I also learned about rejection therapy, and am giddy to include that next semester so my students (and I) get better at accepting rejection.
I think I will also incorporate some sort of rhythm to the individual project portion of the class. Like the Lean Sprint idea. I’ll have to figure out how to balance doing that with letting the students have their own experience.
With my business, I am off and running. I have validated my assumption that professionals would give 15 minutes of their time once a week to talk to students interested in their line of work. I called 40 professionals in my network (a broad variety of industries and tenures), and 37 of them said they would donate 15 minutes per week. I then set up a basic landing page with this very simple request: “Many college students are interested in learning more about your job, your employer, your industry. Provide your email address if you would be willing to spend 15 minutes per week answering these students’ questions.” Of those 40 professionals I talked to, 34 provided email addresses. Hypothesis validated (30 of 40 professionals would donate 15 minutes per week to talk to college students interested in learning more about their job)!
I also validated my assumption that students would want to spend 15 minutes talking to a professional about a job they’re interested in. I talked to 40 ISU students – 10 junior business students, 10 senior business students, 10 freshman, and 10 sophomores, 20 male 20 female. Of these, 35 said they would (the 5 who didn’t were freshman, which didn’t surprise me). I think the seniors and some juniors were actually drooling when I was talking to them 🙂 I then set up a basic landing page with this very simple request: “Provide your email address if you would be willing to spend 15 minutes asking work-related questions to a professional who has a job you’re interested in pursuing.” Of those 40 students I talked to, 38 provided their email address. Perhaps the freshman thought about it a little bit after we talked and changed their mind!
So, next steps are to validate the revenue model. My assumption is that students will be willing to pay for this connection. I can’t imagine professionals would pay for it. So, I will talk to more students and set up a preorder landing page to run this experiment. I will talk to and drive 50 students to the landing page and success is if 25% preorder. If 12 students preorder, I will set up a very basic Carbon site to begin gathering student and professional info and make matches. I will also have to likely hunt down professionals to match up with students as they sign up. If this has any legs, it can be an on-ramp for one of my student’s businesses (NuGrad), and another of my businesses (internrocket).