Recorded in front of a live audience of Scottish business owners, Vicky Brock is interviewed by journalist David Ferguson about how and why - after the lowest point of her business career - she is now back with startup number five.
Vicky shares her process on how to start and grow a business, what she has learned across her very different companies and the 9 reasons she has discovered for why your startup may not be growing like you planned.
She explains why the first idea you have almost certainly is not the one that will become your business, why she prefers pain to delight and how her latest startup will achieve more in four months than her previous company achieved in 18 months. Because while it is relatively easy to create a product, and even fairly easy to build a product people will by once, it is actually very, very difficult to create something people will buy again and again. But that is what you need to achieve if you are going to build a business.
"I'm pleased I'm back here doing it all over again - I tried to start a bit too fast last time and we skipped over some important early steps in really finding product and solution fit. I'm not going to make that same mistake again. My whole team are focused on doing the on-paper work that means we test and validate our assumptions up front. And because we're starting in response to very specific challenges laid down by our initial paying customers, I'm starting my this new business with my customer as a full-time lodger, which is great!"
Alex Feechan, founder and CEO of outdoor clothing brand Findra, gives a masterclass on starting your own product or clothing business. From research, market validation, to knowing your customer and shrewd proto-typing of a capsule product range, she gets into the detail of how she spent a year de-risking and building customer and industry validation for her new clothing brand in its "pre-start" phase - all before spending any money. She explains why slowing down was so critical to success, because it let her really understand her customer needs, how she has learned to listen to and trust her gut instincts - and why fours years in and significant growth later, she might just be at the start line.
Building a successful startup and product or service is all about execution, but execution shouldn't be blind. This episode looks at the research and validation questions to ask, customer feedback at the product development stage, how to prioritise features and ideas in or out of scope, and what 'good enough' looks like at the early stage. Guest Stephen Budd has an unusual mix of research, data analytics, and product management skills and has brought software products to market in multiple countries, and led the product management of solutions that have been named eCommerce Innovation of the Year and Best New Product. His customer and market validation work for private and public sector clients has ensured some truly terrible product ideas have gone back to the drawing board, saving heartache and money for all involved, and has helped refine ideas with an inkling of potential into solutions with a robust market opportunity and clear value proposition.
Organic farmer and premium food brand producer Endrina Maxwell is one of the most opportunistic and inspiring entrepreneurs to join me on the podcast yet. She explains how she has maximized value and competitive advantage at every stage of the food production process, from innovative fish farming to organic seed, feed and manure production - and in her latest venture the NutriSecret range of healthy, chemical-free food products and cooking oil. We cover brand, differentiation, pricing, benefits not features and how to effectively diversify to reduce risk and pursue market opportunities. She shares her personal tips on finding purpose, focus, and how she uses goals and planning to drive her onward.
Taking a more thoughtful approach to understanding market focus was a major learning for Wendy Lea, when as an experienced CEO of a very hot, very high growth VC backed freemium software startup, her urgency to execute led to mistakes that she now recognizes were avoidable. Answering a question posed by a student startup, she references Steve Blank as someone she learns from every single time they meet and shares her thoughts on why a customer development playbook is a necessary reality check to all the BS talked around product-market fit.
Having delivered business solutions in 30 countries, Wendy brings a worldly point of view to digital innovation and her entrepreneurial pursuits - she's currently CEO of Cintrifuse and on the Board of Techstars. In 2012 and 2013, she was recognized as a Women of Influence in Silicon Valley and in San Francisco.
Answering a listener's question on whether to expose their early pre-startup idea on social media to get validation, guest Joel Blake OBE joins the Entrepreneur Agony Aunt to talk collaboration, iteration, validation and being ready to embrace your vulnerability. He explains: "entrepreneurship changes you to your core - how open are we really to being changed?"