In the podcast series, Seth Godin’s Startup School, Seth Godin gave a guided tour to a group of highly-motivated early-stage entrepreneurs on some of the questions they will have to dig deep and ask themselves while they build up their business. Here are my takeaways from various topics discussed in the podcast episodes.
- DailyCandy is a great example of earning the permission and trust of a few people, not a lot, but they will complain if the email does not show up one day. When the emails tell people about something, they are more likely to try. The asset that they are building is not a website, but a MailChimp email list that every day gets more value.
- Successful Kickstarter project is another form of permission and trust. By providing a platform for the artists, Kickstarter enables the artists to reach the audience and jump-start project. It is important to know that Kickstarter offers little value by itself, the permission and trusts the artist already own is what will make a project funding successful.
- Another approach for earning the permission and trust is to be the impresario or the representative for the artists. Some artists do not like having to keep track of all these fans. They do not like having to collect all these addresses, and they do not like handling complains from people. They just want to make their art, so that is an opportunity for someone to step forward and step in.
- The impresario of “big thinkers” or artists becomes the connector by keeping the artists connected to their audience. “Bill Graham Presents” worked because he built these network of relationships, and we knew that, if Bill was going to break a new act, it was probably worth going to see.
- There is a huge vacuum for what someone like Bill Graham has done. He is the impresario, or broker of trust, attention, and talent, who builds a bridge between them. This person can build an asset that dramatically cuts the cost of new customer acquisition and dramatically increasing speed to market.
- People in business will always pay for if an individual can make a promise for something extra and deliver on it. When someone can do that, there will be a line out the door. We need to ask, what are people paying for and can I dramatically increase its return? While most people will never pay for our service, the question is not “How do I persuade everyone to pay for this thing they’re not used to pay for?” The question is “How do I find the few people who have the need and are eager to pay?”