Startup opportunities: Fitness meets Gaming in the metaverse
💡 Startup Speed to Velocity Flywheel
It’s an old framework but a goodie and can be applied to anything we do.
But first, let’s debunk the advice we often see about speed when building a startup.
➡️ “Don’t worry about speed; direction is more important.
I would rather be moving slowly in the right direction than fast in the wrong one.” 🤷🏼♂️
Confused… speed and velocity are different things.
✅ Speed is the time rate at which an object is moving along any path
✅ Velocity is the rate and direction of an object’s movement.
➡️ So DO worry about speed to find the right direction.
➡️ When you find that direction, smash it at high velocity.
💡 This is one of my favourite frameworks when planning and running experiments. It gets my head in the right space to iterate at speed.
✅ Known Knowns
Things we are aware of and understand.
➡️ As founders, we consistently overestimate this. It’s our founder bias, but it is all we have to form the basis of all our assumptions.
❌ The idea here is to avoid getting stuck in the Known Knowns. What you think you know is a very small bucket of knowledge and beliefs.
✅ Known Unknowns
Things we are aware of but don’t understand
➡️ This is why we need to test out our assumptions so that we can put them into Known Knowns
❌ Do not ignore this feedback; take it, understand it, iterate and go again at high speed.
✅ Unknown Knowns
Things we understand but are not aware
➡️ Here is the bonus, the unexpected feedback that we had not even considered.
❌ Small sample sets of feedback need to be considered and prioritised with care.
✅ Unknown Unknowns
Things we are neither aware of nor understand
➡️ Oh shit or wow moments that allow us to build a complete understanding.
❌ Believe me, the oh shit moments will come. Don’t let them drown you; they are never as bad as we first imagine they are.
⭐️ WASH, RINSE, REPEAT AND KEEP FILLING UP THE KNOWN KNOWNS
✅ Apply this to your execution of sales, marketing, build, whatever. It works, and speed is critical.
➡️ The one thing you don’t have to worry about as much as you probably do is that nobody really knows you, and nobody really gives a shit.
Something is always better than nothing, and flawed experiments are soon forgotten but invaluable for your growth.
⭐️ The “get shit done” founder beats the “perfectly planned strategy” founder 100% of the time in startups.
for the ❤️ of startups