18 Oct Why your startup will fail – Interview with startup expert Jonathan Chak: Point of View Business Show ep 12
If you’re looking for real advice around succeeding in the startup world, I share three tips that will help you salvage what you have, pivot to the right direction and make sure you are succeeding where others have failed.
My next interview guest is Jonathan Chak. He’s a talented entrepreneur with an amazing story that will inspire you to tap into your entrepreneurial #startup spirit.
We had a great chat around his career, what led him with this work with the New South Wales State Government as the pioneering force in their government’s initiative to kickstart the startup ecosystem in the state and, ultimately what led to his current venture as a mentor and consultant at S3 Group for various entrepreneurial programs for Sydney’s two elite universities (#USyd & #UNSW).
Watch the full interview with Jonathan Chak
Listen to the interview
We shot this interview during the midst of lockdown in Sydney, so there will be references there however, there are a few highlights that I wanted to point out in our conversation.
Here are the chapters of the interview:
- 5:00 – The #1 reason why startups fail
- 8:07 – Systems and steps to validate an idea
- 10:48 – Identifying an opportunity and finding out problem/solution fit
- 16:47 – Difference between a startup and a business
- 19:40 – Where you start can affect how you raise funds
- 24:03 – The worse way to test your proposition
- 26:18 – Are startup education developed 20 years ago still applicable today?
- 27:09 – How to sell to corporates or the government?
- 33:06 – What can we learn from democracy to growth hack our way into established industries?
- 37:03 – What should I focus on to overcome adversity in times with a lot of uncertainty?
- 44:23 – What do VCs look for during the pandemic?
No market need
One way to ensure that your startup will fail is discovering that your product or service has NO MARKET NEED. Jonathan comes out of the blocks and mentions this. Ideas are great, execution is worshipped, but market need is key to any startup venture success and Jonathan hammers that home at the start.
Structure and framework
A phrase that resonated with me as we spoke throughout our interview. The need to ensure the best possibility of success is to have your checks and balances as accurate as possible. We talk about structure and framework where he mentions his 6 steps that his students apply to their idea, which is based on the lean canvas design.
Engage your customers
The biggest tip Jonathan provides in our conversation for any #business or #startup to succeed is to make sure you’re engaging with your #customers.
Simply put, if your customers have changed, their needs, their wants and their pain points have changed. This is a great opportunity to adjust your proposition in order to stay relevant to your customer base.
This advice has also been a common point that my previous guests have made, you need to make sure that your brand, your product/service is still putting themselves out there. That you’re seen as being relevant and reliable to your customers through listening and understanding your customer’s needs.
To find out more on Jonathan Chak, you can connect with him on the following:
- Linkedin: https://www.linkedin.com/in/jonathanchak/
- Website: https://www.s3group.com.au/
- YouTube: https://www.youtube.com/user/jonathanchak
What is Point of View (POV) Show?
The Point of View business Show highlights business professionals in Asia and around the world to get an understanding on what makes them effective, how they do it and advice to help you grow in Leadership, Branding, Marketing and Sales. Follow the journey and connect with me on LinkedIn.