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Speaker: Matt Wunderli
In the dynamic world of business, innovation and entrepreneurial thinking have become critical components for success. Matt Wunderli, the founder and CEO of Publisher Arts, recently shared his insights on assembling an innovative team with an entrepreneurial mindset. His presentation seamlessly wove together topics like creativity, effectual reasoning, and the concept of being a "rich" or "king" entrepreneur. In this article, we'll explore the key takeaways from his talk, helping you understand how to foster innovation and build a successful team.
The Importance of Creativity
Matt Wunderli began his presentation by emphasizing the ubiquity of creativity. He discussed a creativity manifesto, highlighting that creativity isn't limited to artistic fields; it's a valuable skill in the business world. Whether you're an accountant, doctor, or engineer, you can infuse creativity into any aspect of your work. This shift in perspective recognizes that creativity has no bounds and can drive innovation in various business domains.
Causal vs. Effectual Reasoning
Wunderli introduced the audience to the concepts of causal and effectual reasoning. These are two innate styles of thought, particularly relevant for entrepreneurs. Causal thinkers start with a goal, assess available resources, and develop a step-by-step plan to achieve that goal. On the other hand, effectual thinkers work more fluidly, beginning with what they have at the moment and adapting their plans as they progress, allowing the goal to emerge organically. Effectual reasoning is more process-oriented, while causal reasoning is goal-driven. These styles of thought are not limited to entrepreneurs; they are applicable to intrapreneurs and anyone working on projects within a company.
Rich or King: Your Entrepreneurial Identity
Wunderli challenged the audience to consider whether they aspire to be "rich" or "king" entrepreneurs. Being "rich" implies starting a company, achieving success, making money, and moving on to the next idea. In contrast, being a "king" involves building a company and retaining control over it, potentially creating a long-lasting business. This decision reflects one's approach to leadership and entrepreneurship, and it's a critical choice that each aspiring entrepreneur must make.
Assembling an Innovative Team
To foster innovation, it's essential to assemble the right team. Matt Wunderli highlighted the significance of understanding your core team's archetypes. He mentioned an academic framework that categorizes individuals into various archetypes and emphasized the importance of matching these archetypes within your team. Start with a team that shares similar core values and is aligned with the organization's goals. This will help in creating a culture that doesn't have to be built; it's embedded in the DNA from the beginning.
The Flywheel Model
Wunderli discussed the concept of the flywheel model, emphasizing the need for momentum and consistency. The flywheel represents the forces and friction that keep the business moving. It incorporates assets, evergreen content, backlinks, social media followings, and customer advocacy, all of which provide momentum that keeps the business going. The idea is to have a machine that constantly generates leads and advocates, ensuring that you don't have to start from scratch every quarter.
The Power of Consistency
In the world of sales and entrepreneurship, consistency equals predictability. Consistency in prospecting, communication, and delivery of your value proposition helps you predict your sales targets more accurately. It establishes trust and reliability with your customers, making them more likely to engage with your brand.
Conclusion
Building an innovative team with an entrepreneurial mindset is a multifaceted process. It involves understanding the role of creativity in various business domains, adopting effectual reasoning, choosing your entrepreneurial identity (rich or king), matching archetypes within your team, implementing the flywheel model for consistent growth, and recognizing the power of consistency. Matt Wunderli's presentation provided valuable insights into these concepts, offering a roadmap for entrepreneurs and intrapreneurs looking to drive innovation and create successful businesses.
Q&A
Q1: What is the difference between the sales flywheel model and the sales funnel model?
The sales flywheel model is about creating a continuous and self-sustaining customer journey, where the focus is on delighting customers to generate advocacy and momentum. In contrast, the sales funnel model is more linear, focusing on processes and systems to drive growth.
Q2: How do effectual reasoning and causal reasoning relate to entrepreneurship and product development?
Effectual reasoning emphasizes controlling the future rather than predicting it, which is crucial for entrepreneurs and early-stage projects. As a project progresses, causal reasoning, which involves processes and systems, becomes more important for replicating growth.
Q3: What is the significance of automation in the sales process, especially in the context of the sales flywheel model?
Automation is essential in the sales flywheel model because it helps in creating a delightful customer experience, which leads to customer advocacy and keeps the flywheel moving. Automation can lead to constant lead generation and advocacy without having to start and stop efforts each quarter.
Q4: How can you align your team's archetype with the culture your target customers are looking for if there is a mismatch?
Finding a match in the core archetypes with your founding team is important. In the beginning, your co-founding team should share similar archetypes to build energy. However, it's also essential to bring in contrarians to provide different perspectives and challenge your thinking. A mix of similar and diverse archetypes can lead to innovation and success.
Q5: What is the role of trust in building a founding team or a project team?
Trust is vital when building a team. It's important to have co-founders or team members you trust and who share core archetypes with you. Trust allows for smoother collaboration and the ability to work through challenges. It's also essential to bring in team members who may have a different perspective but can be trusted to provide constructive criticism.
Q6: Can you provide more information about the 12 archetypes mentioned, such as how brands align themselves with them?
The 12 archetypes are derived from the work of Swiss psychologist Carl Jung. They represent different aspects of human personalities and can be applied to brands. For example, Harley Davidson aligns with the rebel archetype, and Duracell aligns with the dependable archetype. Understanding and aligning your brand with a specific archetype helps shape your brand's perception among customers and investors.
Q7: How do you manage an archetype mismatch between your founding team and your target customers?
If there is a mismatch between the archetype of your founding team and your target customers' expectations, it's essential to be humble and open to change. In the early stages, try to find co-founders or team members who share core archetypes with you. Later, bring in contrarians to challenge your thinking and introduce diverse perspectives. The key is to balance trust and diversity within your team.
Q8: Can you explain the difference between the client journey and the tools used for automation in marketing and sales?
The client journey is the experience you want your customers to have, involving what they see, feel, and experience when interacting with your business. Tools for automation in marketing and sales, on the other hand, are the means to execute that journey efficiently. You first need to map out the client journey and understand what you want your customers to experience before using automation tools to guide them through that journey.
Q9: What are some effective channels for attracting a target audience in a flywheel model versus a funnel model?
In the flywheel model, it's important to create a delightful customer experience that generates advocacy. Effective channels include social media, referrals, and word-of-mouth marketing. In the funnel model, the focus is more on lead generation, so channels like email marketing, content marketing, and advertising can be effective. The choice of channels depends on the stage of your business and your specific goals.
Q10: What strategies can be employed when transitioning from the early, clunky stage of an archetype-based business to a smoother, more polished approach?
Transitioning from the early stage of a business with archetype alignment to a smoother approach involves iterative processes. Start with a core team that shares archetypes, and gradually bring in diverse perspectives as you grow. Be open to change and willing to smooth out rough edges in your approach, always seeking ways to improve and refine your business model.
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