Cover: Reboot: Probably more than You ever wanted to know about starting a global business by Jodie Fox
title

Foreword

Everyone has faced a moment in which they had absolutely no idea what to do. Perhaps they were confronted with a blank page. A cliff to jump off or a ladder to slowly climb down. An unknown path or a known path. Maybe they received lots of advice about which option to choose. Maybe they studied other people who had faced similar circumstances. Ultimately, though — they were alone. Because the only person who can make a decision for you is YOU.

These intersections are lonely places. If anyone does offer advice, it often sounds something like ‘just make a decision'. In these situations, without an immediate, clear answer, we feel weak and incompetent. We think everyone else has it figured out. But the more open we are about the logical and emotional process of decision making, the more we realise this experience is normal and surmountable. This gives us courage, and the more prepared we are to make decisions for ourselves when there is no map.

I remember facing my first major decision without a map. I was 17 years old and I was finishing up my high school exams. I was sitting on the kitchen floor with a book that listed every Australian university course offered. Essentially, I was supposed to find what I would do for the rest of my life in this book. Dancer, lawyer, industrial engineer? And what did that mean anyway? Little did I know that this was my first step on an entirely unmapped path. I had talked to career counsellors. I did work experience. Yet for the first time, no-one knew better than I did.

This experience was a daily occurrence for me in building Shoes of Prey.

Shoes of Prey grew from an idea dreamed up over a lazy afternoon at the beach to a business with over US$27 million in funding, shipping to over 100 countries every single month, completely reinventing the supply chain for footwear, and, at its peak, employing a team of 220 across four countries.

It ended with me alone, at risk of kidnapping, navigating the demands of stakeholders and public scrutiny while unsalaried, burnt out and blindsided with the most unmappable decisions imaginable, multiple times a day, every day, for months and months on end.

But I didn't break. I found my core values. I found my identity. And I chose to reboot and try again every single day.

Most stories of entrepreneur and business successes are reflections with 20/20 hindsight and rose-coloured glasses. They're written when success is a sure thing, when every decision, it turns out, was the right one. Or, if not, a perfect lesson that leads to ultimate success.

I think that would be an interesting book. But I don't think it's actually that helpful. And, Shoes of Prey was not that business. It didn't work out.

This book shares what it felt like at ground zero. Which is probably more than you wanted to know about starting global business. It shares the frameworks I worked out to make decisions rather than stagnate. I hope it will help you to feel both prepared and ‘normal' when you inevitably hit these moments. Maybe it'll even help you to not make some of the poorer decisions I made along the way.

And, maybe, when you've read this book, you'll share with me and with others your experiences at your own unmappable moments, and we'll all get so much better (and feel less lonely) in these moments.

About the Author

Jodie Fox is an entrepreneur who may or may not make it.

Jodie Fox was a co-founder and the creative director of Shoes of Prey. A banking and finance lawyer by trade and a dedicated creative, Fox created a perfect nexus of the corporate and creative worlds when she co-founded Shoes of Prey.

Identifying and serving a gap in the market for custom-made shoes at non-luxury prices, Shoes of Prey was considered a global leader and innovator in mass-customisation and on-demand manufacturing. A vertically-integrated business that raised over US$27 million in funding, and with more than six million shoes designed, Shoes of Prey changed the way the retail industry thought about product and manufacturing.

Shoes of Prey ceased trading in August 2018. Now Jodie Fox is rebooting herself for her next venture.

In recognition of her work at Shoes of Prey, Fox was a judge at the World Retail Awards (2016, 2017, 2018) lectured the Stanford Graduate School of Business MBA Class (2016, 2017, 2018) and regularly keynotes events including the National Retail Federation conference (2017), Virgin Australia Melbourne Fashion Festival (alongside Renzo Rosso, Nicola Formichetti and Fern Mallis) and the American Apparel and Footwear Association Executive Summit (2016).

Accolades collected by Fox personally include:

Introduction

Shoes of Prey was the place where women could design their own shoes. What started as an idea hatched by three friends became our full-time jobs, then a venture-backed company with over US$27 million in funding and a loyal global following.

Our energies were focused on building technology so that our shoe-loving customers would be able to create a shoe design, and see a photo-realistic version of it in real time, before clicking ‘buy'.

Shoe-lovers could choose from so many options. Multiple heel heights, from flat all the way to six-inch heels. The heels could be stiletto, block or wedge heels. There were all the colours of the rainbow, in textiles or leather. Pointed toe, round toe, almond toe. Boots, sneakers, sandals, pumps, mules … The list went on and the options were, for all intents and purposes, endless.

Throughout the lifetime of the business, the vast majority of our reasonably large audience came to us purely through word of mouth. Our Net Promoter Scores were through the roof, and we were scrappy and smart about building the business further.

When we didn't have a marketing budget for advertising, we were one of the first companies to work with social media influencers. Our earliest influencer campaign led to media coverage that permanently tripled our sales.

When there weren't any factories that could make one pair of shoes at a time on the scale that we needed (or rather, there weren't any factories that wanted to spend the time figuring it out), we were the first (to my knowledge) to build a factory dedicated to making one pair of shoes at a time, at scale.

Millions of shoes were designed on our site. The shoe industry, the retail industry and the fashion industry all hailed the concept as the future of buying shoes, and the business won countless awards. Top tier venture capitalists and retailers alike joined our investor syndicate. Yet ultimately, despite all of these incredibly-positive indicators, in the end, the mass market fit simply was not there.

Alongside this extraordinary business journey was the ‘other' business journey that's rarely talked about. What the highs felt like. What the lows were really like. What standing on the precipice of a decision feels like, when there's no map and only you can make the decision. And, everyone is counting on you to make the right decision.

The ‘other' business journey also covers when you realise you need to cease trading. What it feels like to fire 160 people by yourself. What it feels like to carry on with your day knowing you're at risk of being kidnapped. What happens when you divorce your co-founder.

And, how we all have the strength to pick ourselves up, day after day, rebooting each morning to do it all again.

Right now I'm rebooting my whole life. And this book is the turning point.

PHASE 1
On Learning and Choosing

Wisdom gathering: an emotional, intellectual and spiritual learning phase that's extremely uncomfortable and confronting. But entirely necessary to move forward and grow.

I think of the early stages of a journey as wisdom gathering. It's when we're learning and making choices. It's a time when you go through a series of really difficult experiences that teach you lessons that end up serving you. They're the price you must pay if you want to learn. I'm never comfortable in the moments of wisdom gathering. In fact, I find it unpleasant, dark and scary. Yet I almost always look back on them as the necessary and shining highlights of the journey.

Chapter 1
Learning by doing

It was 4 pm on a weekday afternoon and I was sitting on my parents' kitchen floor, surrounded by books, papers and guides to choosing my university degree. My close friend Fiona was leaning over the kitchen counter urging me to make a decision.

I had just 30 minutes to submit my final university preferences for what felt like the beginning of a very specific path I'd have to take for the rest of my life. I'd auditioned to get into a dance course and been told to simply put it as my first preference to get in. And that's what I'd selected. However, I also knew I would likely get a high school finishing score that would be good enough to get into a dual degree of law and international business. I was torn. And it was down to the wire.

The pressure around this decision was all of my own doing. My parents were the most supportive parents imaginable. Both had grown up in poor families descended from even poorer families. Each generation had dedicated their energy to building a better set of opportunities for their children, and particularly with respect to education.

My Nonna (my Italian grandmother) had reached a mid-primary school level of education in a rural town in Sicily. My perception of her mother is that she was a harsh woman who saw more value in my Nonna doing physical labour than in attending school. This was likely born of a situation in which labour supported the family financially, whereas school came at a cost.

My mother got to mid-high school, and my father got to complete high school. He had excellent grades but couldn't afford to put them to use by attending university. Both of my parents prized education highly and, as I was part of the first generation of the family able to choose a tertiary future, I felt both the weight of responsibility and the overwhelming feeling that comes with uncharted territory.

While my father didn't have practical advice for me on tertiary education, he had given me something arguably more valuable: he'd fostered in me an awe and excitement around the potential the world held. When I was little he continually encouraged me to keep speaking Italian with Mum — if I spoke two languages I could be a diplomat, or an international businessperson, he told me. He gently encouraged me to picture an adulthood of travelling and working in a high-flying executive role.

He may have got more than he bargained for. As a child I broke down in tears at the suggestion of leaving Lismore for university in Sydney, a 12-hour drive away, telling my dad I would never ever want to leave Lismore, because I would never ever want to be away from my mum and dad. Now I've been living abroad for years and when my mother asks me when I'm moving back to Australia, I'm not sure what to say.

Alongside seeding these images of my professional life, Dad would remind me that getting good marks would give me the freedom to choose a career like that. And if I saved my pocket money and, later, earnings from my part-time jobs, I would have the freedom to choose my quality of life.

The idea of the ‘freedom to choose' became the heart of my motivation and still is today. Even at a young age I was strangely cognisant of this, choosing to study instead of going out, choosing to do fitness conditioning on a daily basis, choosing my high school electives to play to my strengths to get the highest finishing score I could.

‘Freedom to choose' also went hand in hand with a strong sense of independence, which in my memory is best demonstrated by the time I announced to my mum and dad, at about eight years old, that I was ready to move out. I was moving into the cubby house. With gentle and intelligent questions (‘Where will you go to the bathroom?' ‘What about all the spiders?' etc.) they managed to negotiate me out of the idea, but nonetheless, the flame was lit, and there was no turning back.

I was not, however, totally free-spirited. As a child I worried incessantly. I was terrified when I first came to understand the concept of death, and would find myself in a panic lying in my bed thinking about it. This worrying expanded into other areas, of course, and I have vague recollections of child psychologists, flipping dreary monotone meditation cassette tapes over in my white and purple Walkman, and Mum's well-meaning dousing of my pillow in lavender oil each night.

This incessant fear made me shy and, even though I didn't know it yet, depressed. But my shyness was single-handedly eradicated by my year 12 drama teacher, Peter Derrett. An unapologetic, hyper-intelligent disrupter, Mr Derrett taught me lessons and principles I still carry with me today. He didn't soften the world for the classroom. He didn't just walk through the syllabus. He evoked imagination, passion and joie de vivre. He pushed me into a baptism of fire by casting me as Juliet in a school play, and through that tough love taught me:

Another influential teacher at high school was Mr Quigly, who taught commerce. Commerce just made sense to me. I loved it. But, the subject was only available for a short time, so I didn't revisit this again for many years.

All of this weighed on me in that moment on the kitchen floor. It was my first true experience of a very pivotal moment. The real rite of passage into adulthood — the making of a big decision that only you can make. With few metrics to guide me for such a big decision, I found myself scrambling for reasons to choose one or the other. On the next page is what I wrote down as I looked for pros and cons.

Fiona stared at me, gobsmacked that I would even consider law over dance. She knew me well and in that moment, could probably see more clearly than I could.

I chose law.

Six cups a day

My first year of law and business school was brutal, haunted by a feeling of regret for the path not chosen. I found myself at each semester break on the phone with my old dance teacher, in tears, looking for some guiding light, some comfort that I'd made the right choice. I tried continuing dance training at a local studio, but, without being able to dedicate the same number of hours as I had previously, it was a frustrating exercise in thinking my body could move like it used to, and finding with each step that it could not. Eventually I stopped attending class and stopped my daily dance exercises.

During these days I fell into a weird routine that showed me exactly what happens when you do something that your heart isn't in. I would regularly sleep until 2 pm, then buzz into lectures fuelled with six cups of coffee in a bid to keep my brain switched on to engage with the content. I scraped through exams and assignments with the lowest effort possible, which resulted in the lowest passing marks possible. My essays were an embarrassment, my energy entirely devoted to trying to keep myself moving forward day by day, rather than actually learning. I found it impossible to concentrate on the long passages of legal language and hated myself for my poor marks. It felt like my brain was in molasses.

I wondered how I would ever make it through the full five years. But the idea of dropping out was impossible. To not keep my promise to myself to learn this, not keep my promise to my parents that I had truly made my mind up on my path in life? I had mentally constructed for myself just one viable path to follow, and that was to finish my dual degrees in law and international business.

Painstakingly, I stuck with it. It felt like a cage. But it didn't have to be that way. In hindsight, the best piece of advice I could have given myself would be to look for ways to enjoy it. To get curious about law in a way that really meant something to me, that fit with my passions, values and beliefs. Reflecting on this now, it's possible that I didn't even understand what those beliefs and values were then. Today I am clearer about this, and conscious that these will continue to grow and evolve too.

I am also very aware of how glossy and perfectly impossible that piece of advice to my younger self is — to look for ways to enjoy something I was hating. It's easy to know better more than a decade down the track, with what feels like many lifetimes more experience of the world and myself since then. Interestingly, that lesson is still worth reminding myself of today, on those mornings when I pad around doing tasks that are the least important because I am avoiding the big scary task that I don't know how to do. Yet as soon as I sit down and let myself focus on it, it's absorbing, it's interesting, and it's ultimately very rewarding to crack something entirely new.

During my third year of university, one of the major law firms' local offices had a huge litigation on and my flatmate, Peta, had heard they needed a small army of paralegals to work through the due diligence. Somehow I managed to snag one of the positions. (I put it down to their desperation for able people, not anything to do with my talent, given my middling grades.) This blossomed into a summer clerkship, which turned into a job in the mailroom, which turned into a job offer on graduation.

I felt like a fraud. Had I tricked the system to somehow land this role in a top-tier firm? How long till someone figured me out?

During graduate lawyer orientation and training sessions I was constantly watching my graduate colleagues, wondering if they'd spotted the cracks in my capacity or qualification to be there alongside them. They never mentioned it, but I still wonder if they knew. This sense of fraudulence grew into an accepted self-perception for me. A habit, if you will. And some habits never die.

I found my niche very quickly in banking law. It was one of the few subjects I'd enjoyed at uni (alongside jurisprudence, and in particular a class called ‘legal fictions' where we dissected pop culture against jurisprudential theory, but I hadn't found a way to weave that into a career). And the people around me were incredible. It turned out that the years I'd done in the mailroom served me well, having given me a practical application of the processes that surrounded banking. It would take me many more years to understand that I learned by doing.

Within my 2.5 years of banking law I tried insolvency litigation, banking, finance and securitisation. Immersed in interesting work, surrounded by incredible minds, my attention was held but my heart was not. I was demotivated yet again. I wanted to shine at my work but I was failing to engage with the papers in front of me. I started making simple errors and, while none ultimately slipped through the net, that, alongside my mood dropping further and further, showed me something had to give. And so came that inevitable moment.

‘I had an awesome day!'

I was at dinner with my friends Matt and Jess Newell. Matt, who worked in advertising, asked me how my day had been. It had been the worst. I was working through an insolvency case that I was finding personally challenging. I gave a short version of the overly long day, and then asked Matt, ‘How was yours?'

‘I had an awesome day!' he replied.

When he said that, something just clicked. I hated law. I had to get out. To do that, I had to finally face what I'd been avoiding since my first day at law school. I had to make some clear decisions and take action.

In hindsight, this was another important lesson that I can only today articulate succinctly. Sometimes, the momentum of life that we build for ourselves simply becomes our life. We forget to keep making conscious decisions. We forget to keep checking in with the life we want for ourselves, our values, our vision. I had gone to law school not to become a lawyer, but to learn a new way of thinking. To qualify myself for other dreams. But, here I was, a lawyer. Not looking at any path other than becoming a partner or in-house counsel. It had to stop.

While today I can tell you with clarity how I figured myself out, rest assured, at the time it was messy, frustrating, exhausting and emotional. It felt like it might take forever to get an answer — or that the answer might never come. And even when I did come up with an answer, I didn't know for quite some time whether it was the right call or not.

In many ways, even as I write this book, I am in that place again. I'm asking myself really messy questions like ‘Was that a fluke?' and ‘Have I peaked?' The mind is a brutal companion. We will come back to that later. For now, here are the steps I took.

I came to a realisation that when I chose to study law, I had not known what law was in the day-to-day sense, as an industry: what a good day looked like, what the bugbears were — and what I could and could not live with. And now that I was thinking of changing careers, I didn't want to leap from the frying pan into the fire.

So I began to quiz every person in my life about their career. From close friends to acquaintances at events, I'd eagerly enquire about how their day had been, if that was usual, what kind of tasks they'd done, what success looks like, what the industry was like. The questions went on and on. And as I climbed into that research rabbit hole I realised that I would need to marry up these findings against the things I wanted out of my career. Otherwise, I'd risk choosing something that one of my interviewees loved, not something I loved.

My list was an uncensored mix of work and personal life values, applied to career. It was something like this:

As I read this list again today, not much has changed.

In the end, advertising was the industry that piqued my interest. It seemed to have most of my list neatly tied in a bundle. And Matt Newell mostly had good days at work, so there had to be something to it.

I researched agencies and met with as many people as I could. But the truth was I'd already fallen in love with an agency I wanted to join: The Campaign Palace. They had a page on their website dedicated to their values. As I read them I felt like I'd found my tribe. The values, the people, the work. Everything I read told me that this was not just a fit for the kind of career I wanted, but would also serve what I believed in too.

One morning, amid all this personal discovery, the partner at my law firm walked in with about 27 folders of due diligence and had them set up in my office. My heart sank, but my stomach felt very grounded. I knew what I had to do. I closed the glass door and cold called The Campaign Palace. The next day I interviewed with Sasha Firth, the head of account management and group account director, and, a few days later, resigned from law to move into advertising (taking a 50 per cent pay cut along the way).

As I spoke to each of the partners to say goodbye, one in particular will always stick in my mind. He said to me, ‘Ah you're going to do something creative. Of course. I mean — look at your shoes!' That day I was wearing a pair of cobalt-blue fish-skin kitten heels. I smiled, said thank you and walked out the door.

Chapter 2
Choosing to try

It was the summer of 2008. In Australia summer means long days stretched out on the sand at the beach, salty hair, the smell of sunscreen, and my favourite — the feeling of a warm breeze around bare shoulders.

At that time I had been working in advertising for just over a year. The Campaign Palace operated in a very flat corporate structure, so in a short time I'd had exposure to all parts of the brand-building process — brand strategy development, media-buying strategy, the creative process and, finally, execution. There was a lighthearted sense of quirky fun that permeated the workplace and a lot of learning on the job that I loved. I was finally starting to understand that I learned best by doing and I started to feel at home.

Michael Fox and I had married in September 2006 and moved to Sydney in 2007. He'd started out with a graduate stint in law at Clayton Utz, another major law firm, followed by a graduate role at Super Cheap Auto. At that time, it was the fastest growing retail business in Australia. Michael was the first graduate they'd taken on, and under the wing of the CEO he was given an in-depth operational experience of the entire business, alongside him doing his MBA. The program shifted significantly after his first year and he went on to Google, at the urging of his best friend and a groomsman at our wedding, Mike Knapp.

Mike had worked at Google from very early on in the establishment of the Australian office. He'd graduated law and IT, and was now working as a software engineer at Google's headquarters in Silicon Valley. (To minimise confusion, I'll only refer to Michael Fox as Michael, and Mike Knapp as Mike.)

Finding our Purple Cow

We had all ended up at Broadbeach on the Gold Coast that summer, a beautiful, long sandy beach on the east coast of Australia.

We were lying on the sand kicking around ideas. Mike and Michael had both recently read Seth Godin's book The Purple Cow and had been watching clients at Google achieve stratospheric success thanks to growing consumer confidence in buying online.

The premise of The Purple Cow is to develop a concept so interesting that people cannot resist sharing it with others. Imagine driving past a field and seeing a purple cow in it. Now tell me you wouldn't share that on social media.

We kicked around ideas from ugly sweater kits, to — well, to be honest, I don't remember all of the ideas. But we fell upon shoes at some point.

I had recently made a stopover in Hong Kong after learning from Michael's mother, Jenny, about a store there where she had designed her own shoes. I loved the idea and desperately wanted to try it out.

I had dashed from the airport to Hong Kong Island, winding my way through a cramped street market before finally finding myself in a shoe store roughly the size of a small market stall.

The warm lighting and neat beige shelves with gold finishings were a welcome refuge from the multisensory assault from the alleyway in which the store was located. I glanced dubiously at the rows of shoes, none really to my liking. There was absolutely no hint that I could design my own. Was I in the right place?

An older man came out from the back room and I explained I would like to design a pair of shoes. He nodded and bustled to the back room, returning with piles of swatchbooks and a sketch pad.

This man was Mr Tin, who would become our first supplier.

That day I discovered that designing shoes was a lot of fun. The myriad colours, textures and shapes were incredible. I designed 14 pairs in 1.5 hours — surely I'd broken some kind of record. I returned to the airport elated with excitement.

Ten weeks later the shoes arrived in Sydney. As I wore the shoes I got more and more questions from my girlfriends — largely because the shoes were designs they'd never seen. When I explained I'd designed the shoes myself, they asked if I could have shoes made for them too. The excitement about the prospect of designing shoes was unanimous. The reasons they cited — ‘I can never find shoes in my size', ‘I want to make shoes with a lower heel', ‘I can't find the style of shoes I'm looking for' — would later become key parts of our consumer insights.

Sitting on the beach, we reignited a conversation that Michael and I had with his family the night before — designing your own shoes online. We got talking about how excited every single woman was when we told them about the concept of designing their own shoes. How I had felt when I found out that I could do this. We talked about the shoes I was having made for my friends, how many pairs I'd bought, how much they cost, how long it took for me to receive them, how I'd designed them. It really felt like it could be a Purple Cow idea.

Lying on the beach, feeling the sand shift under my beach towel as I propped myself up on my elbows talking about starting a company — it didn't feel extraordinary. It was a relaxed time of year, heading into holidays and time with family. My mind wasn't racing as it normally did over endless weeks of work; it was relaxed, imaginative and curious. I didn't feel lightning strike. I didn't have a burst of ‘knowing confidence'.

While I knew from my law days about company structures and setting up a business, there was a lot I didn't know about starting a business. I was a good saleswoman (I'm still proud of that time I sold over a thousand dollars of The Body Shop product in one transaction when I was 18), but I didn't have an inside scoop on marketing, PR, financial modelling, fundraising, bootstrapping, conversion rates, manufacturing, making shoes, doing business in China, e-commerce, ROAS, COGS, CAC, LTV, and so on. (Don't worry if you don't know these terms — I'm intentionally doing that so you feel the same discomfort I did at this stage. I'll explain a lot of these later in the book — no need to pull up Google right now!)

And, all that aside, I definitely didn't want to just instantly drop everything.

I did know that I loved designing my own shoes. I loved the idea of everything I'd learned in my career thus far, the skills I'd built and the savings Michael and I had made, providing us with the freedom to explore and potentially choose to start this business. I felt curious enough to explore it a little further.

I admired various businesspeople but I wasn't an avid reader of business biographies and business books. I didn't have a swathe of theories that I was aching to put to use. I just had a curiosity. I know there are many out there who would have had much greater ambitions than I did at that point in the journey, but I didn't. I just looked at the next step, then the one after that and the one after that.

It gave me a sense of comfort that both Michael and Mike had observed this world of entrepreneurship. The fact that they were curious about the idea too validated for me that it was worth exploring. I just felt that there was nothing to lose. And, if this did work out, and we were financially successful — maybe, just maybe — I could take myself and the next generation of my family into even greater freedom of choice.

It was an itch I wanted to scratch. But how to begin?

Going from idea to action

In the weeks and months that followed, we researched. Was anyone else doing this? Were they doing it well?

I pulled out my old university books from my degree in international business and started to think through things. What were the Strengths, Weaknesses, Opportunities and Threats of the idea?

How would the business model work? How would we make money? And then Michael and Mike prompted questions from their fields of expertise — for example, how would people use the website to design shoes?

And, on top of all of that, how on earth would we make shoes? How are shoes made?

When I thought about solving all these problems at once, it felt overwhelming and far too difficult to achieve anything. It was like trying to push a whole pile of boxes through a doorway at once: you're bound to get stuck. But if you take them through the doorway one by one, you'll eventually get everything through.

That is, if you can convince yourself to stop procrastinating. This was my enemy number one, and the beginning of a painful relationship with myself in finding the line between inaction and creating the mental space for creativity and recharging. I knew that I needed down time to really percolate my ideas — to help them take form properly. But how would I know when I'd had enough productive downtime and was now just wasting time? It's not that I wasn't excited about the idea; it was that mentally, I was in a hole that I didn't yet know was depression.

Through our research we found that there was really only one company attempting to do what we wanted to do. And even then, the user experience was poor, the materials were not great, and the designs on offer weren't appealing.

Then there was, of course, NIKEiD, now called Nike By You, that allowed customers to adjust the colours and materials on a limited selection of sneakers. We'd heard that the customisation area of their business had grown to around US$100 million in revenue per annum within a short period of time. This felt validating — we took this to mean that there was a market for customising shoes.

Finding your MVP

If we took the success Nike was having with customisation and put it into a women's fashion shoe label, surely that was a formula worth testing. And so we began the journey to understand what we would need to do to build a ‘Minimum Viable Product' to test this idea. And, yes, this was the first time I'd ever heard the words ‘Minimum Viable Product' or, if you're super hip, ‘MVP'. Mike had experience with this process at Google in building software, so I learned about the concept from him, and it seemed to make sense. Put together the most basic version of your idea, show it to people you think are your target audience, get feedback, and then you know what to invest more time in for the next version of your idea.

Or in more theoretical terms: You need to validate your idea through both qualitative and anecdotal research that provides compelling support for the idea, both for you and the team you hope to build. This is incredibly important because, particularly at the start of a business, the hours are long, the work is difficult and the pay is low. So it's important to do everything you can to show that all of this is worth it.

Here are some of the research questions Michael, Mike and I asked ourselves when we were thinking about our idea and MVP:

Our list kept becoming longer and more detailed, which is exactly the kind of thinking and research that should go into the idea at this moment, before making any significant resource investment.

When we finished our research phase, we took a breath and then set about step two, which was pulling together what we'd need to make it happen.

Just remember — if you also decide to create a list of research questions like we did, I would recommend that you give it parameters. There is a point at which you will learn infinitely more by simply doing rather than planning. So define a limit. Maybe it's a time limit, or maybe it's a milestone limit as to what you need in a minimum viable product to start showing people and get feedback. It can be risky to launch when you know the product isn't perfect, but you can also manage expectations — ‘We're just starting out and we'd love your feedback'.

Just don't get stuck at this stage. You'll never be fully ready, so jump in and start the business before you're ready.