The big ideas to remember below were borrowed (and adapted) from Steve Blank, the serial entrepreneur – see also the video there.
#1: Few models survive contact with customers
- In practice: Customers will educate you if you listen, and ask the right questions
- In a life of an average start-up, you do 2.3 iterations (radical change)
#2: It is usually not a good idea to be first in the market
- There might be no market
- You might have to spend large amount of money to create market awareness
#3: Is your business facing market risk, technology risk, or both?
- Will the customer adopt and buy within my lifetime and funding?
- Can the product be built? At a reasonable cost? In due time?
- If you have both massive market risk and technology risk, business is very, very risky. Things will be tougher and you will need more luck…
#4: Entrepreneurs are the same in all markets
- Are you comfortable with uncertainty (and chaos)?
- Are you resilient, tenacious, agile, focused?
- Are you passionate, driven?
- Are you articulate?