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?