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?