What process should entrepreneurs follow in developing their business model?

Take-aways from a talk in the Trust Center on 6/27/16

  1. “Get out of the office...and into the world” – steve blank’s customer development process
  • Step 1+2 - The search phase:
    • Step 1: Customers discovery - building a hypothesis around who are your customers and what are their needs.
    • Step 2: Customer validation -  
      • Testing the hypothesis by talking with the customers.
      • Testing  the solution to validate the market needs: product- market fit is the key to success
      • Pivot and iterate when necessary

When talking with customers: look for insights not just answers. Then change the canvas based on the new learnings.

  • Step 3+4 - The execution phase:
    • Step 3: Customer creation
    • Step 4: Company building
  • Lessons:
    • Don’t rush to the execution phase before you’re done with the search phase.
    • The search phase is not something you can outsource.  You got to talk with the customers directly (unlike with large companies where they rely on sales/ marketing to contribute customers insights)

2.  Build measure Lean loop – Eric Ries’s lean startup

Hypothesis → experiment → test → measure results → insights/ learnings

  • MVP- minimal viable product
    • Build the minimal features to get feedback.
    • What should we be building and in what order?
    • What makes your customers lives different before and after they were introduced to your product?
  • Failure is OK! Failure without learning is not OK…
Was this article helpful?
1 out of 1 found this helpful



This website and all posts and content are intended for educational purposes only and for no other purposes including without limitation commercial purposes. Any other use must give proper attribution to the Martin Trust Center and is subject to certain legal rights contained in our license and terms of use. See full legal disclaimer HERE.

The content in this knowledgebase is subject to a non-exclusive license with share-alike restrictions and the terms of use of this site – which is available for your review HERE.
Have more questions? Submit a request

Comments