Failure will happen. It’s a normal part of the startup process.
While ‘The Owner’s Manual’ is not a formula for guaranteed success by any means, we’re confident it will help reduce the failure rate of most startups that use our Customer Development process.
In corporations, the penalty for repeated failure on known tasks is being reassigned to other tasks or asked to leave the company.
Schools reward their students for a combination of intelligence, perseverance, and hard work – in the classroom and on the playing fields. But these metrics don’t help kids understand that great grades are not a pass for a great life.
The art of entrepreneurship and the science of Customer Development is not just getting out of the building and listening to prospective customers. It’s understanding who to listen to and why.
Founding a company is a sheer act of will and tenacity in the face of immense skepticism from everyone – investors, customers, friends, family, and employees, to name a few.
Learning how to keep track of inventory and cash flow and creating an income statement and a balance sheet are great skills to learn for managing existing businesses.
Great entrepreneurial DNA is comprised of leadership, technological vision, frugality, and the desire to succeed.
Innovation in an existing company is not just the sum of great technology, key acquisitions, or smart people. Corporate innovation needs a culture that matches and supports it.
Value Proposition Design is a ‘must have’ for anyone creating a new venture. It captures the core issues around understanding and finding customer problems and designing and validating potential solutions.
My imagination ran 24/7, and to me, every problem was a challenge to solve and new product to create. It wasn’t until I started teaching that I realized that not everyone’s head worked the same way.
Watching an entrepreneur fail is sad, but watching him fail from lack of nerve is tragic.
The introduction of new technology is always disruptive to existing markets, particularly to content/copyright owners who sell through well-established distribution channels.
It’s worth noting that everything – from the Internet to electric cars, genomic sequencing, mobile apps, and social media – were pioneered by startups, not existing companies.