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Start a business

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by

Erik Wallin

on 21 October 2016

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Transcript of Start a business

"The perfect start-up"
A brilliant founder
Steve, 32
Harvard
Alumnus
he use to be an...
Experienced
Executive
All his operating
experience built up
some...
...outstanding
credentials!
One day...
Steve has a "killer"
product idea!
The magnificent
Idea
He's really
passionate about it!
The market
Steve is experienced.
He knows how to test
his idea using...
...market research
The research looks good!
The great plan
Steve moves forward, and
writes a great...
The final piece
Great!
Based on the
credentials
,
research
, and
plan
,
Steve has secured the final piece...
VC Funding!
Time to get started!
With money in hand,
Steve get's started on...
...building his start-up.
He makes the headlines of every major...
... and is invited to give...
...keynote talks
Steve and his
start-up are
on a roll!
How likely is his business to succeed?
Despite the experience,research and plan...
But where is the customer?
No one bought Steves product...
Back to the start!
How can we help Steve understand what went wrong?
and the start-up failed
Let's help Steve with 5
things he didn't know
No business plan survives the first customer contact.
1.
Sticking to a planning document works for a known future, not for a start-up context.

Plan’s fail in start-ups.
2.
It’s about the
business model.
Hey Steve,
your plan was to
build a company, but
did your plan include
a Business Model?
3.
Definition
“A business model describes the rationale of how an organization creates, delivers, and captures value”
... a Business Model?
Here are the 9 building blocks of a business model:
“Hmm, interesting so
what do I make of that?”
Use it as a tool to... sketch out your business model.
Try it out with your business idea!
Take time to think
through alternative
possibilities.
the same technology, product, or service can have numerous business models
try sketching out alternative business models by asking yourself...
only make a first choice after prototyping and thinking through several models...
OK. You’ve got your model, but you’re not done yet...
4.
Your business
model idea is
just a set of
hypotheses.
a business model might
look great on
paper...
... but be honest
that it’s
... just a set of hypotheses
...so you need to get out of the
building and...
test each hypothesis
(e.g. with customers)
two different phases...
And it starts with...
... verifying every hypothesis
Test your hypotheses
to accomplish this you will need a special
and agile ...
customer development team
A team that ...
... gets out of the

building!
you need to adapt the
business model until
you can prove it works!
"How can i prove it works?"
... sales of a “minimum viable
feature set”
One example of “proving” is
concluding the ...
the pivot
so do you have any “factual” proof?
Congratulations!
You finished the search
process!
5.
So don’t ever forget ...
Don’t build your company,
until you’ve verified
your Business Model
or you’ll risk ...
Burning your cash while
searching for a working
business model
execution
is not
search
execution
follows
search
Build when you’ve found
your model
only then execute:
5. Don’t build your company,
until you’ve verified your
Business Model.

4. Your business model idea is
just a set of hypotheses.

3. Take time to think through
alternative possibilities.

2. It’s about the business model.

1. No business plan survives the
first customer contact.
Were the customers is!
Good
Luck!
Full transcript