|John Richards - Photo from UVU Press Release|
This is part of the class overview: "Are you launching your startup correctly? Many entrepreneurs with a great idea for the family history/genealogy industry are still practicing entrepreneurship the old-fashioned way, which is coming up with an idea, raising money, building a product, and then finding no one wants the product."
Here are some of my takeaways from this session:
The old model was planning and product based:
- Business Plan
- Product Development Model
- Gather Money
- Staff Divisional Roles
The new model is learning and customer based:
- Rapid Cycles
- Looping Scientific Method
We are seeing a metamorphosis of entrepreneurship due to: economy, internet capabilities, internet sub-culture, dramatically lower startup costs, and the sophistication of all players.
Recommended books that every entrepreneur needs to read:
Alexander Osterwalder, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 9780470876411
Steve Blank, The Startup Owner's Manual: The Step-By-Step Guide for Building a Great Company, 9780984999309
Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, 9780307887894
Nathan R. Furr, Nail It then Scale It: The Entrepreneur's Guide to Creating and Managing Breakthrough Innovation, 9780983723608
Customer development has to be the first priority.
Check out this software: https://www.compass.co/
The #1 cause of startup failure is premature scaling.
Customer Development captures how startups should iterate and pivot to a viable business model. Listen to customers for what they really need and identify their #1 problem that needs to be fixed.
Get customers first ... then build product.
Don't do business plans for startups. Instead utilize a business model.
What is a business model?
- Create, Delivers, and Captures Value
- Model ... then Plan
- Facts are with Real Customers
Business Model Canvas http://www.alexandercowan.com/business-model-canvas-templates/
- Customer Segments
- Value Propositions
- Customer Relationships
- Revenue Streams
- Key Activities
- Key Resources
- Key Partnerships
- Cost Structure
Check out Startup Ignition for 13-week Boot Camp info.
I love this kind of class. It applies to anyone with creative ideas.