In this blog I have argued that there is a new entrepreneurial model that replaces the old, planning-first, building-first model that we used to teach. If I had to summarize this new model and the secret to entrepreneurial success in one sentence it would be the following:
1) Recognize your idea is a guess about how to satisfy customers and 2) inexpensively and quickly test that guess with customers before building products or scaling the business.
At the core, to succeed as an entrepreneur or an intrapreneur (inside a corporation), you must test your guesses and iterate your way to success. This is the heart of the new entrepreneur and the science of how the new science of entrepreneurial management. Of course there are more details which I have written about here and here as well as in my book, Nail It then Scale It.
Mastering the Secrets of Serial Entrepreneurs
In brief, I argue that entrepreneurs have to first find the right problem (nail the pain), then iteratively reach a solution using a series of virtual prototypes (nail the solution), while also discovering the unique way in which they can communicate with their customers (nail the go-to-market strategy). Once you get these steps right, you can focus on optimizing the business model and eventually scaling the business but only then.
Where Do Entrepreneurs Fall Down?
As part of my work with hundreds of entrepreneurs and my research (including my research on the Lean Startup with Eric Ries), I want to share with you the traps that have caught the entrepreneurs I teach, mentor, or research. Why? Because often understanding what does NOT work helps us better understand what DOES work. Every week or so, I will post a new trap that I have observed in my research with details on how to overcome it.
What Will We Cover?
I will cover traps as they relate to the following key areas:
- The Entrepreneurial Mindset
- Nailing the Pain
- Nailing the Solution
- Nailing the Go To Market Strategy
Originally posted on 9/4/2012 by Nathan Furr on the Forbes blog