Posted October 26th, 2011 by Nathan Furr with No Comments
Zions Bank “Speaking on Business” Broadcast
Chris Redgrave the host of Zions Bank “Speaking on Business” radio program and former general manager of KSL NewsRadio in Salt Lake City featured Nail It Then Scale It this morning on KSL 102.7 FM. You can download and listen to the radio broadcast MP3 here.
October 25, 2011
This is Chris Redgrave for Zions Bank Speaking on Business.
Over 20 years of work, reading dozens of books on entrepreneurship, raising more than $500 million and participating in the growth and investment of more than 100 companies, investor Paul Ahlstrom identified patterns of success . . . and failure.
The death rate of innovation and start-ups is around 80 percent, which doesn’t mean the idea didn’t have value. Paul and BYU professor Nathan Furr discovered one of the reasons for the death spiral is the order of the process. So, they co-authored “Nail it . . . then Scale it,” a business book dedicated to the “studied” process of successful innovators. This is a “how to” book about starting your own business.
The book is intended for business people who want to launch successful products by first understanding how their innovation fits the customer’s needs. It teaches how to set up a relentless pursuit in solving problems by understanding what the outcome looks like to the customer before building it.
Believe it or not these are some of the steps often overlooked because of the love affair between the inventor and the idea. The entrepreneur’s excitement of scaling, or accelerating, the program often overlooks what the customer is trying to accomplish. By scaling too early, before you nail it, you can waste important investment dollars on product development.
The authors have real-life examples of how the “Nail it then Scale it” model has been successfully applied. For example, the company Crime Reports was following the traditional business program until they fell into the three myths of entrepreneurship.
When challenged with funding and a looming business crisis, which the authors say forces you to focus, that’s exactly what Crime Reports did. In the beginning they had passed over an extremely important step in their customer’s assessment so they stopped everything until this was mastered. Within one year, they went from one to 200 customers and within three more years to 2,000 customers.
The authors of “Nail it then Scale it” like to say, “Entrepreneurs innovate, customers validate.”
For Zions Bank, I’m Chris Redgrave, speaking on business.
Nail Then Scale News
Written by Nathan Furr