Fall 2009 Quarter Roundup: What Did We Learn?

Title: Fall 2009 Quarter Roundup: What Did We Learn?
Date: 2009-11-11
Speaker: Steve Blank (Serial Entrepreneur)
Link: Entrepreneurial Thought Leaders
 
Entrepreneurs have a checklist of things they do when starting a business.
The customers and payers may not be the same.
A complimenter is an adjacent market company that can add value to you.
You don’t typically want to be the first mover. You typically want to be the first fast follower.
Be the first best executor in the marketplace.
Only you can put yourself out of business in the first 18 months.
It is about execution. It is not about somebody coming out to crush you.
Business development is to build the WHOLE product which is built around the core product your startup is offering.
There are no average startups.
Startups differ, sometimes dramatically, by vertical market.
Ignore your friend’s advice. It might not be relevant advice for your particular situation.
Few models survive first contact with customers.
Startups need to be agile.
In the life of an average startup you typically do 2.3 iterations of business models.
Customer development is the activities you do outside of the building to reduce market risk.
Agile development are the things you do inside to allow engineering to constantly iterate.
Business models aren’t static.
Understanding who the user is and who the payer is is really important.
Understand who is the distribution channel.
Market risk is whether customers will adopt and buy within my lifetime or funding.
Is getting the product to market an engineering problem or a customer problem?
Web startups are more customer risk than technology risk.
A hits based business is something that has a cultural component and a timing component.
Entrepreneurs, as individuals, are the same across markets.
A great entrepreneur is focused on the goal. They make their companies successful by staying agile, passionate, driven, and tenacious.
For service providers the biggest problem is finding out whether or not your business can scale.