“Facts live outside
the building, where future customers live and work”
-Steve Blank
Hey All,
For the next couple of weeks I’m going to be writing about
some of the KEY learning’s I have made while trying to create the next billion
dollar company! These are learning surrounding Customer Development.
There is a repeatable path that has been discovered by some
of the greatest serial entrepreneurs in the world – little did they know, they
were living and breathing what is now coined, customer development.
“A Startup is not a
smaller version of a large company”
I know what you’re saying, What do you mean a start-up isn’t
a smaller version of a large company? Well, let me explain it like this – A Start-up is a temporary organisation in search
of a scalable, repeatable, profitable business model. This statement is
key, the founders of a start-up are searching to validate their hypothesis…
What does that even mean? To tie back in with the quote at the top – You are
searching to validate your vision, as a founder to turning those hypothesis
into FACTS. These facts, give you
the information to either pivot or continue on your path to which your next set
of hypothesis are created and tested.
“Pivot is the change
of one or more business model canvas components”
You have a bunch of CRAZY guesses, what you must do though
is -Take everyone of those guesses and kick its butt around the country or the
world, testing whether you have been hallucinating *more than likely* or
whether you were correct *had a vision*. You do this, many times,
through many pivots
“CUSTOMER
DEVELOPMENT, this is the process of the founders getting out of the building
and turning those guesses into facts”
I tell you know, that one best learning milestones I have
ever had – is to write down your business vision, and all of your guesses – go out
and validate those guesses and turn them into FACTS.
Business plans
No business plan
survives first contact with customers.
One fact that I will tell you – that is relevant for all start-ups
DON’T waste your time on business plans! GET OUT OF THE BUILDING
Now you are motivated to get outside, BUT WAIT – before you
do, go and check out the godfather of Customer Development, Steve Blank!
Cheers
M
