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ENT 670- Entrepreneurial Strategy Part 2

The beginning of our course for ENT 670 with “The Four Steps to the Epiphany”


I began reading “The Four Steps to the Epiphany”, by Steve Blank. It’s so difficult for me to focus. I get so bored out of my mind and space out while I read and have to reread again. It’s all important stuff, so I hope it picks up to speed and gets better by chapter 3.


Remember reading this bible verse in Chapter 1?

..."for the gate is wide and the road broad that leads to destruction, and those who enter through it are many." -Matthew 7:13


Don’t screw up! That’s the first thing I think of when I read this verse from our readings. I know that it’s something much deeper such as- it’s a big world out there, and mistakes can happen. You won’t know unless you try.


Here’s some points I’ve gather so far:

The Product Development Model – Works best in an already established business that knows its market and customers well. This model though pitfalls because it doesn’t address 2 important questions.

“What type of market are we launching the product into?” and “Where are the customers?”

The Four Steps to Customer Development are:

1. Customer Discovery

2. Customer Validation

3. Customer Creation

4. Company Building

We read more in depth about these steps in the first 3 chapters.

The Four Steps to Customer Development is a better model for us to do our startup businesses and addresses the 2 important questions above.

More questions to ask:

"Before we can build and sell a product, we have to answer some very basic questions: What are the problems our product solves? Do customers perceive these problems as important or "must-have"? If we're selling to businesses, who in a company has a problem our product could solve? If we are selling to consumers how do we reach them? How big is this problem? Who do we make the first sales call on? Who else has to approve the purchase? how many customers do we need to be profitable? What’s the average order size?"


Reference:

Blank, Steve. The Four Steps to the Epiphany: Successful Strategies for Products That Win. 5th ed., Kindle ed., K&S Ranch Publishing Inc., Wiley, 2020.


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