Varelrollerconedrillbits 13261086839331-phpapp01-120109053222-phpapp01
Successfulentrepreneurship 101111173533-phpapp01 (1)
-
Upload
managing-partner-3xc-global-partners-darori-capital-luxemborg-start-up-nation-icritical-canvas -
Category
Business
-
view
171 -
download
1
description
Transcript of Successfulentrepreneurship 101111173533-phpapp01 (1)
![Page 1: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/1.jpg)
AlexOsterwalder.com @business_design
Creating Start-Up Success 101
SteveBlank.com@sgblank
Contribution by Alan Smith @thinksmith
![Page 2: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/2.jpg)
BusinessModelGeneration.com StevenBlank.com/books.html
+
this presentation combines two global bestsellers
![Page 3: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/3.jpg)
So what makes for a successful start-up?
![Page 4: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/4.jpg)
Start with a brilliant founder like...
![Page 5: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/5.jpg)
Mike, 34Stanford Alumnus
![Page 6: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/6.jpg)
he used to be an...
![Page 7: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/7.jpg)
Experienced Exec
![Page 8: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/8.jpg)
All his operating experience built up some...
![Page 9: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/9.jpg)
...outstanding credentials!
![Page 10: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/10.jpg)
One day Mike has...
![Page 11: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/11.jpg)
A “killer” product idea!
![Page 12: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/12.jpg)
A “killer”product idea!he’s really passionate about it
![Page 13: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/13.jpg)
Mike’s experienced.
He knows how to test his idea using...
![Page 14: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/14.jpg)
...market research
![Page 15: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/15.jpg)
The research looks good! Mike moves forward, and writes a fantastic....
![Page 16: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/16.jpg)
![Page 17: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/17.jpg)
Great!Based on the credentials, research, and plan, Mike has secured the final piece...
![Page 18: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/18.jpg)
...VC Funding!
![Page 19: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/19.jpg)
Money in hand, Mike get’s started on
![Page 20: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/20.jpg)
...building his start-up.
![Page 21: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/21.jpg)
He makes the headlines of every major...
![Page 22: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/22.jpg)
![Page 23: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/23.jpg)
... and is invited to give...
![Page 24: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/24.jpg)
...keynote talks
![Page 25: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/25.jpg)
Mike and his start-up are
on a roll!
![Page 26: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/26.jpg)
How likely is his business to succeed?
![Page 27: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/27.jpg)
Despite the experience, research and plan...
![Page 28: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/28.jpg)
...Mikeslipped up.
![Page 29: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/29.jpg)
29
Let’s help Mike with 5 things he
didn’t know.
![Page 30: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/30.jpg)
No business plan survives
the first customer
contact.
1
![Page 31: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/31.jpg)
Sticking to a planning document works for a known future, not for a start-up context.
Plan’s fail in start-ups.
![Page 32: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/32.jpg)
It’s the business
model, stupid.
2
![Page 33: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/33.jpg)
Hey Mike, your plan was to build a company, but did your plan include a Business Model?
![Page 34: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/34.jpg)
![Page 35: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/35.jpg)
“A business model describesthe rationale of how an organization creates, delivers, and captures value”
![Page 36: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/36.jpg)
Here are the 9 building blocks of a business model:
![Page 37: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/37.jpg)
CUSTOMER SEGMENTS
images by JAM
which customers and users are you serving? which jobs do they really want to get done?
![Page 38: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/38.jpg)
VALUE PROPOSITIONS
images by JAM
what are you offering them? what is that getting done for them? do they care?
![Page 39: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/39.jpg)
CHANNELS
images by JAM
how does each customer segment want to be reached? through which interaction points?
![Page 40: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/40.jpg)
CUSTOMER RELATIONSHIPS
images by JAM
what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?
![Page 41: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/41.jpg)
REVENUE STREAMS
images by JAM
what are customers really willing to pay for? how? are you generating transactional or recurring revenues?
![Page 42: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/42.jpg)
KEY RESOURCES
images by JAM
which resources underpin your b.model? which assets are essential?
![Page 43: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/43.jpg)
KEY ACTIVITIES
images by JAM
which activities do you need to perform well in your b.model? what is crucial?
![Page 44: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/44.jpg)
KEY PARTNERS
images by JAM
which partners and suppliers leverage your model? who do you need to rely on?
![Page 45: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/45.jpg)
COST STRUCTURE
images by JAM
what is the resulting cost structure? which key elements drive your costs?
![Page 46: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/46.jpg)
images by JAM
customer segments
key partners
cost structure
revenue streams
channels
customer relationships
key activities
key resources
value proposition
![Page 47: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/47.jpg)
“Hmm, interesting so what do I make of
that?”
![Page 48: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/48.jpg)
use it as a tool to...
![Page 49: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/49.jpg)
sketch out your business model
![Page 50: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/50.jpg)
buildingblock
![Page 51: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/51.jpg)
buildingblock
buildingblock
buildingblock building
block
![Page 52: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/52.jpg)
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
building
block
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
![Page 53: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/53.jpg)
This tool is called theBusiness Model Canvas(download with instructions atwww.businessmodelgeneration.com/downloads)
![Page 54: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/54.jpg)
Take time to think through
alternativepossibilities.
3
![Page 55: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/55.jpg)
the same technology, product, or service can have numerous business models
![Page 56: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/56.jpg)
![Page 57: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/57.jpg)
try sketching out alternative business models by asking yourself...
![Page 58: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/58.jpg)
transactional vs. recurring revenues
fixed vs. variable costs
acquisition vs. retention
one customer segment vs. another
capital expenditure vs. partnership
paid vs. free
product vs. service
copyright vs. copyleft
open vs. closed
human intensive vs. system intensive
personal vs. automated
direct sales vs. indirect sales
advertising vs. sales
niche market vs. mass market
scale vs. scope
blue ocean vs. red ocean
disruptive vs. incremental
in-sourcing vs. out-sourcing
tailor-made vs. mass production
distributed vs. centralized
physical vs. virtual
difficult questions
![Page 59: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/59.jpg)
only make a first choice after prototyping and thinking through several models...
![Page 60: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/60.jpg)
![Page 61: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/61.jpg)
OK. You’ve got your model,but you’re not done yet...
![Page 62: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/62.jpg)
Your business model idea is
just a set of hypotheses.
4
![Page 63: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/63.jpg)
a business model might look great on paper...
buildingblock
buildingblock
buildingblock
building blockblockbuildingblock
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
buildingblock
... but be honest that it’s
![Page 64: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/64.jpg)
guess guess
guess
guessguess
guess
guess
guess
guess
guess
guess
guess
... just a set of hypotheses
![Page 65: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/65.jpg)
...so you need to get out of the building and...
![Page 66: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/66.jpg)
test each hypothesis (e.g. with customers)
![Page 67: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/67.jpg)
this business model testing process is called Customer Development
customer discovery
customer validation
customer creation
company building
pivot
![Page 68: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/68.jpg)
two different phases...
![Page 69: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/69.jpg)
search
execution
customer discovery
customer validation
customer creation
company building
pivot
![Page 70: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/70.jpg)
and it starts with...
![Page 71: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/71.jpg)
customer discovery
customer validation
customer creation
company building
pivot
... verifying every hypothesis
![Page 72: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/72.jpg)
test your hypotheses
product
market type
competition
![Page 73: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/73.jpg)
test your hypotheses
problem
customer
user
payer
![Page 74: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/74.jpg)
test your hypotheses
channel
![Page 75: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/75.jpg)
test your hypotheses
problem
customer
user
payerchannel
product
market type
competition
pricing model
validate business model
channel
(customer)
(problem)
demand creation
![Page 76: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/76.jpg)
to accomplish this you will need a special and agile ...
![Page 77: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/77.jpg)
customer development team
![Page 78: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/78.jpg)
A team that ...
![Page 79: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/79.jpg)
... gets out of the building!
![Page 80: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/80.jpg)
... to test and adapt your model
problemcustomer
userpayer
channel
productmarket typecompetition
pricing model
validate business model
channel(customer) (problem)
demand creation
agile business model
adaptation
customer development
team
![Page 81: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/81.jpg)
customer discovery
customer validation
customer creation
company building
you need to adapt the business model until you can prove it works
pivot
![Page 82: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/82.jpg)
“How do I prove a business model works?”
![Page 83: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/83.jpg)
One example of “proving” is concluding the ...
![Page 84: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/84.jpg)
... sales of a “minimum viable feature set”
![Page 85: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/85.jpg)
This adaptation process is called ...
![Page 86: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/86.jpg)
the pivot
(repeat * until proven)
customer discovery
customer validation
customer creation
company building
pivot
![Page 87: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/87.jpg)
so do you have any “factual” proof?
![Page 88: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/88.jpg)
Congratulations!
![Page 89: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/89.jpg)
You finished the search process!
![Page 90: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/90.jpg)
So don’t ever forget ...
![Page 91: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/91.jpg)
Don’t build your company, until you’ve verified your Business
Model5
![Page 92: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/92.jpg)
or you’ll risk ...
![Page 93: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/93.jpg)
Burning your cash while searching for a working business model
![Page 94: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/94.jpg)
execution is not search
![Page 95: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/95.jpg)
execution follows search
![Page 96: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/96.jpg)
Build when you’ve found your model
![Page 97: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/97.jpg)
only then execute:
![Page 98: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/98.jpg)
scale your marketing
execution
customer discovery
customer validation
customer creation
company building
pivot
![Page 99: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/99.jpg)
and build your org structures
execution
customer discovery
customer validation
customer creation
company building
pivot
![Page 100: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/100.jpg)
Don’t build your company, until you’ve verified your Business Model
5
Your business model idea isjust a set of hypotheses. 4
Take time to think through alternative possibilities3It’s the business model, stupid.2
No business plan survives the first customer contact.1
![Page 101: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/101.jpg)
BusinessModelGeneration.com StevenBlank.com/books.html
+
you can read more about business models and the customer development process here:
![Page 102: Successfulentrepreneurship 101111173533-phpapp01 (1)](https://reader033.fdocuments.in/reader033/viewer/2022051608/54513a22af79591b038b4595/html5/thumbnails/102.jpg)
BusinessModelGeneration.comAlexOsterwalder.com @business_design
StevenBlank.com/books.htmlSteveBlank.com @sgblank
Good Luck!
Contribution by Alan Smith @thinksmith