Disciplined Entrepreneurship

6. If you win this segment, can you leverage it to enter additional segments?

Brian Halligan and Dharmesh Shah’s Inbound Marketing

A target customer is a group of potential customers who share many characteristics and who would all have similar reasons to buy a particular product.

You will now create a value proposition focused on the criteria you identified as your Persona’s top priority. If their top priority is time to market for producing goods, and your product’s value is that it will lower the cost of production, your value proposition—“Our product saves $XX per month”—will not persuade your target customer to buy your

Innovation = Invention ∗ Commercialization I modify Roberts’s definition, which involved addition, because innovation is not a sum of invention and commercialization, but a product. If there is commercialization but no invention (invention = 0), or invention but no commercialization (commercialization = 0), then there is no innovation.

The third myth is that there is an entrepreneurship gene,

A business model is a framework by which you extract from your customers some portion of the value your product creates for them. It is the idea that the amount of money your venture gets paid is based on how much value the customer gets from your product, and not some arbitrary markup based on your costs.

“early majority.

The single necessary and sufficient condition for a business is a paying customer. The day someone pays you money for your product or service, you have a business, and not a day before.