first-hand experience in the industry makes all the difference in addressing these issues. Entrepreneurs who know the territory will have the necessary answers. Those who don’t must find people who do. Adequate answers for most of these issues are not likely to be found on the internet. If the entrepreneur doesn’t have such experience, then they mu

‘I’ve made more money on Plan B than I ever made on Plan A.’12 In other words, the ability to combine tenacity with a willingness to change course – sometimes due to changes in the marketplace, fortuitous or otherwise – can make all the difference.

To conduct a fruitful long interview to better understand your prospective customers and their pain, you need first to construct an interview guide, which is easily done on a single sheet of paper. Doing so involves two steps: Reviewing what you think you know about your idea and its use; Reviewing what you know you don’t know.

Defining industries narrowly has some merit. It can clarify your focus as to who the principal competitors are, which helps in assessing competitive rivalry. Doing so also can help you think clearly about differentiation, an important issue, as we saw in Chapter 2. EasyJet competes with Ryanair, British Airways, Air France and so on. But a narrow i

It’s almost certain that, in your very first interview or two or three, your respondents will mention some things that you simply had not thought of. This is good news! You’ll want to add some or all of these things to your list of planned prompts for the rest of your interviews, to allow you to get additional perspectives on them.

you need to be clear about your mission, aspirations and risk propensity before you launch a lean start-up, before you write a business plan, and before you approach prospective investors.

The key task in answering the crucial question ‘Why won’t this work?’ is to find that major flaw that cannot be resolved, the opportunity’s Achilles’ heel. Thus, the crucial things to look for on the downside are elements of the market, industry or team that simply cannot be fixed by pivoting or shaping the opportunity in a different way.

Often the key for lifestyle entrepreneurs or those of modest aspirations is to fly below the competitors’ radar, serving niche markets having unique needs that an attentive entrepreneur can understand and appreciate. In such niches an entrepreneur’s ability to tailor what’s offered and serve customers exceptionally well can build loyalty that’s dif

Are the market and the industry attractive? Does the opportunity offer compelling customer benefits, an economically sustainable business model as well as a sustainable competitive advantage over other solutions to the customer’s needs? Can the team deliver the results they seek and promise to others?