MBA note - Business Foundations - Customer Discovery
How to use the customer discovery process to build and refine business models How to assess market opportunities How to develop an MVP + Definition of Startup: A startup is a temporary organization in search of a scalable, repeatable, profitable business model. - Steve Blank - Primary goal of a startup is to find a business model not execute one. + Customer Development Method Customer Discovery -> Customer Validation -> Customer Creation -> Company Building -- The first two is to search and test the business model, and the second two execute and scale the business. + Build-Measure-Learn loop It uses iterative method to develop MVP (Minimum viable product: the simplest possible customer-ready product). + Important traits for startup: Passion, Curiosity, Comfort with failure, Quick & reversible decision-making. Pivot + Total Addressable Market (TAM) The maximum market demand for a product service in the assumption of no competition. It is to estimate the size of the market ...