Steve Blank - Strategy: Startup vs. entrepreneurship

From business plan over to product development to the search for customers. This is how things work in a big company. However, a startup should begin with the fourth step (watch the video). Experience is missing in all areas and the business plan as well as product development is subject to major changes.

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The "history" of an aspiring company is cast in stone. Idea, business plan, product development, building a sales team, creating sales records, search for customers and back to the top...For those who once founded a startup and got their product out to the streets, will know that the product very often is not well received as you had imagined or the customers have different demands or they are simply not the real customers you were looking for. As a startup founder you will know what it means to have a lot of month left over at the end of the money and the product development - it does not matter if it is hard- or software - does not go as planned. Unforeseen things happen, some things are stalled or you simply make mistakes due to inexperience.

So what can we do?? First of all it must be clear, that a startup founder will eventually need the necessary knowledge about accounting, marketing, staff, organization, product development...which he must also understand and embody to be able to lead a team, needs to know what he is talking about and must be able to recognize "excuses". This knowledge is not there from the start. If you don´t want to go to Stanford to then understand years later that you were too late, you must begin...now.

And once again...What can we do?? We begin, with step 4, the search. We look for possible customers, work on our product and let our customers participate in the process. We will realize what works and what does not and will then adjust it and make it suitable for our team. We must allow ourselves to think that we are searching, may possibly go stray and might have to adapt to change of direction.

This video is the basis for the next upcoming classes. Stay tuned, there is a lot more to learn.

This article is written by our CEO, Bernd Korz. With his experience as an entrepreneur, he shares his vision about the lessons provided by Steve Blank. Join us every week for a new article on Steve Blank’s lectures.

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