In the last 10 years the field of entrepreneurship and early-stage investment has passed a quantum-leap and reached a high level of maturity. This has been achieved thanks to the development of different World-class methodologies specific to this specific set of companies and projects: the startups and the entrepreneurial projects.
I use the following methodologies in my work, for both investment and entrepreneurial consultancy
– The goal of these methodologies is NOT to develop and execute a business plan. Business plans are useful for mature companies who have found a big number of customers that repeatedly purchase their product or service – these plans execute projects whose results are more or less expected and can be foreseen with 70-90% accuracy.
– However, entrepreneurs and intrapreneurs (entrepreneurs working in an existing company creating a new division or business unit) create a business out of nothing. Therefore, the goal of these methodologies is to help that special kind of folks to find a repeatable and scalable business model for their emerging businesses or projects.
– Identify business opportunities
– 7 domains of attractive opportunities, John Mullins
– Brainstorm and set up business hypotheses
– Business Model Canvas, Ostenwalder
– Processes to organize an implement the search for the business model. Formal ways to test business hypotheses
– The goal here is customer discovery and customer validation
– Customer discovery first captures the founders’ vision and turns it into a series of business model hypotheses. Then it develops a plan to test customer reactions to those hypotheses and turn them into facts
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