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" Any dispassionate observer would recognize that on Day One, a start-up has no customers, and unless the founder is a true domain expert, he or she can only guess about the customer, problem, and business model. "

Steve Blank

Business

True

She

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" The Value Proposition Canvas functions like a plug-in to the Business Model Canvas and zooms into the value proposition and customer segment to describe the interactions between customers and product more explicitly and in more detail. "

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" Companies that acquire startups for their intellectual property, teams, or product lines are acquiring startups that are searching for a business model. If they acquire later stage companies who already have users/customers and/or a predictable revenue stream, they are acquiring companies that are executing. "

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" At 19, I joined the Air Force during the Vietnam War. "

" You can get a good handle on a company's culture before you even get inside the building. For example, when companies say, 'We value our employees' but have reserved parking spots, a private cafeteria, and over-the-top offices for the executives, that tells you more than any PR spin. "

" What's been missing from regions outside of Silicon Valley is a 'playbook.' In American football, a playbook contains a sports team's strategies and plays. It struck me that every region needs its own industry playbook on how to compete globally. "

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" Founders, presuming they know their customers, assume they know all the features customers need. "

" One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends. "

" Describing something as the 'Woodstock of...' has taken to mean a one-of-a-kind historic gathering. "

" Everyone on the founding team ought to invest the time in a coding bootcamp. "

" Watching an entrepreneur fail is sad, but watching him fail from lack of nerve is tragic. "

" For busy young adults, the lure of meal substitutes is simple - it's all about convenience - the level of effort to open a bottle or package is minimal, and the time from thinking you're hungry to eating is almost zero. "

" History has shown that time and market forces provide equilibrium in balancing interests, whether the new technology is a video recorder, a personal computer, an MP3 player, or now the Net. "

" In the past, when venture-funded startups told their investors they'd found a profitable business model, the first thing VCs would do is to start looking for an 'operating exec' - usually an MBA who would act as the designated 'adult' and take over the transition from Search to Build. "

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" By the beginning of the 21st century, entrepreneurs, led by Web and mobile startups, began to seek and develop their own management tools. "

" Out of electronics school, my first assignment was to a fighter base in Florida. My roommate, Glen, would become my best friend in Florida and Thailand as we were sent to different air bases in Southeast Asia. "

" Value Proposition Design is a 'must have' for anyone creating a new venture. It captures the core issues around understanding and finding customer problems and designing and validating potential solutions. "

" If you think the job of a CEO is to increase sales, then Ballmer did a spectacular job. "

" On Day One, a start-up is a faith-based initiative built on guesses. "

" One can make the case that the New York venture capital industry is rooted in the 21st century, not the 20th. "

" The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products. "

" All too often, a corporate innovation initiative starts and ends with a board meeting mandate to the CEO followed by a series of memos to the staff, with lots of posters and one-day workshops. This typically creates 'innovation theater' but very little innovation. "

" Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model. "

" Founders have continually struggled with and adapted the 'big business' tools, rules, and processes taught in business schools when startups failed to execute 'the plan,' never admitting to the entrepreneurs that no startup executes to its business plan. "

" Unlike many other startup processes, Customer Development is deep, detailed, and rigorous. "