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" My imagination ran 24/7, and to me, every problem was a challenge to solve and new product to create. It wasn't until I started teaching that I realized that not everyone's head worked the same way. "

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" Startups are companies that are still in the process of searching for a business model. Ventures that are further along and executing their business models are no longer startups; they are early-stage companies. "

Steve Blank

Searching

Business

Process

" Learning how to keep track of inventory and cash flow and creating an income statement and a balance sheet are great skills to learn for managing existing businesses. "

" It typically takes multiple iterations and pivots to find product/market fit - the match between what you're building and who will buy it. "

" The stock market clearly values companies that can deliver disruptive innovation. "

" 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. "

" In a web/mobile startup, coding is not an outsourced activity. It's an integral part of the company's DNA. "

" Very often, if a founder is waiting around for someone else to tell him what to do, the company is near death. "

" 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. "

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

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

" Not all new ventures are at the same stage of maturity. "

" The introduction of new technology is always disruptive to existing markets, particularly to content/copyright owners who sell through well-established distribution channels. "

" As an entrepreneur, my problem was that I had too many ideas. "

" The Columbia Startup Lab is a visible symbol of how the university is making entrepreneurship an integral part of all colleges at the university. "

" Entrepreneurial education in grades K-12, if it exists at all, still focuses on teaching potential entrepreneurs small business entrepreneurship - the equivalent of 'how to run a lemonade stand.' "

" At the intersection of food science and technology, food replacement startups are creating substitutes for the basic components of meals as well as replacements for complete meals. "

" 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. "

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

" Each industry in a region should develop a playbook that expands and details the strategy and tactics of how to build a scalable startup. "

" Face-to-face customer feedback refines or validates every component of the startup's business model, not just the product itself. "

" Innovation in an existing company is not just the sum of great technology, key acquisitions, or smart people. Corporate innovation needs a culture that matches and supports it. "

" VCs like acquisitions as much as IPOs because the acquiring companies often can rationalize paying large multiples over the current valuation of the startup. "

" We now understand the distinction between startups - who search for a business model - versus existing companies - that execute a business plan. "

" Skunk works differed from advanced research groups in that they were more than just product development groups. They had direct interaction with customers and controlled a sales channel which allowed them to negotiate their own deals with customers. "

" While 'The Owner's Manual' is not a formula for guaranteed success by any means, we're confident it will help reduce the failure rate of most startups that use our Customer Development process. "

" When your product solves a problem that costs customers sleep, revenue, or profits, things are definitely looking up. "

" Skunk works were emblematic of corporate structures that focused on execution and devalued innovation. "

" Only by moving away from the comforts of your conference room to truly engage with and listen to your customers can you learn in depth about their problems, produce features to solve those problems, and learn what drives customers to recommend, approve, and purchase products. "

" The goal of listening to customers is not to please every one of them. It's to figure out which customer segments serve your needs - both short and long term. "

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