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" The business model is both the starting point and the scorecard for Customer Development progress. "
Steve Blank
Progress
Starting
Business
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" 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. "
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" Customer Development changes almost every aspect of startup behavior, performance, metrics, and, as often as not, success potential. "
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" VCs like acquisitions as much as IPOs because the acquiring companies often can rationalize paying large multiples over the current valuation of the startup. "
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" Everyone on the founding team ought to invest the time in a coding bootcamp. "
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" Not all new ventures are at the same stage of maturity. "
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" At some major events - your birth and death, for example - while you may be the center of attention, the events are managed by others and are more important to the people around you. "
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" 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. "
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" 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. "
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" Failure will happen. It's a normal part of the startup process. "
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" 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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" 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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" For Customer Development to succeed, everyone on the team - from investor or parent company to engineers, marketers and founders - needs to understand and agree that the Customer Development process is different to its core. "
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Team
Parent
Process
" Founders, presuming they know their customers, assume they know all the features customers need. "
Steve Blank
Customers
Need
Know
" 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. "
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Time
Busy
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" Commencement Day has a sobering finality in that it's the end of the prescribed path. "
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Finality
Path
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" Market type influences everything a company does. Strategy and tactics for one market type seldom work for another. "
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" Part of Customer Development is understanding which customers make sense for your business. "
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Understanding
Business
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" Visionary CEOs are product- and business-model-centric and extremely customer focused. "
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Product
Visionary
Customer
" Not all startups are alike. One of the key ways they differ is in the relationship between a startup's new product and its market. "
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Key
Alike
Relationship
" Describing something as the 'Woodstock of...' has taken to mean a one-of-a-kind historic gathering. "
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Gathering
Something
Woodstock
" By the beginning of the 21st century, entrepreneurs, led by Web and mobile startups, began to seek and develop their own management tools. "
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Web
Beginning
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" 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. "
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" Persuading employees to let go of old values and beliefs and adopt new ones can be challenging. "
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Values
Old
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" There's nothing wrong with a business that supports you and perhaps an extended family. But if you want to build a scalable startup, you need to be asking how you can you get enough customers/users/payers to build a business that can grow revenues past several $100M/year. "
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" At 19, I joined the Air Force during the Vietnam War. "
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" Once you establish what activities your company needs to do, the next question is, 'How do these activities get accomplished?' i.e. what resources do I need to make the activities happen? "
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" Unlike many other startup processes, Customer Development is deep, detailed, and rigorous. "
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Processes