01. What We Were Wrong About Flashcards
What is a startup?
A startup is a temporary organization designed to search for a repeatable and scalable business model.
What’s the difference between a startup and a corporation?
A startup searches.
A corporation executes.
What is the product of a startup?
Startup -> business model
Company -> product/service
Why can’t a startup follow waterfall?
Waterfall requires you to know what the product features are and who the customers are (in order to gather requirements, etc). But a startup doesn’t know either of those things.
What do startups do?
Startups explore the unknown and transform uncertainty into risk that can be transformed into knowledge.
What is the biggest unknown for a startup?
Who is the customer?
Why do startups fail?
Because they fail to make something that someone wants to buy from them.
Entrepreneurship is a contact sport!
There are no facts in your office (you have to get out into the world, talk to people, and find them)!
Conduct 100s of interviews to learn who your customer is, what they need, what you can do about it.
