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24 Steps of the eBook
4.Beachhead total addressable market (TAM)
6.Life cycle use case
7.High-level product specifications
8.Quality value proposition
9.Next 10 customers
10.Define your core
11.Chart competitive position
12.Determine the decision-making unit
13.Map customer acquisition process
14.Follow on TAM
15.Design business model
17.Lifetime value (LTV)
18.Map sales process
19.Cost of customer acquisition(coca)
20.Identify key assumptions
21.Test key assumptions
22.Define Minimum viable business product (MVBP)
23.Show “the dog will eat their own dog food”
24.Develop a product plan
Classification of these 24 steps
These 24 steps are classified into 3 different parts:
1.Customer understanding: the first few chapters of this eBook revolve around customer understanding.
2.Product/solution/service: Once you understand the customer, you will be able to figure out if
your product, solution or service is able to solve the burning problem of the customer.
3.Strategy: When you have understood your customer and have launched the product, it is the time for strategy. You make some assumptions, business plan, and calculate the cost of business acquisition.
Remember, customer, are given a lot of focus because entrepreneurs get too passionate and assume that whatever they are doing is right. So, they have so much assumptions and hunch, which is a strong internal voice that says whatever you are doing is right. And suddenly, when they go to the market, they fail because they are not prepared as they don’t understand the competition and market dynamics.
Later you spend a lot of money and face many failures. You get successful after all this. But you need to take care that you should watch these 24 chapter around these 3 sections.
Ways to do a startup
1.Passion: Some people are passionate and they believe that they can build a company of Rs 500 crore.
2.Technology: Some people can make a technology that becomes intellectual property. They also believe that even if they are unable to form a big organization, they can sell the technology to someone.
3.Idea: Some people have a very strong idea and they can create a big company by hiring the people of technology and marketing.
You should start a startup when your idea and strategy is strong and you also have the knowledge of technology.
Steps to move from passion to idea and technology
1.Knowledge: Deep knowledge of a subject
3.Network: the people you know and are going to support you when you start a startup.
4.Financial assets: As it is said that 95% of the startups fail in the 3 years of execution, it happens because of the lack of finances.
5.Established brand: You need to check whether you already have an established brand or you have something on which you can build something. The brand can also be of your co-founder or you can partner with someone who has a big-brand. In such a case, you have an added advantage.
6.Past work experience
7.Commitment: you need to check how much you are committed towards your idea or technology.
8.Find a founding team: Startup is not a lonely journey and therefore, you will have to find a founding team. There are many individuals who are founders on their own but they set-up a very strong management team.
The future of India is in your hands so create it as this is your moment.