This is the most early step you can take in your entrepreneurial career. It will fundamentally change the way you think about yourself, customers and products. It will save you from making expensive product development mistakes and becoming part of the 90% of startups and 50% of small businesses that fail every year.
To build a profitable business you have to be the right type of entrepreneur. You'll be reminded or taught for the first time how to align your personal purpose with a customer need. Ensure that you're focused on your customers needs instead of you own and how to practice customer empathy to generate product and business insights.
The voice of your customer is the secret to building the right product. We'll help you define the business you want to create and show you how to validate it with paying customers. Through the process of designing value propositions, calling customers and selling them on the value you can deliver, you'll unlock what product you should start developing.
As you discover the value customers will pay you to deliver we'll teach you how to analyze the market opportunity and determine if there are enough customers to build a profitable business. Using our 4 step iterative framework you'll reduce the time it takes to find and focus on a group of customers you can efficiently market and sell to.
Discover where your personal purpose intersects with a customer job.
Great product ideas stem from an entrepreneur personal purpose aligning with what customers are trying to get done. Exercise: personal purpose to customer job mapping.
Commit to being a customer focused entrepreneur.
There’s just one mistake that kills businesses: not making something users want. Exercise: founder EQ assessment.
Learn how to listen to your customers.
If you aren't a good listener you'll never discover what customers want from your business. Exercise: customer empathy test.
Define the value you want your business to create for customers.
At some point you have to draw a line in the sand and state what business you want to create. Exercise: value proposition equation design.
Test the value customers want your business to create.
Once you've stated the value you want to create you need to start testing to validate your assumptions. Exercise: customer consults.
Validate a primary value proposition for your business.
Overtime you'll validate which value proposition best articulates why customers will buy and at that point it needs to become the focal point of your business . Exercise: customer consult results analysis.
Validate a beachhead market of customers.
You must make sure there will be enough customers to buy from your business to become profitable. Exercise: beachhead marketing design.
Focus on your beachhead market of customers.
Customers from outside your beachhead market will buy from you which can break your focus and limit growth. Exercise: beachhead market analysis.
Validate a sustainable business model.
You should have a simple articulation of your business model that everyone in your startup understands. Exercise: business model canvas.
Step 10 - Stop building a business that won’t be profitable.
If the data is telling you there isn't a profitable business to be built...you have to know when to stop or pivot. Exercise: financial modeling.
Introduction to StartupRunner Growth Marketing Accelerator
If you successfully put into practice the framework and tools you learn during the bootcamp, StartupRunner's Growth Marketing Accelerator will your next step. Exercise: accelerator readiness test.
DERICK THOMPSON is an entrepreneur, management consultant and investor. He founded StartupRunner to help management teams optimize their company for profitability using startup strategies, technologies and frameworks. He is author of the book Build a Profitable Business. Derick has founded a number of other companies including DailyDigital and BizHive.com, where he lead product development and marketing. He has advised on business, marketing and product strategy for startups, venture capital firms, and large companies, including Sprint and Dow Jones. Derick is an angel investor with the Central Texas Angel Network, and manages StartupRunner's portfolio of startup investments.
Dynamic and creative professional with 17+ years of experience in systems engineering, enterprise architecture, design and development, software project management, object-oriented design, and data/information modeling, working with the latest system development technologies and methodologies Extensive experience as a technical team leader and software project manager for teams of sizes 2-20 developers; have lead and participated in the architecting, designing, developing, and launch of many small, medium, and large scale applications; substantial experience interacting with clients;