Fail Fast or Win Big: The Start-Up Plan for Starting Now
Entrepreneurs have long been taught that to be successful, they need to spend months perfecting a business plan and finding investors before they can finally launch their business. But with the marketplace changing at lightning speed, this notion is not only outdated--it's costly. There's no point to building a business in a bubble. Today's entrepreneurs must embrace the idea of "failing fast." They need to connect with real customers and determine quickly whether their idea is worth pursuing, needs new direction, or should be abandoned altogether. "Fail Fast or Win Big "shows entrepreneurs how to: Create a rapid prototype of their product or service - Develop a business model instead of a business plan - Test it repeatedly with customers so they can spot failure early - Continue to refine the model based on customer interactions - Leverage their network and resources in order to run lean The longer it takes to launch a company, the more changes there will have been in the market place. Featuring real-life examples of entrepreneurs who set out to fail fast and ended up winning big, this ground breaking guide reveals how the right kind of risk can really pay off.
about, so there is always growing customer demand for a good period of time, usually about 24 months. He does not even have his own website. Adam sells everything on other online platforms and outsources the operations and shipping as well. He runs the entire business out of his condominium, and uses university student interns to assist him. Talk about running a LeanModel Framework business! But Adam has created this business over time to do two things: First, to provide him with an
transaction as you would expect to be treated by a bank. That means writing down and signing the terms of the agreement, after making sure everyone understands them. Insist on paying market rates for commercial loans, since the Internal Revenue Service has some specific rules related to gifts. • Repayments tied to your cash flow. Since you don’t really know when you will generate cash flow, try to avoid obligations with fixed repayment schedules. With cash flow obligations, investors receive a
designed to reward individuals and teams who provide a “quantity” of ideas, not the best idea. That’s when they open up and throw out all kinds of suggestions, and they begin to collaborate with no fear of being shamed. Guess what? The solutions they come up with are amazing. FEAR OF FAILURE, SO WHAT? Why do I bring up fear here in a chapter on rapid prototyping? Because most people fear failure and therefore they move too slowly when they should be creating a rapid prototype of their product
scenario: When trends cross target customers and industry in the same marketplace. ENTREPRENEUR INSIGHT Sometimes there is a price to be paid for not seeing trends correctly. In early 1997, our marketing agency was in the middle of “blowing” up Amazon.com via the perfect intersection, albeit early, of customers, industry, and a trend called e-commerce. I attended a major book publishing trade show event to get a better understanding of how traditional competitors were looking at this new online
least enjoy the ride. MENTORS REALLY DO MATTER I did not have a mentor in my early days, when I was between 15 and 27 years of age. And I really don’t have a mentor today. I just have really good people who I trust and who I go to for advice. But from the time I was 27 through about 45 years of age, three mentors propelled me toward the career I could only dream about in my youth. Their impact was everything on my life. They managed me, advised me, counseled me, praised me, and pushed me.