#wateronfire

Here’s a summary of the most important lessons that we learned on Session 2:

How to prepare an elevator pitch and the importance of it;

How to prepare a Business Model Canvas, which aspects to look to first and importance of each ‘piece’ to the whole ‘puzzle’. Which are the riskier parts of the Business Model Canvas;

Lack of customers is one of the main reasons for start-ups to fail. Importance of discovering, validating and creating customers prior to business development.

Sometimes customer discovery and validation implies changing the Business Model. Meaning of hypothesis;

How to define, prioritize and test hypothesis (Validation Process Cycle);

Customers are important not only as end players (purchasing the product) but also as first players, by giving relevant informations about their needs and so helping improving your product.Applying changes to the Business Model doesn’t take much time and costs and it’s something that must be done if some of the hypothesis are not validated.It’s better to focus on fewer specific customer segments during the initial phase of your business

From the very good and efficient team work within and after class I am confident “To have a good team is more important than the idea”

How to explain your idea in 1 sentence (elevator pitch) and why is this important?

How to design a business model? The Canvas approach adds value by giving a good structure to explain your business^

This approach also allows to identify parts of the business model that are more risky to fail

Next to a business model a successful startup needs to have a market/customers. We need to understand who potential customers are and test (hypothesis testing) whether their behaviour/preferences allow to implement a successful business model. Then we can market and sell and further build the company

Within the customer development process we specifically focused on understanding how to perform hypothesis validation/testing

Today’s time allows for modern and cheap testing (KickStarter)