30 Second Entrepreneur: Strategy Hacks To Minimize Your Risk
It’s about satisfying a customer need, not just you thinking, ‘what a great idea!’
You cannot build a startup on top of an idea. Ideas are shaky ground; they are ephemeral, mutable and evolving. Ideas have to keep up with their environment. They are subject to opinion. They can be brilliant or uninspired. Ideas change with the wind; when the time comes to edit your idea, you will have a lot of rebuilding to do.
Now imagine a startup built on a foundation of customer need. Needs have a longer shelf life than ideas. Needs can be objectively measured; you can put a container around needs. You can hunt for needs that are crying out for solutions. A startup built on needs can have many ideas, the ideas can come and go, and you can measure the worth of an idea by how it fits your foundation.
So, be the best at understanding the architecture of needs. Build accordingly.
Assumptions often masquerade as facts. Do not skip over validating your assumptions in the wild.
Whenever we make a plan or a decision for our startup we also make an assumption. Some of our assumptions feel so obvious and close to us, they blend into the background of our everyday business. But these are the unseen risks and unspoken decisions that have real, measurable consequences on our future success.
Startups should always validate their assumptions–it’s the key to minimizing risk and avoiding failure. But most people need to start here: what assumptions have you made already? How can you be more conscious of the assumptions you make in the future?
Look under the hood. Understand all the moving parts so you can measure, test, and play with them.
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