The Starting Points Of Your Startup
“You should keep moving forward, open new doors, and go down multiple paths” — Walt Disney
With the revolutionary method of Lean Startup , the customer seems to be the only starting point of a Startup. Why would you however, aspiring entrepreneurs, be limited by one approach? In the words of Walt Disney, “You should keep moving forward, open new doors, and go down multiple paths”. Experienced entrepreneurs are not limited to one approach but they are not always aware of it. Aspiring entrepreneurs have to think broadly. At a high level, there are four starting points of a startup : The Customer, the Technology , the Idea and the Resources.
The approach can be explained by defining a need of a specific customer and iterating the product to answer the need. After discussing with you, aspiring entrepreneur, there is one big problem of starting your journey with the customer. Your vision can be too narrow and can reflect only your personal life experience. For example, your student friend thought of the idea to create an app that enable user to find a parking space. Guess what, 10 000 + students have also thought about this idea. Think again.
A great example of this approach is the montreal-base V.C. firm TandemLaunch. The TandemLaunch model is based on selecting the top technology developed in the universities that has the potential to be a game changer. The firm then selects the top entrepreneur to commercialize the technology. The CEO of TandemLauch pointed out that their business model reduces the probability of failure of having the wrong market, technology and entrepreneur.
One great example of this approach is the starting point of Ford. If Henry Ford would have asked his potential customer about their need they would have said “I want a faster horse”. Be careful if you attempt this approach. You might think that your friend’s idea to locate corner store that holds your favorite beers is a game changing apps, but it’s not.
You want to start something in the tech industry, but you don’t know any engineers or programmers neither do you have money to hire one. However, one of your friend is a butcher and an other friend owns a grocery. How about starting a butchery instead? Sure it does not sound glamour, but the odds of succeeding are a lot greater if you start a butchery than if you start an app.