Build a Better Startup by Using the Napkin Rule
This powerful and simple tool will help you refine your business and clearly communicate its value to customers.
As an entrepreneur, one paper napkin can change your world.
In my college career of innovation and entrepreneurship, one lesson from Professor Wright continues to stand out amongst countless others from different instructors. With decades of entrepreneurial, investing, and startup experience under his belt, he taught us the one rule he applied above all else — and it is surprisingly simple.
This napkin rule can be applied to many aspects of business and investing. But for entrepreneurs, it is a particularly useful exercise that will pay dividends if you put in the effort.
Last month, I wrote an article for the publication about lessons in entrepreneurship from my great aunt’s hotdog stand. One of the key lessons is clearly communicating the value of what you have to offer to your customer as quickly as possible. The napkin rule builds on this idea to greater effect.
The rule is as simple as it is powerful. As described by Professor Wright: everything about your startup or business should fit on a paper napkin. That’s it. Grab a stack of regular paper napkins and a marker and…
