ENT 601 Chapter 3: An Introduction to Customer Discovery

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 601
• Professor: Steven Tissenbaum

Document Summary

A start-up begins with the vision of its founders: a vision of a new product or service that solves a (cid:272)usto(cid:373)e(cid:396)"s p(cid:396)o(cid:271)le(cid:373)s o(cid:396) (cid:374)eeds a(cid:374)d ho(cid:449) it (cid:449)ill (cid:396)ea(cid:272)h its (cid:373)a(cid:374)(cid:455) (cid:272)usto(cid:373)e(cid:396)s. Customer discovery lowers the odds of spending money and getting zero in return. Its goal is to tu(cid:396)(cid:374) the fou(cid:374)de(cid:396)s" i(cid:374)itial h(cid:455)potheses a(cid:271)out thei(cid:396) (cid:373)a(cid:396)ket a(cid:374)d (cid:272)usto(cid:373)e(cid:396)s i(cid:374)to fa(cid:272)ts: facts only exist outside the building, critical tasks have to be driven by the founders. It"s i(cid:373)po(cid:396)ta(cid:374)t to k(cid:374)o(cid:449) (cid:449)hat (cid:374)ot to do: Make a list of all features the customer want before. Ru(cid:374) fo(cid:272)us g(cid:396)oups a(cid:374)d test (cid:272)usto(cid:373)e(cid:396)s" (cid:396)ea(cid:272)tio(cid:374)s to (cid:455)ou(cid:396) p(cid:396)odu(cid:272)t to see if the(cid:455) (cid:449)ill buy: what you are going to do is develop your product for the few, not the many. In multi-sided markets, there could be many value propositions and multiple customer segments: problem/solution fit is only achieved when revenue model, pricing, and customer acquisition match up with the customers" (cid:374)eeds.