Why do so many start-ups fail? Entrepreneur and educator, Steve Blank, has developed a method called, the Lean Start-up, that sets the traditional launch of a business on its head. At Cogswell College we’re a big proponent of Mr. Blank’s method.
One of the key tactics he suggests is that start-up founders should actually ask their potential customers whether the proposed product or service is something they actually want. Seems logical but many start-up founders launch their companies based on their vision and not solid market research.
A second mistake that many entrepreneurs make is to create elaborate business plans and assume that the business plan tells them everything they need to know. Blank suggests that entrepreneurs get into more of an iteration and pivot mode.
This comprehensive write-up in the Harvard Business Review about Steve Blank’s method is a must-read for every entrepreneur.