Disciplined Entrepreneurship: 24 Steps to a Successful Startup

by Bill Aulet

IN THIS STEP, YOU WILL:

Create a visual representation of your product. Focus on the benefits of your product created by the features and not just the features.

We are already at Step 7 and only now beginning to outline what your product will look like.

Traditionalists would argue that this step is coming too late in the process, but if you start by defining the product rather than learning about your customer, your product will likely not connect with customer needs.

Even if you believe you know what the product should be, always start with the customer needs and work your way back. This way, you are tailoring your product to the specific beachhead market where you will be able to gain market share,

SUMMARY

Visually laying out your product will allow your team and your potential customers to converge around an understanding of what the product is and how it benefits customers.

Staying at a high level, without too many details or a physical prototype, allows for rapid revision without investing too much time and resources this early in the process of creating your new venture.

This is Dr. Aguirre's recommendation. What? I must read this. Then there is some benefit to keeping it high-level.

will prove extremely valuable going forward. A brochure with features, function, and benefits to the customer further clarifies your product offering and is a great complement to the pictures you create.

IN THIS STEP, YOU WILL:

Determine how the benefits of your product turn into value that the customer gets out of your product.

Calculate quantitative metrics (in most cases) to show this va...

“When you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it . . . your knowledge is of a meager and unsatisfactory kind.” —Lord Kelvin

Your Quantified Value Proposition converts the benefits your Persona gets from your product into a tangible metric that aligns with the Persona’s top priority,

In a simple view of the world, benefits fall into three categories: “better,” “faster,” and “

If the customer gives you detailed feedback, even if it is negative, it shows the customer cares about the problem you are trying to solve,

and that it is worth your time to iterate with them to create a good product.

What good does this process do? It keeps you cognizant of the long-term potential of your business as you begin to design your product and build capabilities. You will excite management, employees, and investors by showing that the business has the potential to be overwhelmingly successful.

However, it is very important that you do not let this broader market and subsequent TAM calculation distract you and your team from the beachhead market. The broader TAM calculation should galvanize the team to conquer the beachhead market first,