What is entrepreneurship?
Richard Cantillon, a French economist, originally defined entrepreneurship in 1755 as “self employment with an uncertain return.” Entrepreneurs work independently or as part of a corporation, to develop a product, process, market, or technology into a usable form that’s commercially viable in the marketplace. Entrepreneurs, by definition, chafe at confinement and regimentation.
What is intrapreneurship?
This refers to entrepreneurial efforts inside existing companies ("intrepreneurship") aimed at exploiting new markets or new products, or both, that are eventually treated as new businesses by existing organizations. These venturing efforts may or may not lead to the formation of new units that are distinct from the existing business (e.g., a new company or a new division).
What happens to defeat entrepreneurship in larger companies?
- Success leads to stagnation.
Of the ten leaders in vacuum tubes in 1955, only two were left in 1975. Some failed because of a decision not to invest in the new technology. Others invested, but picked the wrong technology. Still other companies failed because of their inability to play two games at once: to be both effective defenders of what quickly became old technologies and effective attackers with new technologies. Firms like Intel and Motorola were not saddled with internal conflict and inertia, and as they grew, they were able to re-create themselves. Firms like RCA were unable to manage these multiple technological approaches; they were trapped by their successful pasts.
- Large organizations find it difficult to successfully make small investments.
At one firm, it was impossible to invest $20K to automate a simple routine process although the manager could sign off on $20K in overtime for a single weekend. Investments had to be of the order of a million dollars or more just to be considered.
- The company’s culture has a predominantly inward focus.
There are extensive procedures for resolving issues through consensus. There’s an arrogance bred by previous success. There’s a sense of entitlement on the part of some employees to guaranteed jobs without a quid pro quo. There’s a preoccupation with internal procedures rather than an understanding of the changing external marketplace.
The typical intrepreneurial process has four phases:
The Solo Phase, where the intrepreneur works alone to develop an entrepreneurial idea.
The Network Phase, where the intrepreneur shares the idea with close friends and trusted customers.
The Bootleg Phase, where an informal team develops and provides support to the new venture while the intrepreneur takes on the responsibilities of leadership.
The Formal Product Phase, where the new venture becomes a formal, official organizational entity and must deal with the parent organization’s regular policies and practices.
You design organizations that encourage this kind of innovation by creating a culture where employees have a sense of security and a sense of possibility. To get innovation, you must allow freedom to experiment. However, to get good financial results, you must have a high degree of control. This culture is fostered by having internally inconsistent competencies, structures and cultures that can coexist, yet share a single vision.
As I've mentioned before, the characteristics of creative organizations are:
• Open channels of communication.
• Not run as a tight ship.
• Wide-ranging perspectives.
• Idea-generating units freed from other responsibilities.
• Investment in basic research.
• Risk-taking philosophy.
• Stable, secure internal environment.
Wednesday, February 4, 2009
Tuesday, February 3, 2009
Causes of problems in product development.
Problems in the product development process are often related to:
- Bad linkages across functional structures.
- Unclear business strategy.
- Inadequate marketing information.
- Unclear responsibility for decision making.
- Incomplete membership in the product development team.
- Inability to achieve cross-functional convergence.
- Consideration of divergent viewpoints is cut short too soon.
- Inadequate product ownership.
- Structures and systems are unclear between divisions.
- Data isn’t used or integrated into decision making.
- Culture is conflict adverse.
- An R & D perspective predominates.
- Third party relationships are poorly managed.
- Culture has a “home run” mentality.
- Poor management of evolving expectations.
- Costs of entering a new business are miscalculated.
- Poor boundary management.
- People lack a sense of reward for meeting the overall objective.
- Prevailing concern is only with time to market.
- Convergence is forced.
- The role of “product champion” precludes objectivity.
- Constraints on promoting new market products.
- There’s a lack of cross-functional trust and respect.
- The functional areas own the objectives.
- Knee-jerk problem solving.
- Problem-centric culture is highly rewarded.
- Assumptions on market readiness are incorrect.
Typical dilemmas in high-tech companies include:
“I don’t really know how / when a product development project gets officially sanctioned .”
“We got a request for an additional feature on a project at pre-pilot” (usually because engineering wanted to introduce a new feature they felt could easily be incorporated into the current design).
“I don’t know how long it takes us to develop products - we never measure it.”
“Marketing won’t define the product.” - Technology departments.
“Engineering want us to design the product for them.” – Marketing department.
- Bad linkages across functional structures.
- Unclear business strategy.
- Inadequate marketing information.
- Unclear responsibility for decision making.
- Incomplete membership in the product development team.
- Inability to achieve cross-functional convergence.
- Consideration of divergent viewpoints is cut short too soon.
- Inadequate product ownership.
- Structures and systems are unclear between divisions.
- Data isn’t used or integrated into decision making.
- Culture is conflict adverse.
- An R & D perspective predominates.
- Third party relationships are poorly managed.
- Culture has a “home run” mentality.
- Poor management of evolving expectations.
- Costs of entering a new business are miscalculated.
- Poor boundary management.
- People lack a sense of reward for meeting the overall objective.
- Prevailing concern is only with time to market.
- Convergence is forced.
- The role of “product champion” precludes objectivity.
- Constraints on promoting new market products.
- There’s a lack of cross-functional trust and respect.
- The functional areas own the objectives.
- Knee-jerk problem solving.
- Problem-centric culture is highly rewarded.
- Assumptions on market readiness are incorrect.
Typical dilemmas in high-tech companies include:
“I don’t really know how / when a product development project gets officially sanctioned .”
“We got a request for an additional feature on a project at pre-pilot” (usually because engineering wanted to introduce a new feature they felt could easily be incorporated into the current design).
“I don’t know how long it takes us to develop products - we never measure it.”
“Marketing won’t define the product.” - Technology departments.
“Engineering want us to design the product for them.” – Marketing department.
Monday, February 2, 2009
Organizing the product development process.
High-performing processes today are low-cost, flexible, accurate and fast. They must also be simple because complexity is a breeding ground for errors, delays, high costs and inflexibility. Simple processes must be organized around big work assignments since piecing many little jobs together creates non-value-adding overhead. These big jobs must be assigned to professionals who know how the process works, who understand the business as a whole, who are free to make decisions, and who can work without traditional supervision. As a result, favorite themes in successful new technology companies are connectivity, mobility and interactivity. World-class companies excel in managing concepts, competence, connections and human capabilities.
An effective product development process has:
- divergent phases when different perspectives and opinions are surfaced and explored, and
- convergent phases that involve understanding and agreeing on shared frameworks.
If there isn’t enough convergence and divergence on the front end, then the process takes longer and problems and variations are generated at the back end. To properly control this, project managers need to be skilled in dealing with conflict and able to manage disagreement in a positive way. In addition, key players need to have strong agreement about operating norms and practices from the very beginning of their involvement. Problems and variation are also caused by the organizational context of the product development team - for example when managers are constantly pulling people in and out of projects, or changing the direction and priority of the development effort.
It’s important to put a clearly defined boundary around the product development process. If product development is a project management exercise with overlays from the functional organizations, then it’s essentially a vertical system trying to do horizontal coordinating work.
An increasing number of successful companies are organized around functionality and customer needs instead of around products and functions. They’ve created a horizontal or lateral cross-functional organization for maximum product effectiveness. Wherever people are located in the value chain, they know who they’re linked to and have cooperative agreements with them. Companies invariably end up with strategic alignment problems when there’s not enough lateral teaming up through the hierarchy. The challenge is to develop a process that puts senior managers, who hold the resources, in touch with employees lower down in the organization, who although they know the technology and the customers best, are typically disenfranchised from the strategy process. These parties need to have deep discussions together about opportunity and destiny, unencumbered by the conservatism and lack of expertise of those in between.
Sprinting to market with a next-generation product is more like a rugby match than a relay race. Start with a one-page product description. As soon as top management approves it, set up teams in engineering, marketing and manufacturing, no more than ten people in all. Think of a multidisciplinary team that stays on the project from start to finish, passing the ball back and forth as they move down the field together toward product launch. Designers start work before feasibility testing is finished. Manufacturing and marketing begin gearing up well before the design is completed. These different contributors work together under a program manager. Team members need to be technically excellent, have good interpersonal skills and have a broad enough perspective to be able to understand what others have to say. Reviewing the evolving design regularly saves expensive changes late in the game. However, too many reviews waste time, so the team needs to operate with autonomy. As long as they’re within a pre-agreed range of costs, time and performance characteristics, they should be free to make their own trade-offs without checking in with senior management.
Business units are then organized around the following learning cycle:
• Business portfolio planning - “Do we invest resources to proceed further?”
• Product generation and definition - “Do we invest resources to develop it?”
• Order fulfillment - “Can we make it?”
• Product support process - “Is it a go - or a no-go?”
• Customer experiences the product and comments favorably
• Mature production - “Does it consistently meet specs?”
An effective product development process has:
- divergent phases when different perspectives and opinions are surfaced and explored, and
- convergent phases that involve understanding and agreeing on shared frameworks.
If there isn’t enough convergence and divergence on the front end, then the process takes longer and problems and variations are generated at the back end. To properly control this, project managers need to be skilled in dealing with conflict and able to manage disagreement in a positive way. In addition, key players need to have strong agreement about operating norms and practices from the very beginning of their involvement. Problems and variation are also caused by the organizational context of the product development team - for example when managers are constantly pulling people in and out of projects, or changing the direction and priority of the development effort.
It’s important to put a clearly defined boundary around the product development process. If product development is a project management exercise with overlays from the functional organizations, then it’s essentially a vertical system trying to do horizontal coordinating work.
An increasing number of successful companies are organized around functionality and customer needs instead of around products and functions. They’ve created a horizontal or lateral cross-functional organization for maximum product effectiveness. Wherever people are located in the value chain, they know who they’re linked to and have cooperative agreements with them. Companies invariably end up with strategic alignment problems when there’s not enough lateral teaming up through the hierarchy. The challenge is to develop a process that puts senior managers, who hold the resources, in touch with employees lower down in the organization, who although they know the technology and the customers best, are typically disenfranchised from the strategy process. These parties need to have deep discussions together about opportunity and destiny, unencumbered by the conservatism and lack of expertise of those in between.
Sprinting to market with a next-generation product is more like a rugby match than a relay race. Start with a one-page product description. As soon as top management approves it, set up teams in engineering, marketing and manufacturing, no more than ten people in all. Think of a multidisciplinary team that stays on the project from start to finish, passing the ball back and forth as they move down the field together toward product launch. Designers start work before feasibility testing is finished. Manufacturing and marketing begin gearing up well before the design is completed. These different contributors work together under a program manager. Team members need to be technically excellent, have good interpersonal skills and have a broad enough perspective to be able to understand what others have to say. Reviewing the evolving design regularly saves expensive changes late in the game. However, too many reviews waste time, so the team needs to operate with autonomy. As long as they’re within a pre-agreed range of costs, time and performance characteristics, they should be free to make their own trade-offs without checking in with senior management.
Business units are then organized around the following learning cycle:
• Business portfolio planning - “Do we invest resources to proceed further?”
• Product generation and definition - “Do we invest resources to develop it?”
• Order fulfillment - “Can we make it?”
• Product support process - “Is it a go - or a no-go?”
• Customer experiences the product and comments favorably
• Mature production - “Does it consistently meet specs?”
Friday, January 30, 2009
On the Road, a poem by John Updike.
Novelist, critic, short story writer, poet, essayist, and dramatist, John Updike (1932 – 2009) who died this week, earned virtually every American literary award available during his lifetime. He first aspired to be either an animator for Walt Disney or a magazine cartoonist. But a sense of narrative was nurtured by summer work in high school as a copyboy for a local newspaper, The Reading Eagle, for which he wrote several feature articles. Graduating from Harvard in 1954, summa cum laude, he won a Knox Fellowship at the Ruskin School of Drawing and Fine Arts in Oxford. In June of that year, he had a short story and a poem accepted by The New Yorker, an event, he later said, that remained “the ecstatic breakthrough of my literary life.”
It’s lovely to see a poem describe something with such few words by someone who used so many millions of them in his other works. “I would write ads for deodorants or labels for catsup bottles, if I had to,” he told The Paris Review in 1967. “The miracle of turning inklings into thoughts and thoughts into words and words into metal and print and ink never palls for me.”
On the Road by John Updike
Those dutiful dogtrots down airport corridors
while gnawing at a Dunkin' Donuts cruller,
those hotel rooms where the TV remote
waits by the bed like a suicide pistol,
those hours in the air amid white shirts
whose wearers sleep-read through thick staid thrillers,
those breakfast buffets in prairie Marriotts —
such venues of transit grow dearer than home.
The tricycle in the hall, the wife's hasty kiss,
the dripping faucet and uncut lawn — this is life?
No, vita thrives via the road, in the laptop
whose silky screen shimmers like a dark queen's mirror,
in the polished shoe that signifies killer intent,
and in the solitary mission, a bumpy glide
down through the cloud cover to a single runway
at whose end a man just like you guards the Grail.
It’s lovely to see a poem describe something with such few words by someone who used so many millions of them in his other works. “I would write ads for deodorants or labels for catsup bottles, if I had to,” he told The Paris Review in 1967. “The miracle of turning inklings into thoughts and thoughts into words and words into metal and print and ink never palls for me.”
On the Road by John Updike
Those dutiful dogtrots down airport corridors
while gnawing at a Dunkin' Donuts cruller,
those hotel rooms where the TV remote
waits by the bed like a suicide pistol,
those hours in the air amid white shirts
whose wearers sleep-read through thick staid thrillers,
those breakfast buffets in prairie Marriotts —
such venues of transit grow dearer than home.
The tricycle in the hall, the wife's hasty kiss,
the dripping faucet and uncut lawn — this is life?
No, vita thrives via the road, in the laptop
whose silky screen shimmers like a dark queen's mirror,
in the polished shoe that signifies killer intent,
and in the solitary mission, a bumpy glide
down through the cloud cover to a single runway
at whose end a man just like you guards the Grail.
Thursday, January 29, 2009
How to recognize a "good" product.
How do you recognize a “good” product?
• A “good” product helps the company get known and accepted in the marketplace so it can move up the food chain later on. Netscape’s web browser is an example.
• A good product gives customers the capability to do more than they need to do at the moment. Delivering more value than customers expect creates product loyalty and increases the chances of creating a truly “hot” product.
• A good product ensures that the company is first to market with something that boosts distinctiveness was well as improving functionality.
• A good product incorporates correct assumptions about market readiness. Set realistic goals - don’t make the product a loser by aiming for unreasonably high sales.
• A good product reduces the ease with which competitors can copy the innovation.
• A good product neutralizes a competitor’s advantage.
• A good product supports a price premium.
• A good product grows in revenue by at least XX % a year.
• A good product has a return on equity greater than XX %.
• A good product exploits the company’s core technologies.
• A good product is faster ... cheaper ... closer ... friendlier. As Loretta Lynn says, “You have to be first, better or different.”
• A good product leverages your business partner’s capabilities.
• A good product contributes to your customers' success.
• A good product builds market share quickly.
• A good product creates a new platform of capability by using cross-functional processes for competitive advantage.
Rubbermaid asks these three questions:
- Who is your customer?
- What relevant service are you providing for them?
- Which of our business strategies are you satisfying?
• A “good” product helps the company get known and accepted in the marketplace so it can move up the food chain later on. Netscape’s web browser is an example.
• A good product gives customers the capability to do more than they need to do at the moment. Delivering more value than customers expect creates product loyalty and increases the chances of creating a truly “hot” product.
• A good product ensures that the company is first to market with something that boosts distinctiveness was well as improving functionality.
• A good product incorporates correct assumptions about market readiness. Set realistic goals - don’t make the product a loser by aiming for unreasonably high sales.
• A good product reduces the ease with which competitors can copy the innovation.
• A good product neutralizes a competitor’s advantage.
• A good product supports a price premium.
• A good product grows in revenue by at least XX % a year.
• A good product has a return on equity greater than XX %.
• A good product exploits the company’s core technologies.
• A good product is faster ... cheaper ... closer ... friendlier. As Loretta Lynn says, “You have to be first, better or different.”
• A good product leverages your business partner’s capabilities.
• A good product contributes to your customers' success.
• A good product builds market share quickly.
• A good product creates a new platform of capability by using cross-functional processes for competitive advantage.
Rubbermaid asks these three questions:
- Who is your customer?
- What relevant service are you providing for them?
- Which of our business strategies are you satisfying?
Wednesday, January 28, 2009
Best Practices for New Product Development.
1) Plan for "right-to-market" v/s "speed-to-market."
Although being among the first to introduce a new product or extension of an existing product is an important goal, creating a product that will satisfy customers should be a higher priority. Companies can often have greater success entering a market late, but with a better product. The Thermos Electric Grill and IBM's ThinkPad notebook computers are good examples.
2) Focus innovation on product elements that are "visible and valuable."
IBM ThinkPad developers looked at all available technologies that would give their product more value for the customer, whether these were invented by IBM or not. Technological innovation should only be used to develop product features that the customer will be aware of and find valuable. Digital speedometers, for example, were soon abandoned by auto manufacturers when they found customers weren't aware of them and didn't think they added value.
3) Get physical fast.
Rapid prototyping to create tangible product models in the early stages of development allows engineers, designers and customers to learn more about a product's use by interacting with it, even if it’s just a physical mock-up, and to observe how customers use the product in the their own environment.
4) Have total team involvement in marketing research.
When it comes to researching customer requirements, it's better to have too much data than too little. In addition to surveys, quality function deployment methods and focus groups, the IBM ThinkPad team formed industry and customer advisory councils, and had "Customer Call Days" where members of the development team called customers directly to discuss the product.
5) Go beyond traditional market research.
Customers want it all. If you ask if they’re interested in a specific feature, they’ll invariably say "Yes." The Hewlett-Packard Digital Multimeter team asked customers if they had to choose from a list, which features would they keep. This "forced pain" questioning adds quality to quantitative data.
6) Have a complete model of customer needs.
The $APPEALS model introduced by Peter Marks in Defining Great Products, includes Cost, Availability, Packaging, Performance, Ease-of-use, Assurances, Life-cycle costs, and Sanctions (or social influences). This format offers a good starting point to understand customer's buying behavior as well as other factors that influence competitiveness.
7) Think "total product."
A customer's relationship with a company doesn’t end with the sale, but continues through service, upgrades and maintenance. It’s more economical to sell more to existing customers than it is to find new customers.
8) Ease-of-use opens new markets.
"Human factors" design can make a product more accessible. The less specialty knowledge required to use a product, the larger the potential market.
9) Understand the science of your product.
Defining a product's specifications means understand its physical and technological limitations. Knowing the trade-offs of the science and technology up-front can make the path of product definition clearer.
10) Choose your team carefully, then make them accountable.
Make sure the functions represented on your team are appropriate to the project. The JBL Sound Effects team had a seat reserved at every team meeting to represent the customer. Even when that seat remained empty, it still left a physical reminder for the rest of the team to keep the customer in perspective.
Although being among the first to introduce a new product or extension of an existing product is an important goal, creating a product that will satisfy customers should be a higher priority. Companies can often have greater success entering a market late, but with a better product. The Thermos Electric Grill and IBM's ThinkPad notebook computers are good examples.
2) Focus innovation on product elements that are "visible and valuable."
IBM ThinkPad developers looked at all available technologies that would give their product more value for the customer, whether these were invented by IBM or not. Technological innovation should only be used to develop product features that the customer will be aware of and find valuable. Digital speedometers, for example, were soon abandoned by auto manufacturers when they found customers weren't aware of them and didn't think they added value.
3) Get physical fast.
Rapid prototyping to create tangible product models in the early stages of development allows engineers, designers and customers to learn more about a product's use by interacting with it, even if it’s just a physical mock-up, and to observe how customers use the product in the their own environment.
4) Have total team involvement in marketing research.
When it comes to researching customer requirements, it's better to have too much data than too little. In addition to surveys, quality function deployment methods and focus groups, the IBM ThinkPad team formed industry and customer advisory councils, and had "Customer Call Days" where members of the development team called customers directly to discuss the product.
5) Go beyond traditional market research.
Customers want it all. If you ask if they’re interested in a specific feature, they’ll invariably say "Yes." The Hewlett-Packard Digital Multimeter team asked customers if they had to choose from a list, which features would they keep. This "forced pain" questioning adds quality to quantitative data.
6) Have a complete model of customer needs.
The $APPEALS model introduced by Peter Marks in Defining Great Products, includes Cost, Availability, Packaging, Performance, Ease-of-use, Assurances, Life-cycle costs, and Sanctions (or social influences). This format offers a good starting point to understand customer's buying behavior as well as other factors that influence competitiveness.
7) Think "total product."
A customer's relationship with a company doesn’t end with the sale, but continues through service, upgrades and maintenance. It’s more economical to sell more to existing customers than it is to find new customers.
8) Ease-of-use opens new markets.
"Human factors" design can make a product more accessible. The less specialty knowledge required to use a product, the larger the potential market.
9) Understand the science of your product.
Defining a product's specifications means understand its physical and technological limitations. Knowing the trade-offs of the science and technology up-front can make the path of product definition clearer.
10) Choose your team carefully, then make them accountable.
Make sure the functions represented on your team are appropriate to the project. The JBL Sound Effects team had a seat reserved at every team meeting to represent the customer. Even when that seat remained empty, it still left a physical reminder for the rest of the team to keep the customer in perspective.
Tuesday, January 27, 2009
Planning for breakthrough products.
Breakthrough products are rare and consume unpredictable amounts of time and money - “they take what they take.” The most frustrating cases, which are often the most important ones, are next-generation core products (like the Ford Taurus) which are true advances and whose success is central to a company’s fortunes. Introducing frequent small improvements based on customers’ reactions is less risky than taking one great leap forward based on the prognostications of market researchers. That way, new products are a series of little pops, not big bangs. Variations on existing products are predictable enough that phased development works, especially for companies that dominate mature markets. H-P believed it could grow incrementally by integrating its test, measurement and computer capabilities to provide unique offerings (information appliances such as hand-held gas chromatographs, for example) for customers building complex networks. Innovations that depend on technical platforms or infrastructure that others lack provide a sustainable source of competitive advantage. Little advantage comes from just developing clever technical applications.
Faster product development comes from pausing to plan basic technologies. Technology planning keeps developers from chasing technical sophistication that only engineers can appreciate. In most new products, only 20% of the design brings added value. It’s important to establish checkpoints for a technology’s readiness and robustness before letting the designers use it. Think about successors to new products as well as the products themselves. If you don’t plan new generations early, you end up looking at your competitors’ innovations saying, “I wish we’d done that.” Trying to recover quickly by adding features that you didn't initially think results in an expensive, unreliable, untimely (late) product.
Experience suggests that successful marketing strategies emerge from identifying multiple niches, focusing on just one niche and doing very well there, then leveraging this success into other segments. As a company increases its volume through success in other segments, it can re-define the market in terms of its product or service. When Peoplesoft started out, for example, prior to merging with J.D.Edwards and being being acquired by Oracle, it knew it couldn’t compete against much larger software companies. So it concentrated on creating a client-server capability for HR applications and won 70% of that market segment, thus becoming the industry leader. This enabled it in time to move into other segments, such as finance. It now provides Human resource management systems (HRMS), customer relationship management, Manufacturing, Financials, Enterprise Performance Management, and Student Admin. software solutions to large corporations, governments, and organizations.
The difference between a new product idea and a business revolves around the question of how are you going to make that first sale.
- Find people with pain.
- Define that pain.
- Then define the market size.
Alternatively,
- Find industries in pain.
- Find the people in those industries who feel that pain.
- Then get a Beta customer, someone who says, “Yes, I think I could use that.”
Faster product development comes from pausing to plan basic technologies. Technology planning keeps developers from chasing technical sophistication that only engineers can appreciate. In most new products, only 20% of the design brings added value. It’s important to establish checkpoints for a technology’s readiness and robustness before letting the designers use it. Think about successors to new products as well as the products themselves. If you don’t plan new generations early, you end up looking at your competitors’ innovations saying, “I wish we’d done that.” Trying to recover quickly by adding features that you didn't initially think results in an expensive, unreliable, untimely (late) product.
Experience suggests that successful marketing strategies emerge from identifying multiple niches, focusing on just one niche and doing very well there, then leveraging this success into other segments. As a company increases its volume through success in other segments, it can re-define the market in terms of its product or service. When Peoplesoft started out, for example, prior to merging with J.D.Edwards and being being acquired by Oracle, it knew it couldn’t compete against much larger software companies. So it concentrated on creating a client-server capability for HR applications and won 70% of that market segment, thus becoming the industry leader. This enabled it in time to move into other segments, such as finance. It now provides Human resource management systems (HRMS), customer relationship management, Manufacturing, Financials, Enterprise Performance Management, and Student Admin. software solutions to large corporations, governments, and organizations.
The difference between a new product idea and a business revolves around the question of how are you going to make that first sale.
- Find people with pain.
- Define that pain.
- Then define the market size.
Alternatively,
- Find industries in pain.
- Find the people in those industries who feel that pain.
- Then get a Beta customer, someone who says, “Yes, I think I could use that.”
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