Quotes by Steve Blank - Page 3

For students to understand what the future of journalism is going to be, they're going to have to invent it. It's a big idea. We don't know what journalism is going to look like in the next three years, let alone the next 10 years.
Steve Blank / Entrepreneur
Ideas
Three
Years
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Market type determines the startup's customer feedback and acquisition activities and spending. It changes customer needs, adoption rates, product features, and positioning as well as its launch strategies, channels and activities.
Steve Blank / Entrepreneur
Acquisition
Adoption
Features
Feedback
Needs
Spending
Type
Activities
Changes
Channels
Customer
Determines
Launch
Market
Positioning
Product
Rates
Startup
Strategies
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Schools reward their students for a combination of intelligence, perseverance, and hard work - in the classroom and on the playing fields. But these metrics don't help kids understand that great grades are not a pass for a great life.
Steve Blank / Entrepreneur
Classroom
Combination
Fields
Grades
Hard Work
Perseverance
Reward
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The Value Proposition Canvas functions like a plug-in to the Business Model Canvas and zooms into the value proposition and customer segment to describe the interactions between customers and product more explicitly and in more detail.
Steve Blank / Entrepreneur
Canvas
Business Model
Customer
Describe
Detail
Explicitly
Model
Functions
Interactions
Product
Proposition
Segment
Value
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What's been missing from regions outside of Silicon Valley is a 'playbook.' In American football, a playbook contains a sports team's strategies and plays. It struck me that every region needs its own industry playbook on how to compete globally.
Steve Blank / Entrepreneur
American Football
Missing
Silicon
Silicon Valley
Sports Football Me
Compete
Contains
Region
Strategies
Struck
Valley
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Skunk works differed from advanced research groups in that they were more than just product development groups. They had direct interaction with customers and controlled a sales channel which allowed them to negotiate their own deals with customers.
Steve Blank / Entrepreneur
Customers
Deals
Development
Direct
Groups
Interaction
Research
Advanced
Allowed
Works
Channel
Negotiate
Product
Sales
Skunk
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The music and movie business has been consistently wrong in its claims that new platforms and channels would be the end of its businesses. In each case, the new technology produced a new market far larger than the impact it had on the existing market.
Steve Blank / Entrepreneur
Claims
Consistently
Movie Business
New Technology
Platforms
Business Technology Music
Channels
Existing
Business Music Technology
Produced
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Founders have continually struggled with and adapted the 'big business' tools, rules, and processes taught in business schools when startups failed to execute 'the plan,' never admitting to the entrepreneurs that no startup executes to its business plan.
Steve Blank / Entrepreneur
Adapted
Admitting
Big Business
Founders
Tools
Continually
Entrepreneurs
Failed
Execute
Struggled
Processes
Startup
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The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products.
Steve Blank / Entrepreneur
Canvas
Engineering
Minimum
Agile
Builds
Business Model
Customer
Efficiently
Frame
Hypotheses
Lean
Startup
Ventures
Viable
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All too often, a corporate innovation initiative starts and ends with a board meeting mandate to the CEO followed by a series of memos to the staff, with lots of posters and one-day workshops. This typically creates 'innovation theater' but very little innovation.
Steve Blank / Entrepreneur
Ceo
Corporate
Initiative
Posters
Series
Staff
Theater
Workshops
Lots
Board
Creates
Followed
Mandate
Meeting
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Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model.
Steve Blank / Entrepreneur
Adopting
Certainty
Decision
Finite
Resources
Speed
Time Good Business
Business Model
Discover
Fail
Model
Time Business Good
Startups
Therefore
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There's nothing wrong with a business that supports you and perhaps an extended family. But if you want to build a scalable startup, you need to be asking how you can you get enough customers/users/payers to build a business that can grow revenues past several $100M/year.
Steve Blank / Entrepreneur
Extended Family
Extended
Revenues
Startup
Supports
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You need to ask yourself, ‘Where do you want to work: startups, mid-size or large companies?’ If you find yourself debating the ‘startup versus large company’ choice you’ve already chosen the big company. Entrepreneurship isn’t a career choice it’s a passion and obsession.
Steve Blank / Entrepreneur
Careers
Choices
Passion
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Visionary CEOs don't need someone else to demo the company's key products for them. They deeply understand products, and they have their own coherent and consistent vision of where the industry/business models and customers are today, and where they need to take the company.
Steve Blank / Entrepreneur
Consistent
Models
Ceos
Coherent
Demo
Visionary
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Only by moving away from the comforts of your conference room to truly engage with and listen to your customers can you learn in depth about their problems, produce features to solve those problems, and learn what drives customers to recommend, approve, and purchase products.
Steve Blank / Entrepreneur
Depth
Features
Moving Away
Approve
Comforts
Conference
Drives
Purchase
Recommend
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You can get a good handle on a company's culture before you even get inside the building. For example, when companies say, 'We value our employees' but have reserved parking spots, a private cafeteria, and over-the-top offices for the executives, that tells you more than any PR spin.
Steve Blank / Entrepreneur
Executives
Handle
Over The Top
Parking
Reserved
Spots
Employees
For Example
Offices
Spin
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In the past, when venture-funded startups told their investors they'd found a profitable business model, the first thing VCs would do is to start looking for an 'operating exec' - usually an MBA who would act as the designated 'adult' and take over the transition from Search to Build.
Steve Blank / Entrepreneur
Investors
Profitable
Business Model
First Thing
In The Past
Search
Startups
The First Thing
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With clear definitions and a taxonomy that illustrates their relationships, the Inventure Cycle defines the pathway from inspiration to implementation. This framework captures the skills, attitudes, and actions that are necessary to foster innovation and to bring breakthrough ideas to the world.
Steve Blank / Entrepreneur
Breakthrough
Definitions
Implementation
Innovation
Actions
Attitudes
Captures
Cycle
Defines
Foster
Illustrate
Pathway
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Companies that acquire startups for their intellectual property, teams, or product lines are acquiring startups that are searching for a business model. If they acquire later stage companies who already have users/customers and/or a predictable revenue stream, they are acquiring companies that are executing.
Steve Blank / Entrepreneur
Acquire
Executing
Intellectual Property
Predictable
Revenue
Business Model
Searching
Startups
Stream
Teams
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As I've gotten older, I've come to grips that the unexamined life is what works for most people. Most take what they learned in school, get a job, marry, buy a house, have a family, become a great parent, serve their god, community and country, hang with friends, and live a good life. And for them that's great.
Steve Blank / Entrepreneur
Good Life
Parent
Life God Family
Marry
Gotten
Grips
Hang
Serve
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The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers.
Steve Blank / Entrepreneur
Customers
Products
Refining
Series
Succeed
Testing
Begin
Turning
Commercial
Hypotheses
Lean
Minimal
Premise
Startup
Ventures
Viable
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At the end of the day, you can decide whether you want to be an employee with a great attendance record, getting promoted to ever better titles and working on interesting projects - or whether you want to attempt to do something spectacular - this be or do should be a question you never stop asking yourself - for the next 20 years, and beyond.
Steve Blank / Entrepreneur
Interesting
The End Of The Day
Years
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Startups are painful, stressful and at times demoralizing. You need to be a true believer in the vision of what you are doing. You need to passionate about it and love what you’re doing. If you don’t, there is no way you can sustain the hours, stress and disappointment. There’s no way you’re going to be able to convince investors, customers and most importantly recruit a world-class team if you not building something you think is going to change the world.
Steve Blank / Entrepreneur
Disappointment
Stress
Team
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My advice was to start a policy of making reversible decisions before anyone left the meeting or the office. In a startup, it doesn't matter if you're 100 percent right 100 percent of the time. What matters is having forward momentum and a tight fact-based data/metrics feedback loop to help you quickly recognize and reverse any incorrect decisions. That's why startups are agile. By the time a big company gets the committee to organize the subcommittee to pick a meeting date, your startup could have made 20 decisions, reversed five of them and implemented the fifteen that worked.
Steve Blank / Entrepreneur
Business
Data
What Matters
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Steve Blank Quotes - Page 3

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