Business plans are the tool existing companies use for execution. They are the wrong tool to search for a business model.
Steve BlankRead
Greatest risk is not development of new product, but development of customers and markets
Interpretation
What this quote means
The greatest challenge lies not in creating new products, but in building a customer base and identifying markets for them.
Steve Blank emphasizes that while innovation and product development are crucial, the true risk and challenge for businesses stem from understanding and engaging with customers and the markets they operate in. A successful product launch depends largely on market fit and customer relationships rather than the technical aspects of the product itself.
Themes
CustomersMarketsProduct DevelopmentBusiness StrategyRisk
In practice
Example use cases
This quote can be used during a business strategy meeting to highlight the importance of customer engagement.
More from Steve Blank
All quotes →Unless you have tested the assumptions in your business model first, outside the building, your business plan is just creative writing.
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People talk about getting lucky breaks in their careers. I’m living proof that the “lucky breaks” theory is simply wrong. You get to make your own luck... The world is run by those who show up…not those who wait to be asked.
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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.
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We now know that something between 85 and 90 percent of most software product features are unwanted and unneeded by customers. That is an enourmous ammount of waste of time and money that ends up on the floor.
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Build and they will come’ is not a strategy, it’s a prayer.
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