Creating new business
Babies and teenagers represent the new business initiatives, the ventures representing the future. Here markets are undefined: this is the domain where the customer ‘doesn’t even know what he does not know’. And even if the customer starts to understand what the proposition is and how it addresses his need, he first has to change his behaviour before he can benefit from it. The information that is available is both overwhelming and contradictory. What matters here is to transform possibilities into opportunities. This is not a static process, but a dynamic interactive and barely predictable one; strict execution of a pre-conceived plan is not possible. Instead, this side is characterised by experimentation and loops, rather than a linear process. It is all about ‘fail fast and cheap’, and ‘adapt and learn’. The required technologies and business models are still in their embryonic phase. Yet the market needs to be co-created with partners simultaneous to the product/service development. With every new surprise one has to react as unbiased and flexible as possible, for the sake of the various potential and unprecedented opportunities. The winner is not the one with the most detailed plan, but the one who takes up the challenge in the most deliberate and proactive manner, making lemonade from lemons. It is all about ‘think big, act small and accelerate fast’.
- What is my defensible uniqueness, i.e. what is my right to win?
- How to find a first partners/customer who is committed to co-create the market with me?
- How to change the behavior of my customers, partners and other stakeholders as this is essential for the success of my venture?
- How will I earn money in the end, i.e. what is my business model?
- How to segment my market and position my venture compared to other propositions in the market?
- How to validate my key assumptions in the market fast and cheap?
- What is my plan B?
- How to survive the antibodies of my mother company (in case you are a corporate venture)?
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