The document discusses evidence-based entrepreneurship and the scientific method applied to building startups. It emphasizes that startups should search for a repeatable and scalable business model through iterative customer discovery and validation. The business model canvas is presented as a tool to develop hypotheses about the customer segments, value propositions, and other elements, which can then be tested through experiments and by analyzing results to make progress towards the optimal model. Pivoting is discussed as an important part of the process when hypotheses are disproven.
107. The set of value proposition benefits that you design to attract customers.
Create Observe
The set of customer characteristics that you assume, observe, and verify in the market.
Fit
Outcome
If a Pain reliever or Gain cre
anything, it may not be cre
value. Don't worry if not all
checked – you can't satisfy
yourself, how well does you
tion really fit your Custome
customer profilevalue map
121. Provide evidence
showing that your
customers care about
how your products
and services kill pains
and create gains
Then, develop the value proposition
122. Provide evidence
showing that the way
you intend to create,
deliver, and capture
value is likely to work
Finally, consider the whole model
123. I find out what
the world needs.
Then I go ahead
and try to invent it.
- Thomas Edison
163. The first principle is that
you must not fool
yourself – and you are
the easiest person to
fool.
164. “Now I’m going to discuss how we would look for a new law.
In general, we look for a new law by the following process.
First, we guess it … no, don’t laugh, that’s the truth. Then we
compute the consequences of the guess, to see what, if this
is right, if this law we guess is right, to see what it would
imply and then we compare the computation results to
nature or we say compare to experiment or experience,
compare it directly with observations to see if it works.
If it disagrees with experiment, it’s WRONG. In that
simple statement is the key to science. It doesn’t make
any difference how beautiful your guess is, it doesn’t
matter how smart you are who made the guess,… If it
disagrees with experiment, it’s wrong. That’s all there is
to it.”