Key advice for today’s entrepreneur
As an entrepreneur, you need to accept that speed to market is the new normal, and that fast just means faster, to take advantage of the opportunities that are seemingly nowhere and then everywhere, according to Bernhard Schroeder in his book Fail Fast or Win Big. The book aims to explain how you can move faster, how you can learn whether you actually have something which could grow into a substantial company, or how you can evolve, pivot, or abandon the idea.
The author starts by arguing that , while business plans were important tools in the past for attracting finance, they are no longer useful because they take too much time and effort to write, and there are now many sources of available funding which do not require a business plan. Instead, entrepreneurs need to focus on creating a minimum viable product, using a LeanModel Framework, and being prepared to iterate based on customer feedback.
The author goes on to discuss why a good business model is better than a good product idea, why you should use rapid prototyping to test your product or service, the critical importance of seeking out customer feedback and fully understanding customer truth, various different ways of obtaining crowdfunding, and ways of recognising and taking advantage of entrepreneurial opportunities.
The book is filled with insights about every aspect of the entrepreneurial experience, including stories derived from the author’s personal experience with many of the biggest names in information technology today. I recommend reading it quickly, so that it doesn’t slow you down on your path to failing fast or winning big.