ROAD TEST YOUR IDEA BEFORE YOU LAUNCH YOUR LEAN START-UP
Thinking about starting a new business? Stop! Is there a genuine market for your idea? Do you really want to compete in that industry? Are you the right person to pursue it? No matter how talented you are or how much capital you have, if you’re pursuing a fundamentally flawed opportunity then you’re heading for failure. So before you launch your lean start-up, take your idea for a test drive and make sure it has a fighting chance of working.
Now in its fifth edition, The New Business Road Test is the essential handbook for anyone wanting to launch a start-up. The new and fully updated case studies – Ella's Kitchen, Whole Foods, eBay and more – and ‘seven domains’ framework will help you avoid impending disaster and enhance your chances of achieving your entrepreneurial dreams.
This book will help you answer the live-or-die questions:
· Are the market and industry attractive?
· Does the opportunity offer both customer benefits as well as competitive and economic sustainability?
· Can you deliver the results you seek?
The accompanying app (available on iTunes and Android) makes it easy to assemble all the evidence you need for your road test, wherever you are. www.newbusinessroadtest.com
“A must-read for all entrepreneurs thinking about a lean start-up.” – Steve Blank, father of the lean start-up movement and author, The Start-up Owner’s Manual
“Mullins has hit the nail on the head. I wish this book had been given to every entrepreneur who appeared before me on Dragons’ Den.” – Doug Richard, entrepreneur, angel investor and founder, School for Startups.
“Teaches entrepreneurs and business owners how to avoid mistakes that many make.” – Start Your Business magazine
“A reality check for anyone poised to jump into a new venture without thinking. Readers will enjoy discovering the nuggets of wisdom embedded in the case studies.” – Financial Times
“A great framework to distinguish between nutcase ideas and solid possibilities, and in some cases to turn the mad ideas into something that could work.” – Max Aitken, serial entrepreneur
“John Mullins is a distinguished figure in the global entrepreneurial community.” – David Giampaolo, Chief Executive, Pi Capital
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About the Author
John Mullins is a veteran of three entrepreneurial ventures and a professor at the London Business School where he teaches and studies entrepreneurship, venture capital, and the management of rapidly growing businesses. He holds an MBA from the Stanford Graduate School of Business and a PhD in marketing from the University of Minnesota. He is co-author of three other books including the widely acclaimed Getting to Plan B: Breaking Through to a Better Business Model.
Table of Contents
Why read this book? ix
About the author xvii
Author's acknowledgements xviii
Part 1 Road test your new business idea 1
1 Our opportunity: why will or won't this work? $
2 Will the fish bite? $
3 Is this an attractive market? $
4 Is this an attractive industry? $
5 Competitive and economic sustainability: how long can we dance? $
6 What drives your entrepreneurial or investment dream? $
7 Can you and your team execute? 151
8 Your connections matter: which matter most? 177
9 Develop your opportunity: put the seven domains to work 197
10 What entrepreneurs and investors should do before pressing 'Start' 213
Part 2 A toolkit for your road test 227
11 How to learn what you don't know you don't know 229
12 Who needs investors? 243
13 Market analysis worksheet 257
14 Industry analysis checklist 261
15 Do-it-yourself marketing research for your new business road test 271
16 Evidence-based forecasting 285
17 Have you got what it takes? 297
18 Getting help with your road test 305
Appendix - Research methodology 307