Intelligence, hard work, network and teamwork are all required, yet most failed startups had those elements


Blank’s point is to base all core business decisions on what the customer will use/pay for, what we now call Product Market Fit

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Business Stage — Startup
PRE — Product Market Fit ‘Traction’
The key to finding your first Product Market fit is market testing what you believe to be true so that the customer pass/fails your hypothesis
[I find a 4-8 week cycle time to be optimal]
Your Market tells you want to build

Business Stage — Scale Up
POST — Product Market Fit ‘Customer Segmentation’
The foundation of most revenue decisions is how you define your best customer segment [more detailed than an ICP]
Your best customer definitions are determined by ‘market evidence’ i.e. paying customers
Lead gen. #, sales team performance, new salespeople, brand/messaging are all improved when your best customer segments are accurately defined

[Blank’s methodology is the foundation of Lean Startup]