Entrepreneurial Process in a nutshell
Want to know how to get started creating your first successful business? Think of the pharmaceutical industry. It’s a lot like when they release new drugs.
- Pin point a problem
- Understand whether that problem is worth solving – how much pain does it cause to how many people? – talk to your potential customers and truly understand whether your beliefs are true.
- Hypothesize potential solutions – how can I cure X, Y, Z? What resource will I need?
- Test test test – understand your assumptions and rank them in importance. Test these assumptions in order of importance (mitigate key risks).
- Release to market – help a huge amount of people/generate money.