Nail it Then Scale it by Nathan Furr,Paul Ahlstorm


Nathan Furr,Paul Ahlstorm

  Scale, Startup, Strategy, Growth

Read and download book summaries of Nail it Then Scale it
Join the discussion on Nail it Then Scale it at MBA Shots.

Login to join the discussion

Busting popular business myths

90% of businesses fail because they can't get anyone to buy it, not because they can't build it. Here are 3 misconceptions of entrepreneurship:

The Hero Myth - We all hear the same set of qualities: passion, determination and vision. But these same qualities that are regarded as traits for success may lead your startup to major setbacks. Overdriven entrepreneurs can madly fall in love with their product, as a result, ignore negative feedback from consumers and waste years developing a product based on a vision that no one else shares.

The Process myth - "build it and then sell it" process doesn't work because entrepreneurs start out with guesses/assumptions. Entrepreneurs must seek the right problem and the right solution.

The Money Myth - More money isn't always better. Investment gradually eliminates the constraint of entrepreneurs requiring to focus obsessively on customer's wants.

COMMENTS ( 0 )       LIKES ( 0 )

Nailing it, and then scaling it. Always in that order.

Simplifying boosts customer adoption and reduces costs. Consumers are drawn by simplicity and confused by complexity. Simplifying the product doesn’t imply that you are neglecting the customer’s choice. Rather it conveys that you precisely know the customers well enough to deliver the exact solution they are searching for.

Moreover, by developing something simple instead of something complex, a startup saves time and money. Oftentimes an engineering-focused organisation believes they have to deliver every feature to every customer, whereas on the contrary, a market-driven business focuses on determining its primary customer and developing the right product that nails the customer’s problem.

3 other things to remember,
1. Too much funding may not help you survive :
Deep within, we all know that money alone will not fulfil all the necessities to build a flourishing business. Overflow of money may even lead to complacency, damaging your entrepreneurial spirit, whereas a startup with frugal funding might know better what’s necessary and gets it done.

2. Customer’s needs come first :
A significant misconception of entrepreneurs is of solely relying on "the perfect idea" and their passion for it. Without understanding what your customers want, there’s a small chance it will ride the market. The knowledge you gain about what your customers want will build the base for your success.

3. Use of a tested business model to scale adequately :
Aim for a solid business model that is supported by paying customers. Scaling without a reliable customer foundation is rash. Remember, at some point, you will require external help to scale it.

COMMENTS ( 0 )       LIKES ( 0 )

Other books being discussed on MBA Shots

Be obsessed or be average
Ikigai: The Japanese secret to a long and happy life
The Attackers Advantage
Inspired - How to Create Products Customers Love
No Rules Rules
Influence - Science and Practice
Thinking Fast and Slow
Powerful - Building a Culture of Freedom and Responsibility
The Barefoot Coach
Atomic Habits
The Art of Strategy
The One Thing
And many more.     Join the discussion, today !

MBA Shots has been crafted for you ...

for Professionals

Uplevel your career. Understand how to navigate business challenges.

for Entrepreneurs

Journey of Zero to One is challenging. Take some sherpas along.

for MBA Students

Supplement theory with practice. Stand out during interviews .

... with three focused tracks

Business Basics

E.g. - Pricing, Driving growth, Branding, Product Management, Competing Vs Partnering

Leadership Lessons

E.g. - Building teams, Designing culture, Coaching young managers, Recruiting as a superpower

Personal Progress

E.g. - Career paths, Relaunching my career, Designing a development plan, Managing Reviews