How does an entrepreneur know when it’s time to go to market? Or how to grow a handful of customers into a viable revenue stream? Chicago Booth’s Waverly Deutsch shares some of the ideas, methodologies, and research findings that can help entrepreneurs make sense of where their company is at, where it needs to go, and how to get there.
1. Finding your MVP
For companies in their earliest stages, Eric Ries’ Lean Startup methodology can help determine the minimum viable product necessary to start developing a customer base. But that’s just the beginning.
2. Bridging the traction gap
You have a product and a small base of customers—but not necessarily a viable business. Here’s how to determine metrics and milestones to track your progress toward sustainable success.
3. Courting—and being courted by—investors
The goal of an initial pitch isn’t immediate funding, it’s generating enough interest to start a relationship with an investor. Finding the right VC or angel investor is like finding a spouse.
4. Learn to promote your team
For many investors, the people behind a company are at least as important as the company’s product. Here’s how entrepreneurs can help sell themselves along with their business idea.