Module 2: Market & Consumer
The first thing to do in new venture creation is to define the problem you are solving and build a deep understanding of the market and customers. Leading with the solution is a rookie move! A little bit of pre-meditation goes a very long way. Note that some people misinterpret “Lean Startup” as “build it and iterate it until you get to product market fit”, but Lean Startup actually starts with a customer development / customer empathy stage before the Minimum Viable Product (MVP) comes into play. And building knowledge about the market and customer maps to that stage.
In this module, we will cover two sets of activities entrepreneurs need to take on in order to build knowledge about their market and customer.
- Defining & sizing the market: We will cover problem definition, market sizing and analysis and market segmentation.
- Understanding the customer: We will cover market selection, customer research and stakeholders / personas.
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