Laying The Foundation - Module 4 Finding and Securing Customers Flashcards
What is the purpose of customer discovery?
Customer discovery helps entrepreneurs validate assumptions about their product or service by engaging directly with potential customers.
Who are early adopters, and why are they important?
Early adopters are customers willing to try new solutions early on; they provide feedback and help establish initial market traction.
What is the ‘chasm’ in the Technology Adoption Curve?
The ‘chasm’ is the gap between early adopters and the mainstream market that startups must cross to gain broader acceptance.
How can crowdfunding benefit a startup?
Crowdfunding provides capital, validates market interest, and serves as a pre-market test for demand.
What are two main types of crowdfunding?
The two main types are rewards-based crowdfunding and equity crowdfunding.
How does rewards-based crowdfunding work?
In rewards-based crowdfunding, entrepreneurs raise funds by offering products or rewards in exchange for financial contributions.
What is equity crowdfunding?
Equity crowdfunding allows entrepreneurs to raise money by offering shares in the company to investors.
Why is customer feedback crucial in customer discovery?
Customer feedback helps entrepreneurs refine their product, address customer needs, and enhance product-market fit.
What are common frustrations in the car-buying process?
Common frustrations include lack of transparency in pricing, lengthy paperwork, and pressure from salespeople.
How do early adopters bridge the gap to mainstream customers?
Early adopters help validate and refine a product, making it more appealing to the mainstream market.
What can entrepreneurs learn from crowdfunding campaigns?
Crowdfunding campaigns reveal customer interest, product appeal, and can also help improve the product through feedback.
Why is a customer-focused approach important in entrepreneurship?
A customer-focused approach ensures that the product meets real customer needs, increasing the likelihood of success.
