Disciplined Entrepreneurship: 24 Steps to a Successful Startup

STEP 1

Market Segmentation

IN THIS STEP, YOU WILL:

• Brainstorm a wide array of potential customers and markets for your business.
• Narrow your list down to your top 6–12 markets.
• Gather primary market research on your top 6–12 markets.

For success in entrepreneurship, there are some glasses that are better than others to view the situation.

Once you have completed Step 0, Getting Started, you should have an idea or technology that answers the question, “Is this something the world could benefit from, and is it something I do well and would love to do for an extended period?” You should also have a team of co-founders. (Throughout the 24 Steps, I will use “you” to refer collectively to your team.)

Now you will begin the 24 Steps by taking that idea or technology and brainstorming a wide array of potential customers who might be interested in some application of it. Then you will choose 6–12 top opportunities and do in-depth primary market research, where you directly interview potential ...