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Published on Nov 18, 2013
Visit GrowthMine at http://www.growthmine.com The biggest mistake most young companies make is beginning to execute a flawed strategy. Focusing solely on developing a product and selling it before you know the market is a fundamental, and most often, fatal mistake.
The work you do in the New Venture stage confirms your market, identifies your customers, tests the perceived value of your product, establishes your pricing strategy, and creates your sales process. In the New Venture stage you will sell to a set of customers using a repeatable sales process, and then verify that those customers yield a profitable business model.
In essence, Stage 1 is the process of discovering and validating your business model. Your goal is to develop a repeatable and scalable business model. One where you put money or effort in and you get money out -- predictably.