KLR Best Practices

This is the first of a new series "KLR Best Practices". KLR stands for Kern Leadership Resources--my consulting practice. From time to time I come across best practices that I will post under this category (see side banner KLR Best Practices)

I found this video today and thought it would be helpful to entrepreneurs. This is the "bootstrap" model for a new business launch. Some observations: The first stage in the model is the Awaken stage--the time when the "Bootstrapper Team" comes together. Notice the team comes together before the product is designed. This is consistent with the principle in Jim Collins' book Good to Great, "First Who, Then What." I have also found that "First Who, Then What" is not only a business decision to team up with strong talent, but it also is a quality of life decision. With so much time and energy invested in a business, do you have a good relationship and shared values with your fellow "bootstrapper(s)"? 

In my experience the product-customer stages are not sequential but occur in tandem and inform one another. In fact, I think it best to begin with answering some key questions about your potential customer before you go to demo. Ask yourself "Who is our customer?" "What do they consider value?" "What product or services will best meet their needs and wants?" With this in view, the product-demo can be developed to deliver what your potential customer wants. Then, as mentioned in the video, you go through various refinements of your product as you assess the customer's reaction to your product offering. All in all this looks like a helpful model.