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What is your view on entrepreneurship now?

You have now come to the end of week 1. Congratulations! You know about different types of opportunities, and have realized that opportunity recognition, development and exploitation are key steps of the entrepreneurial process.

Use the facts!

We have suggested that you go through the entrepreneurial process with decisions based on facts, rather than on untested assumptions. The principles of the Lean Startup Method provide you with an approach to turn your assumptions into a more solid base on which you can decide for your course of action. We took a deep-dive into the concept of opportunity, where we discussed that opportunities can be found, as well as created. Often, entrepreneurs envision more than one opportunity – this is why we have discussed ways to evaluate your opportunity. In the end, we as the teaching team hope to have changed your view on entrepreneurship: from something complex that only entrepreneurial superstars like Marc Zuckerberg or Elon Musk can do, to a potential career choice where you can profit from a somewhat structured approach.

What’s up for next week

You are now well prepared to take the next step in your online learning journey. The precise nature of your opportunity depends heavily on the market that you want to address: different customer/user groups have different needs that you can seek to satisfy with your business idea. This is why you need to get a fine-grained picture of your market and think in terms of market segments. You can use qualitative market research and prototyping from the toolbox of the Lean Startup to get a deeper understanding of your customers.

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This article is from the free online course:

Technology Entrepreneurship: How to Start a New Venture

University of Twente

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