Serial entrepreneur and venture capitalist Mark Suster urges entrepreneurs not to be lazy when it comes to doing necessary market research. This includes having a basic understanding of who will pay for your product or service. In the age of affordable research and engineering, smart venture capitalists now expect to see at least workable prototypes from startups seeking funding. Suster suggests numerous critical questions for entrepreneurs to ponder about their market, their product, and their competition.
Educating the New Entrepreneurs
Challenging times are a great opportunity for new entrepreneurs - and there is huge demand for entrepreneurship education. So how do you educate and inspire entrepreneurs? What kind of mindset does an entrepreneur need?
Chilean science professors are not used to thinking in terms of startups, says Juan Andrés Fontaine, Chile's Minister of Economy, Development and Tourism. However, through partnerships with Stanford University and other organizations, business development education is growing in Chile's universities. Minister Fontaine expresses the desire for students to take risks and learn to solve problems using an entrepreneurial frame of mind.
Tina Seelig, Executive Director of Stanford Technology Ventures Program, speaks about the lesson that is the crux of entrepreneurship: All problems are opportunities, and the larger the problem, the grander the opportunity. Furthermore, she talks about the challenges that arise in the methods for teaching these concepts, and the necessity to get people out of their comfort zone in order to encourage creative problem-solving. This clip also includes a video quote from Vinod Khosla.
Tarun Khanna, Professor at Harvard Business School, speaks about the incredible change in aspirations among young people in India. Whereas in the past young people aspired to become government officials, today they aspire to become entrepreneurs and lift themselves out of poverty by their own actions. Khanna reflects that this change in attitudes is inspiring and very good for the country.