The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty by Rita Gunther McGrath & Ian C. MacMillan

Author:Rita Gunther McGrath & Ian C. MacMillan [McGrath, Rita Gunther & MacMillan, Ian C.]
Language: eng
Format: epub
Tags: Business & Economics, Entrepreneurship
ISBN: 9780875848341
Google: we7-hg9YGbgC
Publisher: Harvard Business Press
Published: 2000-11-15T00:08:03.303522+00:00

Stepping-Stone Options

It is wise to use a stepping-stone strategy for opportunities that present both high technical and high market uncertainty, because the organization has a lot of learning to do on both dimensions. A major launch here is generally misguided, since there is absolutely no platform of existing knowledge to go on. Stepping-stone projects should be started in small markets that have knowledgeable customers who can provide you with feedback and the opportunity to learn. You should not expect to make a lot of profit from these early forays. They are your sacrificial products, and you need to accept that they are unlikely to be successful right off the bat. The idea is to follow Silicon Valley’s famous principle for learning: “Fail fast, fail cheap, try again.”

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