ABSTRACT
In this chapter, the authors depict entrepreneurial action as consisting of a number of stages that, together, constitute a lifecycle. Specifically, the chapter identifies and describes the stages in that lifecycle: business opportunities, ideation and testing, business model generation, resource acquisition, management, and execution. Startups need to search for repeatable and scalable business models. In doing so, entrepreneurs can map their business hypotheses through the Business Model Canvas, which comprises nine building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners, cost structures. According to John Mullins, there are three crucial elements to assess in an entrepreneurial journey: markets, industries, and the key people who make up the team. Once entrepreneurs analyze the market, the next step is to assess industry. In his conferences and presentations, Blank frequently argues that “no Business Plan survives first contact with a customer”. According to his thesis a startup needs to search for a business model.
