Exit Interview

(1) What is your essential question, and what are your answers?  What is your best answer and why?

My essential question is "How best can an entrepreneur turn his startup into a viable company?" My answers for my essential questions are:

•  An entrepreneur can best turn his startup into a viable company by launching a lean startup by following and implementing the customer development process
• An entrepreneur can best turn his startup into a viable company by following and implementing the business model canvas.
• An entrepreneur can best turn his startup into a viable company by creating a business blue print that is considered a living document that investors are willing to fund. 

It was difficult to determine what was my best answer because each answer is vastly different from each other and figure out different ways to launch a startup. But my best answer is:

•       An entrepreneur can best turn his startup into a viable company by launching a lean startup by following and implementing the customer development process.

(2) What process did you take to arrive at this answer?

To determine my best answer I analyzed my essential question. When I did, I found out that the key to determining my best answer was being able to determine the viability of a startup essentially a company. I asked to myself, "what exactly do I mean with turn into a VIABLE company". With Viability I mean the ability to survive.  Survival in a business sense, is linked to the financial performance and position of the business. The Viability is determined by its long term survival and ability to be able have sustainable profits over a long time span. Therefore a business is viable if it is able to survive for a numerous amount of years because it continually has positive cash flow essential making a profit year after year. The longer a company can stay cash positive the better its viability. With that in mind I was searching for an answer that would make a startup profits, and what makes a startup profits? A good product or service. And what makes a good product or service? People who are willing to spend there money on it, also known as customers. Customers is what determines the viability of all companies. So I was searching for a way to know if there are customers for a particular product or service before it gets out into the market. Moreover, the customer development process does just that. I was able to find my best answer through my independent component 1. I took an 307 entrepreneur course where I was exposed which exposed me to the customer development process. My professor, Dr.Kushev,  exposed me to the customer development process but only described it for two class periods. I wanted to learn more about it and asked him if he knew of any sources to look into so I could do more research. Thankfully he sent me a few links and books that I was able to research and analyze.  The most impactful source for my best answer are The Startup Owner Manual by Steve Blank.

(3) What problems did you face?  How did you resolve them?

The few problems I had were filling in some of the holes I found within my answer. I resolved my problems by doing lots of research. I really devoted my time this year searching for sources that could make my answer(s) better and every time I would have a problem or a question I would research until I solved it. 

(4) What are the two most significant sources you used to answer your essential question and why?

I read though many books and articles to truly learn about Entrepreneurship. There were many sources that had bits of information similar to one another but analyzed and simplified in their own way. The two most impactful sources for my best answer are The Startup Owner Manual by Steve Blank and The Lean Startup by Eric Ries. These two sources are the foundation, the basis for my best answer because they went into depth on what I was looking for from the very beginning. 

Be prepared with evidence and specific examples to support any response.  It is also significant to cite sources as you explain.