Valuepreneurs Wantrepreneur Entrepreneur

Are you a “Wantrepreneur”, an “Entrepreneur”, or a Valuepreneur?

A “Wantrepreneur”, an “Entrepreneur”, and a “Valuepreneur” represent three different approaches to entrepreneurship and business.

Wantrepreneur: A “wantrepreneur” is someone who wants to be an entrepreneur but hasn’t really started doing the things needed to make it happen. They have ideas and dreams of having their own business, but they might not be working hard enough or taking the right steps to make those dreams come true. They’re more focused on the idea of being an entrepreneur than actually doing the work to make it real.

Entrepreneur: An “entrepreneur,” on the other hand, is someone who takes action and starts their own business. They look for opportunities, take risks, and work hard to make their ideas into real businesses. They’re motivated to create value, solve problems, and bring new and exciting things to the world. They’re not just dreamers; they’re doers who learn from their mistakes and keep going even when things get tough.

However, according to various studies and anecdotal evidence, the failure rate for new products ranges from 70% to 90% (these statistics can differ across different industries and markets), with some studies suggesting that around 75% of startups fail. The failure rate of entrepreneurs bringing a new product idea to market can vary depending on several factors, including the industry, the specific product, and the definition of failure. While it is challenging to provide an exact figure, it is widely acknowledged that a significant portion of new product ventures do not succeed.

Valuepreneur: A “valuepreneur” is an individual who recognizes the significance of engaging in conversations with customers and genuinely listening to their problems. They understand that success is built upon comprehending the needs of customers and the underlying reasons behind them. By actively participating in these conversations and attentively listening, the valuepreneur gains valuable insights that shape their approach to developing products that are not only valuable to customers but also financially rewarding. They strive to generate innovative ideas that not only satisfy customer needs but also align with solid business principles.

So, a wantrepreneur has dreams but hasn’t really started, an entrepreneur is someone who starts their own business, and a valuepreneur is an entrepreneur who focuses on adding value and reducing risks to make their business successful.

Valuepreneurs prioritize understanding customer needs, pain points, and desires. By placing the customer at the center of their business strategies, valuepreneurs ensure that their products and services genuinely address market demand. This customer-centric approach leads to the creation of solutions that provide meaningful value and enhance the overall customer experience.

By investing time, effort, and resources into completing key stages like market research, prototyping, testing, and validation, valuepreneurs increase the value proposition of their product. As they progress towards the selling stage, the value of their offering becomes more evident, and the associated risks decrease.

Are Valuepreneurs Entrepreneurs?

Imagine entrepreneurs as a big group of people who start and run businesses. Within this group, we have a special group called “valuepreneurs.” A valuepreneur is a subset, which means it’s a smaller group that belongs to the larger group of entrepreneurs.

While all valuepreneurs are indeed entrepreneurs because they start and run businesses, not all entrepreneurs can be considered valuepreneurs. The term “valuepreneur” specifically refers to entrepreneurs who prioritize and actively work on adding value during the product development process.

While entrepreneurs engage in various aspects of business, such as finance and marketing, valuepreneurs specifically emphasize the importance of adding value at each step of developing a new product. They understand that by continuously improving and enhancing their product or service, they can create a more valuable and appealing offering to their target audience.

So, think of entrepreneurs as a big group, and within that group, we have the smaller group of valuepreneurs who are passionate about adding value to their products and making them better. They are a special kind of entrepreneur who believes that continuous improvement and value creation are key to success.

The Value-Driven Product Development Process

As an entrepreneur myself, I understand the significance of providing clear, concise, and easy-to-follow guidance for launching a new product idea. The journey from conception to selling can be overwhelming, with numerous steps to navigate, and it’s all too easy to get lost in the details. That’s precisely why I’ve authored the book – to offer you a comprehensive Value Drive Product Development (VDPD) roadmap, consisting of 15 steps across 5 stages, enabling you to embark on your product launch with confidence. The book will guide you through each step in a systematic manner ensuring that you progress from idea to successful selling with assurance.

The VDPD process outlined in the book is a valuable resource for entrepreneurs of all backgrounds, regardless of whether you have a technical or engineering background. It is designed to empower individuals with brilliant ideas and dreams of turning them into reality. Whether you’re a creative young innovator or a company looking for a game-changing breakthrough, the VDPD process will provide you with the guidance and support you need on your entrepreneurial journey.

The Customer Development Model by Steven G. Blank (if you are unfamiliar with it, see his book “The Four Steps to the Epiphany”) and the value-centered product development process work together to make products that customers really want. Both processes believe in talking to customers and getting their feedback to make better products. In the value-centered process, the chat bubble above the people’s heads shows that talking to customers is important. The Customer Development Model has four stages, just like the value-centered process has different stages where Valuepreneurs talk to customers. Both processes want to make sure the final product meets what the customers need and like. By listening to customers and making changes based on their feedback, entrepreneurs have a better chance of success in selling their products.

Just imagine having an amazing idea but feeling unsure about what steps to take next. The VDPD Process is the answer to your uncertainties. It provides a well-structured framework that helps you organize your thoughts, gather valuable feedback, and make informed decisions at every stage of development. You’ll delve into crucial considerations such as identifying your target audience, understanding the problems your product solves, and devising effective strategies for manufacturing and marketing.

The unique placement of two icons featuring chat bubbles above their heads and a light bulb in one of them at the center of the value-driven product development process represents the fusion of effective customer communication, collaboration, and innovative thinking, which aligns in a groundbreaking way with the Business Model Canvas. This integration emphasizes the vital role of idea generation, iteration, and customer-centric value creation, creating a harmonious connection between product development and business model design like never before.


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""Value-Driven Product Development Process"
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