“A true entrepreneur has to predict the future. The idea that a businessperson is great because he had “built a company from the ground up” is missing a major component– the entrepreneur’s original hypothesis. Without a well-defined theory and end goal, it’s difficult to test a market and therefore difficult to start an enormously successful business.” (Source: “The Science of Entrepreneurship” by Dustin Curtis).
Economists and social scientists have been discussing, exploring and defining the uncertainties of entrepreneurship to make it a science, helping entrepreneurs to make testable predictions. Steve Blank, Alexander Osterwalder Yves Pigneur and Eric Ries are among the proponents of the science of entrepreneurship.
- vision and concept
- product development
- marketing and sales
- scaling up
- partnerships and distribution
- structure and organizational design
Emphasizing the need for the theory, he further adds that “it has to provide a method for measuring progress in the context of extreme uncertainty”, which “can give entrepreneurs clear guidance on how to make the many trade-off decisions the face….Most of all , it must allow entrepreneurs to make testable predictions.”
Source: The Lean Startup