Discovery and the Capitalist Process - download pdf or read online

By Israel M. Kirzner

ISBN-10: 0226437779

ISBN-13: 9780226437774

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What makes this example really interesting is this: rewind the story 3 years earlier to 1996. Before Handspring, Donna and her team had founded Palm Computing, the pioneer in Personal Digital Assistants. Before Palm arrived on the scene the Personal Digital Assistant market did not exist. " If they had done this there would have been zero dollars in sales. In 1996 no potential customer had even heard of a Chapter 2: The Path to Epiphany | 23 Personal Digital Assistant. No one knew what a PDA could do, there was no latent demand from end users, and emphasizing its technical features would have been irrelevant.

The company was eventually able to raise $27 million in venture funding, but at a lower valuation than it had gotten the last time it raised money. com furiously slashed costs. The company, which had been offering free shipping for delivery and returns, began charging a $95 delivery charge. Then it laid off 41% of its staff. But it never answered the key question: Is 22 | The Four Steps to the Epiphany there a way to sell commodity furniture over the Web and ship it cost-effectively when you don't have a nationwide network of stores?

Chapter 2: The Path to Epiphany | 21 Step 3: Customer Creation Customer Creation builds on the success the company has had in its initial sales. Its goal is to create end-user demand and drive that demand into the company's sales channel. This step is placed after Customer Validation to move heavy marketing spending after the point where a startup acquires its first customers, thus allowing the company to control its cash burn rate and protect its most precious asset. The process of Customer Creation varies with the type of startup.

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Discovery and the Capitalist Process by Israel M. Kirzner


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