I’m a very big proponent of the “lean startup movement” as espoused by Steve Blank & Eric Ries.
The part of the movement that resonates the most with me (in my words) is that entrepreneurs should keep their capital expenditures really low while they’re experimenting with their product and determining whether there is a large market for what they do.
In the initial phases of any new market you’re developing a product (hopefully with a minimal set of features), getting feedback from customers, refining your product based on user feedback and then re-launching your product. Rinse & repeat. Nobody really knows whether or not the idea is yet going to be big, so I believe in not over capitalizing too early. This benefits you, the entrepreneur. It’s the whole basis of my investment philosophy, which I call “The Entrepreneur Thesis.”
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