Valuepreneurs: The New Rules for Building Products, Growing Your Business, and Achieving Your Entrepreneurial Dream gives readers a clear step-by-step plan on how to turn their ideas into a successful venture. Why was this an important book for you to write?

Valuepreneurs is a pivotal work, born from my extensive journey as an entrepreneur and the collective insights on transforming ideas into sustainable businesses. I wrote this book to fill a significant gap in entrepreneurial education. While there are many ‘how-to’ guides out there, none of them offer a clear roadmap that combines the Business Model Canvas and Steve Blank’s customer development model. Despite these tools having been available for many years, success rates for new businesses haven’t improved significantly. My hypothesis is that entrepreneurs have lacked a proven guide that effectively integrates both tools into a single, easy-to-follow roadmap. This integration is exactly what Valuepreneurs is designed to do, helping entrepreneurs take an idea all the way to the market, especially in today’s sometimes complex business environment.

Writing Valuepreneurs was essential for me after a career that spanned building nuclear-powered aircraft carriers and submarines, where I started as an apprentice and eventually moved into engineering. My hands-on work on the waterfront also helped me see things differently, applying that entrepreneurial mindset early on. Eventually I became the Risk Manager for the aircraft carrier construction program, where I wrote the process that become the standard for all aircraft carrier work at Newport News Shipbuilding, which was also recognized by Defense Systems Management College as the Industry Best Practice for risk management; you’ll see some aspects of risk in Valuepreneurs as a result.

Later, I spent over a decade helping to grow my wife’s small business into a multimillion-dollar business. Alongside this, I developed a Project Management Professional (PMP) certification aid that at its peak, was selling globally and bringing in more than $10,000 a month. Inspired by Shark Tank, I then set out to reinvent the bathroom faucet, an effort that not only led to a patented, award-winning product but also secured millions in government grants for a smart sensor version to aid motor-impaired individuals, which I am working on today.

Throughout this journey, I’ve celebrated great successes but also faced setbacks that cost time and money. Encouraged by friends like John Greene, who observed the breadth of knowledge I had gained, I decided to document these experiences. Last year, I put everything into writing this book. Interestingly, I once backed out of a publishing agreement for a book on risk management because I was told that business books were not done in color, which was frustrating for me. With Valuepreneurs, I wanted to offer the best experience possible, so the hardcover is in full color for those who prefer a more vibrant guide, while the paperback is in black and white to make it more affordable. Ensuring the book received the professional treatment it deserved, akin to any major publishing house’s work, appears to have paid off. From what I’m seeing from the reviews such as that from Literary Titan and the more than 150 already on Amazon, it looks like we did something right.

What is the biggest mistake that new entrepreneurs often make when they start out that often leads to failure, and how can they prevent that?

Many entrepreneurs believe they understand what their customers need and set out to create solutions based on these assumptions. However, this approach often leads to failure. Harvard Professor Clayton Christensen notes that 95% of new products fail, and according to Forbes, 90% of startups also fail. One of the most common mistakes that new entrepreneurs make is jumping into the market too quickly without really understanding their target audience. This rush can lead to offering products or services that don’t actually address any significant customer needs, which usually ends in failure. To avoid this pitfall, I strongly recommend carrying out detailed market research and thorough validation processes.

It’s crucial for entrepreneurs to conduct extensive customer discovery interviews. This step is all about getting to know the real challenges and needs of your audience. Such foundational work is vital as it helps refine your product to make sure it truly connects with and meets the expectations of potential customers, greatly enhancing your likelihood of success.

What advice do you have for teenagers looking to go into business, marketing, or becoming an entrepreneur?

For teenagers looking to dive into the world of business, marketing, or entrepreneurship, my advice is simple: never stop learning. It’s crucial to use every tool at your disposal. Dive into books, eBooks, and audiobooks—there’s a wealth of knowledge in them. But remember to read reviews and make informed choices about what you’re learning from.

Podcasts are another fantastic resource for staying updated with the latest information. Just ensure that you’re listening to reliable sources. Integrating learning into your daily routine can amplify your knowledge without overwhelming you. For instance, listen to podcasts or audiobooks while you’re mowing the lawn, walking the dog, or driving. While listening to music is enjoyable and provides a necessary break, it’s the learning that truly pays off in the long run. I call it “Value University” in the book.

Another key piece of advice: surround yourself with people who are smarter than you. There’s a saying that you are the sum of the five people you spend the most time with. Choose to spend time with those who are driven and going places—it will inspire you to push your boundaries and expand your horizons.

What is one thing that you hope readers take away from Valuepreneurs?

One important lesson from Valuepreneurs is that you need to keep talking to your customers throughout the development of your product. To really succeed, it’s crucial to use the systematic approach the book talks about. This includes building your Business Model Canvas (BMC) and continuously checking in with not just the buyers of your product, but also with everyone involved in your business, like manufacturers, suppliers, and other key partners.

This process of talking to your customers and business partners isn’t something you do just once. Instead, it’s an ongoing conversation that happens as your product changes and improves. This helps make sure your product does what customers need and is priced right for them. Plus, it’s vital to keep testing your business ideas, the hypotheses you’ve written in your BMC, to see if they hold true in the real world.

By always engaging with all your customers and testing your ideas, you refine your product so it fits the market better. This ongoing effort can greatly increase your chances of success in a competitive market.

Author Links: GoodReads | Facebook | Website | Online Resume