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The #1 Mistake New Entrepreneurs Make – And How to Avoid It

The biggest mistake aspiring entrepreneurs make when starting out? Building something nobody actually wants. Sounds ridiculous, right? But it happens all the time.

Why? Because they skip the critical first step: deeply understanding the problem they’re solving and who they’re solving it for. If you get this wrong, everything else—your product, marketing, and sales—becomes a struggle.

Here’s what happens when you don’t nail this upfront:

• You overload your product with features, but it still doesn’t hit the mark.
• You can’t clearly explain why your solution matters—making marketing a nightmare.
• You don’t know who your real competitors are or how to stand out.
• You waste time and money on tactics that don’t attract the right customers.

But don’t worry—this course is here to change that.

You'll learn how to:

• Identify and validate a real, profitable problem before investing time and money.
• Understand your ideal customer so well that selling to them feels effortless.
• Position your product or service uniquely in the market.
• Create a roadmap for launching your business with confidence.

By the end of this course, you’ll have a clear, tested idea and a strategy to launch a successful, sustainable venture—not just another “good idea” that goes nowhere.

"The secret to getting ahead is getting started." – Mark Twain

1. Course Overview

This highly experiential online course guides early-stage founders through the process of validating and refining their ventures until they achieve product-market fit. Designed as a follow-on to a foundational “Entreprenur Playbook 101” course, it dives deeper into the three critical dimensions of startup risk—market, financial, and technical (product)—and offers a structured, scientific approach to building a business. Participants will gain hands-on experience in hypothesis creation, rapid experimentation, data-driven iteration, and, when necessary, strategic pivoting.

2. Target Audience

• Founders who have already completed a basic introductory course (Entreprenur Playbook 101) and are working on a venture idea or have started developing an early MVP.
• Aspiring entrepreneurs who want a more advanced, guided approach to refine their business model based on real-world feedback.
• Corporate innovation teams looking to validate new products or services through lean, evidence-based methods.

3. Learning Objectives

By the end of this course, participants will be able to:

1. Identify and articulate the three key startup risks—market, financial, and technical—and assess them systematically.
2. Formulate and test clear business model hypotheses using lean and customer development techniques.
3. Gather and interpret market data (both qualitative and quantitative) to refine product-market fit.
4. Develop robust financial assumptions around pricing, cost structure, and revenue projections.
5. Build and test MVPs and prototypes iteratively to reduce product/technical risk.
6. Make informed decisions about when to pivot, persevere, or proceed to scale.

4. Course Format & Delivery

1. Online Platform & Learning Experience

   • The course is delivered through an interactive online learning platform that combines video lessons, live group coaching sessions, and team-based projects.
   • Participants receive weekly online assignments and are encouraged to share their progress, lessons learned, and key insights with peer founders for feedback.

2. Experiential & Project-Based Approach

   • Each participant (or founding team) applies lessons directly to their own startup.
   • Regular checkpoints ensure teams are actively iterating on real-world feedback from customers, advisors, and peers.
   • Practical tools and frameworks (e.g., Business Model Canvas, Lean Canvas, Experiment Boards) are integrated into each module.

3. Peer & Mentor Feedback

   • Peer-review sessions to exchange feedback and brainstorming ideas.
   • Expert mentorship from course facilitators or guest entrepreneurs who provide deeper insights and challenge assumptions.

4. Assessments & Deliverables

   • Customer discovery reports and validated learning summaries.
   • MVP prototypes (can be low-fidelity mockups, landing pages, or digital prototypes).
   • Business model pivot reports where teams justify strategic changes based on evidence.

5. Module-by-Module Outline

Module 1: Introduction & Defining Your Hypotheses

• Content:
  • Review of lean startup principles and the scientific method.
  • Overview of three types of startup risk (market, financial, technical).
  • Creating initial hypothesis statements around the business model (e.g., problem, solution, target customer, revenue model).
• Experiential Activities:
  • Teams design a risk map capturing their primary assumptions.
  • A short assignment to refine their core value proposition from the 101 course and articulate how it addresses each risk dimension.

Module 2: Market Risk – Customer Discovery & Validation

• Content:
  • Techniques for customer interviews, survey design, and observational research.
  • Market segmentation and early adopter identification.
  • Strategies for analyzing and integrating interview feedback into product refinement.
• Experiential Activities:
  • Conducting real customer interviews or user testing sessions.
  • Recording interview highlights and gleaning insights to confirm/negate assumptions.
  • Group feedback sessions on user findings to share best practices.

Module 3: Technical (Product) Risk – Building & Testing Your MVP

• Content:
  • Designing minimal viable products (MVPs) and prototypes.
  • Technology feasibility assessments and “walk-through” experiments.
  • Rapid iteration loops based on user testing and technical constraints.
• Experiential Activities:
  • Create an MVP prototype or wireframe.
  • Collect user feedback through demos or usability tests.
  • Document key learnings about the product’s viability and next steps.

Module 4: Financial Risk – Pricing, Cost Structure & Revenue Models

• Content:
  • Crafting and testing pricing hypotheses.
  • Understanding cost structures and breakeven points.
  • Developing basic financial models that incorporate revenue streams, customer acquisition costs, and lifetime value.
• Experiential Activities:
  • Teams create a budget projection and a rough financial model for their business.
  • Use real-world feedback (e.g., willingness to pay data) to refine the pricing strategy.
  • Share and critique peers’ financial assumptions in breakout sessions.

Module 5: Growth Channels & Business Model Refinement

• Content:
  • Identifying and testing user acquisition channels (social media, direct sales, partnerships, etc.).
  • Marketing experiments to evaluate channel effectiveness and cost per acquisition.
  • Integrating market, financial, and technical learnings into a cohesive, updated business model.
• Experiential Activities:
  • Design and run small-scale growth experiments (e.g., landing page campaigns).
  • Collect key metrics (click-through rates, conversion rates, sign-up rates, etc.).
  • Present updated Business Model Canvas in a peer-review round.

Module 6: Pivot or Persevere – Decision-Making & Course Correction

• Content:
  • Frameworks for evaluating evidence gathered from experiments.
  • Identifying pivot triggers: when data shows unviable assumptions.
  • Creating a culture of experimentation and continuous improvement.
• Experiential Activities:
  • Teams prepare a Pivot/Persevere presentation:
    • Summarize the current status of their product-market fit.
    • Outline next steps based on validated learning.
  • Live pitch session where each team presents their progress to mentors or peers, highlighting the rationale for pivot or perseverance.

Module 7: Final Pitch & Next Steps

• Content:
  • Overview of scale-up strategies for teams that have found strong product-market fit.
  • Funding options and investor expectations.
  • Plans for post-course mentorship and network building.
• Experiential Activities:
  • Final pitch to a panel (could include real investors or seasoned entrepreneurs).
  • Mentors provide actionable feedback on the business model, technology roadmap, and go-to-market approach.
• Deliverables:
  • Refined business plan or 1-page lean canvas capturing validated data.
  • Roadmap for continued growth or next-stage funding.

6. Tools & Resources

• Business Model Canvas or Lean Canvas for structuring hypotheses and capturing learnings.
• Customer Discovery Framework (scripts, question prompts, user persona templates).
• Financial Modeling Spreadsheets (revenue projections, pricing calculators, cost of goods/sales).
• MVP & Prototyping Tools (basic design and no-code platforms for rapid experimentation).
• Project Management & Collaboration Platforms (Trello, Notion, or Miro boards for ongoing feedback loops).

7. Course Outcomes

Upon successful completion:

1. Participants will possess a validated business model or know which pivot path to take if assumptions didn’t hold.
2. They will have hands-on experience applying lean experimentation methods to minimize market, financial, and product risk.
3. They will have tangible deliverables (MVP prototypes, interview findings, financial models, updated pitch decks) to pursue further development or fundraising.
4. Teams will gain the skills and confidence to continue testing and iterating on their business model well after the course ends.

Conclusion

Entreprenur Playbook 102: Venture Vaidation is a hands-on, step-by-step journey that empowers founders to build real ventures as they learn. By centering on the scientific startup method and focusing on market, financial, and technical risks, participants emerge with both the practical know-how and the tangible progress needed to make informed decisions about their venture’s future.

Design thinking and product management

A complete guide to design thinking.

Introducing you to the world of design thinking, from conceptualising an idea using  design thinking to develop the first version of your product,

What you will learn

• What is design thinking and how it is used
• What are the benefits and challenges in using design thinking
• What are the key steps in the process and how do you undertake them
• How to use design-thinking in product management through every stage of the product life-cycle

All successful students will also receive a certificate.

Who is this for

The program will be incredibly useful for anyone who wants to understand what is design thinking and how to put it into practise. 

In particular, it will serve:

1. Those interested in a career in product management
2. Entrepreneurs (early stage or late stage)
3. Intrapreneurs wishing to make an impact on their organisation through innovation
4. University students looking for a life-skill to help them in problem-solving and decision making (and to give their resume a boost)
5. Anyone seeking to unlock their own creativity in a structured manner

The outline syllabus

1. Design thinking - an introduction and overview
2. The design-thinking process - deep dive into the 5 steps including a free set of insanely useful tools, processes and techniques.
3. Design thinking - product development and cases
4. Design thinking - final assignment

Application modes

Application is open to two categories of student

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1. Open to individuals
2. Open to Belong students

Application open to all individuals (by payment):

The fee is US $49.99 to undertake the course, including the certification.

Step 1: you need to register at Mashauri (see menu in top right hand corner)

Step 2: after registration, return to this program and click the "Pay now via PayPal or Credit or Debit Card" button.

Step 3: if you have a PayPal account you can pay via PayPal. If not, click on the "Pay with a Bank Account or Credit Card" button. Then you will be taken to a payment page where you can pay by card and/or direct debit. You will be offered the chance to open a PayPal account, but it is not obligatory or necessary.

Step 4: once you have paid, you will receive confirmation of payment and be given immediate access to the program.

Finance is about more than just money and numbers.

If you are starting your own business and feel your team lacks the necessary financial skills than this is a perfect course for you to get to grips with financial issues, budgeting and forecasting. In about 12 hours, you will become familiar with things like income statements, balance sheets, cash flows and key performance indicators. At a later stage you will still require financial assistance from a qualified accountant, but this course will help you through the early phases before such input becomes necessary.

The tools we're going to talk about are going to help you manage the business that you're running from day‑to‑day. And most importantly, they'll help you get into the future and build an even more successful company. The five key elements of startup finance form a pyramid on which you can build your company. At the base of the pyramid is the foundation of your business, that's reflected in your balance sheet, in your capitalisation table. Above that are the processes of your business. Those are reflected in your income statement and your cash flow statement. Above that is your business model and your business model formula. That's the engine of your business. We're going to talk about converting that into financial numbers. Then we'll talk about your operating budget and your long‑term financial forecast. And on top, we're going to talk about monitoring your performance. We'll talk about your monthly financial statements and about building a management dashboard.

These tools help you understand what has happened in your company, what is currently happening in your company, and what you can expect will happen in your company going forward. And if you take full advantage of these tools, they can even give you an early warning system to make sure you see what's going to happen in your company before it happens. The world of entrepreneurship is really filled with uncertainty. Things are changing rapidly. So you need every tool that you can get to manage that uncertainty.

As this is a US version of accounting, you may find the terminology is slightly different to what you come across in your country - but the contents remain valid anywhere in the world..

Because nothing happens until something gets sold, entrepreneurs must develop the knowledge, skill and discipline necessary to succeed in sales or that early momentum may never materialise.

This short course is designed to support student entrepreneurs who are entering the EDHE Intervarsity 2021 competition. It is designed to help you develop and make an award-winning pitch.

Even if you have THE very best idea, unless you are able to communicate the critical facts in a compelling way, you will not be among the prize winners. There will be some really stiff competition (just look at  some of the finalists from last year), so if you want to give you and your team the best shot of winning, you had better invest time in developing and practising a world-class pitch.

This short program will help you do just that!

Good luck!

The Mashauri Team

NOTES: 

1. This program was designed for students from UWC, SMU and UJ; although any student entering the competition is welcome to use it.
2. This program is not endorsed by EDHE and has been designed by Mashauri based on global best practices in pitching
3. Course opens on Tuesday 11th May.
4. You must be registered at Mashauri before you can be enrolled on the course. If. You are not yet registered, do so by going to the top  right hand corner of the mashauri-courses.org home page (press the red Mashauri block at the top left of this page to get there) and click on sign up and follow the instructions to create a new account.
5. You must be logged in to Mashauri to enrol on the course. Once logged in, return to this program and click on the big re button "Self-enrolment" below

Readiness for funding

Many founders would like to seek funding for their new businesses, but are not sure when is the best time.

Other founders simply dive right in, assuming they will get funding and then, to their surprise, do not! 

If you are in the first group or do not want to be in the second group - then this programme has been designed for you.

Background

Startup chatter is often about massive funding rounds, unicorns (startups with a valuation of more than $1bn) and mega exits. Founders are encouraged to enter pitching competitions, sign up at funding sites (like angel.co) and knock down the doors of venture capitalists.

The truth is, very few new businesses receive external funding (other than from friends, family and the occasional government grant). Sure, there are places like Silicon Valley and perhaps Shoreditch in London, where funding seems to be easier to obtain - but even there, there is stiff competition.

The result is that a massive amount of time and effort is put into chasing investment funding - resources that might be better used in winning that most important of finance: customer revenue. That is not to say that you should not seek funding, but it helps to be realistic in your expectations and make sure that you are well-prepared for the journey.

This programme is designed to help you assess:

• whether your business would be likely to receive funding based on your vision of its' nature and future; and
  
• whether your venture is ready for funding at the current stage of it's life. 
  

Building off the result's of these assessments, then this programme will help you figure what you should be doing to get investment-ready; or at least advise you to not waste time on seeking investment and to focus on growing your business organically.

Curriculum

• Your pathway is customised based on your responses and your specific requirements.
• You will be able to interact with your fellow founders to optimise peer-to-peer learning and support
• There will be real mentors supporting you through the process
• If desired, investment-ready ventures may be introduced to appropriate investors.

Outcomes

• You will enter all investor meetings on a slightly more equal footing with the investor, with greater confidence in your venture's value and fundability
  
• Your investment-seeking process will be far more efficient and therefore less resource-intensive
  
• You will reduce the risk of being rejected by an investor due to being under-prepared; especially as there is seldom a second chance at pitching the same investor
  
• You will not waste effort on attempting a funding round when there is no or limited opportunities for success
  

Start date and applications

For further information or early subscription, please email us at info@mashauri.org with "Readiness for Funding" in the title of your mail.

There are few programs that have a high chance of massively changing your life - but this is one of them. By developing and enhancing your "e-factors" you will start thinking and acting like an entrepreneur ..- seeing opportunities on every corner, unleashing your creative potential, deciding where you want to be and then taking concrete steps to get there!

Anyone and everyone can benefit from this course - including university students who are about to open the door to their career. With well-developed e-factors, you will have the capability to launch your own entrepreneurial venture, start to manage your own destiny and follow your true passion. But if you prefer a more traditional career, these elements are going to put you head and shoulders above the rest of the market. Employers are desperate for graduates who demonstrate the e-characteristics. 

Universities who imbue their students with these skills are going to unleash a student power unknown to them before. Entrepreneur clubs are going to grow exponentially, your centers for entrepreneurship will need to expand and you will find students actively taking control of their studies and careers and starting to push and challenge their lecturers and tutors. Your reputation among potential employers could see your graduates getting hired in no time!

This course is based on the famous work of Professor David Gibson (awarded an OBE for his work in entrepreneurial education) who has identified the key factors that go to make up en entrepreneurial mindset. Not only did he identify them, he also codified a way of assessing your existing level and then undertaking exercises, processes and habits to improve them.

These lessons have been digitised into an experiential program designed to give and/or enhance your e-factor skills and so help you make a real impact on your own career be it starting a new venture, improving your current venture or being more effective in your existing job.

Furthermore, Mashauri have further enriched the book experience by adding in additional high value-add elements such as  video lectures from famous people, useful tools to support your application of the e-factors, quizzes to test your understanding and surveys to assist you in assessing your own entrepreneurial readiness and e-factor capabilities.

Each of the e-factors will be discussed and a check-list of best-practices and tips to improve will be offered. Furthermore, you will be given tasks to complete (sometimes over a period of days) to help you learn-by-doing. Repetition of these exercises could create habits that could change your life! Real mentors (if you are lucky maybe David Gibson himself) will be available to motivate and guide you too!

The E-factors are:

• Innovation and creativity
• Personal mastery
• Assertion and negotiation
• Personal marketing
• Finance
• Influence
• Leadership and team building
• Planning your outcome

For those who successfully complete the course, the University of Cumbria will issue an e-factor certificate signed by Professor Gibson himself (not included in discounted products)

THE BETA VERSION IS NOW CLOSED