◆ “Entrepreneurship is not a talent, but a skill that can be learned and mastered!”
◆ The secrets to startup success revealed by MIT, the world's best entrepreneurship academy!

“A textbook-like book designed to help you master and train every single step of the entrepreneurial process!”
- Kwon Do-gyun, CEO of Primer

The world's most popular entrepreneurship textbook, "Startup Bible," has returned with an expanded and expanded edition to celebrate its 10th anniversary.
Translated into 21 languages ​​worldwide since its initial publication and used as a textbook by hundreds of thousands of aspiring entrepreneurs, this book has undergone a complete retranslation, with a newly designed cover and text, three additional chapters that further upgrade the entrepreneurial process, market research, and customer analysis.
In particular, this expanded edition vividly conveys how the MIT entrepreneurship program is applied in practice by detailing each step of the author's entrepreneurial process to create a startup.

Bill Aulett, director of the MIT Center for Entrepreneurship, is at the center of MIT's entrepreneurship boom.
Over the past 16 years, he has worked with numerous faculty members, global business leaders, and outstanding startup teams from around the world to conduct various startup courses, creating the "24-Step Entrepreneurship Program," an essential tool for aspiring entrepreneurs.
The 10th Anniversary Expanded Edition of "Startup Bible" is the ultimate startup guide, featuring the 24-step startup program and vivid, concrete startup case studies from MIT students.
This book has evolved to accommodate the new startup environment of platform business and the AI ​​revolution.
Armed with sparkling ideas, passion, and a spirit of adventure, it contains everything aspiring entrepreneurs need to know to succeed in their startups: how to understand the market and product, analyze customers, design sales strategies, establish pricing systems, and even determine business models and explore future growth strategies.

“Strictly speaking, “Startup Bible” is a book compiled from the lecture materials I created.
This book is a reflection of my decades of experience as an entrepreneur, as well as my experience teaching entrepreneurship at MIT and in workshops around the world.
“I have repeatedly discussed and redefined the concept of entrepreneurship with thousands of outstanding entrepreneurs, and the results are contained in this book.”
--- From the "Preface to the Expanded Edition"

“Entrepreneurship is not a gene that only a lucky few are born with.
According to research by the late MIT professor Edward Roberts, the more experience you have in starting a business, the greater your chances of success as an entrepreneur.
Entrepreneurship is not a gut feeling or an instinct.
Entrepreneurship is a systematic process that can be learned through education.
In short, entrepreneurship is a skill, not an innate ability.”
--- From the introduction, "Breaking News: Entrepreneurship Can Be Taught!"

“At the beginning of every lecture, I emphasize the most fundamental first principle of entrepreneurship.
First, we ask, 'What is the single necessary and sufficient condition for business?'
Most people answer 'a new idea', but that is not the right answer.
Having a new idea doesn't guarantee a successful business.
Other answers include product, technology, customer needs, business plan, vision, strong team, CEO, funding, investors, business strategy, competitive advantage, and corporate values.
All of these are important conditions for starting a business, but they are not the right answers.
The only necessary and sufficient condition for any business is a 'paying customer' who is willing to pay for and use the product.
“The moment you acquire a paying customer, your business begins.”
--- From "Step 1: Segment the Market"

“The step of defining a persona is important for entrepreneurs in many ways.
Founders must ensure that newly formed teams are focused on solving customer problems and capturing market opportunities in entirely new ways.
The founding team doesn't have the luxury of wasting time internally debating direction.
At this point, personas not only provide actionable solutions quickly, but also provide powerful motivation to the entire founding team.
Behavioral economists have long known that narratives are powerful motivating tools.
Personas provide a narrative description of who your customers are and why solving their problems is important.
“After understanding your customers and understanding their reasons for solving their problems, the startup team can align on personas and focus on a single goal.”
--- "Step 5: Define the persona of your key market."

“One of the most common questions I get from customers is, ‘What makes your product different from your competitors’?’
A description of the technical and functional aspects of a product does not answer the question correctly.
The right answer is to explain how your product can help you make money, save lives, reduce your carbon footprint, improve your sleep quality, get to market faster, or increase your credibility.
And explain specifically how it is better than other products.
“Customers find a product much more appealing when they hear about the benefits it will provide than when they are simply told its features.”
--- From "Step 11: Visualize Your Competitive Position"

“Sometimes entrepreneurs think they are in a special situation where they can ignore unit economics, but that’s not the case.
To be clear, if the lifetime value of an acquired customer never exceeds the cost of acquiring the customer, the business will not be sustainable in the long term.
Businesses have many costs beyond marketing and sales.
If you want to reinvest your profits, it's not enough for the lifetime value of an acquired customer to be equal to or slightly greater than the cost of acquiring the customer.
David Skok, founder and venture capitalist, advises that for software-as-a-service companies, the lifetime value of an acquired customer should be at least three times the cost of acquiring the customer.
--- From "Step 17: Predict the Lifetime Value of Acquired Customers"

“Calculating your customer acquisition cost begins with designing a scalable revenue engine.
In the previous steps, we didn't cover exact cost figures, but now, based on that data, we'll get more specific about what it costs to acquire a single customer in sales and marketing.
After calculating your customer acquisition cost at this stage, you can revisit your sales strategy to find ways to reduce your customer acquisition costs or increase the lifetime value of your acquired customers.
“Customer acquisition costs, along with the lifetime value of acquired customers, help us understand the key drivers of our business and serve as important first-step metrics for assessing sustainability and profitability.”
--- From "Step 19: 'Analyze Customer Acquisition Costs'"

“If you have captured a key market, it is now time to expand your business to the next market.
At the heart of market expansion will be a carefully crafted product plan.
Product planning allows you to systematically leverage your accumulated assets to gain a unique competitive advantage that your competitors cannot match when entering the next market.
Product planning likely begins with improving existing products, but it can also begin with developing new ones.
In other words, product planning is the process of establishing specific strategies to expand market influence based on previous success.
“If you analyzed the total available market size of the follow-on market in Step 14 and developed a market expansion plan, it is now time to concretize and implement that plan.”

--- From "Step 24: Establish a Product Plan"