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Out Of The Building, Into The Fire: An Analysis Of Cognitive Biases During Entrepreneurial Interviews, Tianxu Chen, Mark Simon, Ph.D., John Kim, Brian Poploskie
Out Of The Building, Into The Fire: An Analysis Of Cognitive Biases During Entrepreneurial Interviews, Tianxu Chen, Mark Simon, Ph.D., John Kim, Brian Poploskie
New England Journal of Entrepreneurship
A major source of failure for new ventures is the entrepreneurs’ misunderstanding of the product-market fit. Recently, researchers have suggested that to get a better understanding of the product-market fit, entrepreneurs should “get out of the building” and interview many customers. This approach, while advantageous, is not without drawbacks. This article presents a conceptual model that incorporates the characteristics of “getting out of the building” to conduct customer interviews, and the biases that can arise to influence the entrepreneurs’ misjudgment of the product-market fit. We provide recommendations to overcome these biases.