Category Archives: Terp Toolkit

Terp Toolkit: Build. Measure. Learn. Repeat. An Intro to the Lean Startup Methodology

Many startups fail because they spend a ton of time — months, even years — perfecting their leanstartupproduct or service before taking their business to market, without ever really seeking customer validation, only to find, their potential customers don’t see the value, leading to the company’s demise.

While this may seem a bit dramatic, this approach is all too familiar among entrepreneurs. Even if it’s not detrimental, it can significantly delay the success of startups. Over the years, the lean methodology, coined by Eric Ries and publicized in his book, “The Lean Startup,” has become popular among entrepreneurship circles. This method aims to reduce risk and help entrepreneurs pivot faster in the development of a new business idea, leading to maximum value for customers and higher return to founders.

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Introducing the Terp Toolkit and the Business Model Canvas

Everyday at the Dingman Center, students drop by, or send us emails, with questions on how to get started with their entrepreneurial ideas. We love connecting with UMD students and continuously look for new ways to support your fearless ventures!

As an additional resource to our future Fearless Founders, we are launching the Terp Toolkit. In this series of blog posts, we’ll provide regular updates with practical tips for folks interested in entrepreneurship.

Now, let’s get started…

Long gone are the days of the traditional business plan. With the influence of the lean startup methodology and the business model generation, entrepreneurs are turning to the business model canvas to develop, iterate and launch their businesses or innovate within existing organizations.


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