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.
Chen, Tianxu; Simon, Ph.D., Mark; Kim, John; and Poploskie, Brian
"Out of the Building, into the Fire: An Analysis of Cognitive Biases during Entrepreneurial Interviews,"
New England Journal of Entrepreneurship:
1, Article 5.
Available at: http://digitalcommons.sacredheart.edu/neje/vol18/iss1/5