Key Points :

1. No matter what business vertical you're entering, serial entrepreneur Steve Blank outlines a few points of necessary focus for the emerging business start-up, including market opportunity, market regulations and distribution, competitors and complimentors, and technology breakthroughs. He notes that the customer is not always the same thing as the payer, and that this bifurcation is creating interesting new business models.

2. Why is it a bad idea to be the first and only player in a market? Steve Blank, serial entrepreneur, outlines a host of reasons, including limited market opportunity, the expense of defining a new market, and the positioning risk involved in setting the market standard. Blank cautions that it may not be wise to be break new ground, and that safer terrain can be found in the footholds of the "first fast follower". Historical examples of this advantage include Amazon, EBay, and Google.

3. In this clip, the difference between vertical markets - niche players serving a specific need or customer set; and horizontal markets - goods or services that enable a platitude of businesses - are defined for the student of entrepreneurship. The needs of start-ups differ dramatically by vertical, says serial entrepreneur Steve Blank. And taking advice from new enterprises in a different market niche can end in disaster. Take heed when receiving advice from friends in a neighboring business vertical.

4. Market risk is the concern that you'll find your customers before you run out of funding. A technical risk asks if the innovation is in place to bring your start-up idea to market successfully. Both of these concerns are paramount for an entrepreneurial venture, says serial entrepreneur Steve Blank, and both have the potential to cause a young business to shutter.

5. Female Stanford students of entrepreneurship ask serial entrepreneur Steve Blank: "How can one balance family life with the demands of the start-up?" Blank advises single people to stay single, and suggests that those with family ties set strict schedules to insure time together. Start-ups can easily take over one's life, he says, and one must be equally diligent in taking time off as working.

6. Stanford instructor and seasoned serial entrepreneur Steve Blank looks back at the commonalities and quirks of the quarter's previous speakers. Blank outlines a thorough checklist of questions and analysis helpful to any new enterprise leader, and offers insight and case studies from industry giants and new technology plays alike.