New ventures in the nanomaterials industry are subject to the same laws of physics as all other entities – they compete for capital, customers, and work through similar variables. Ultimately, success is determined by the degree to which customers prefer the new venture product(s) to alternatives, thus, thinking from the perspective of the customer is critical to success. Often we focus on what the idea is, how it improves on alternatives in the marketplace, and don’t spend adequate time considering the world from the customer’s view. In reviewing choices that must be made and examples of successes and failures, the case for a thorough business plan is presented.