Speaker  Series  

RUNNING  LEAN  

h3p://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/  

Lean Startup Lean Analytics

A BIT ABOUT ME •  SERIAL ENTREPRENEUR

•  MENTOR & ADVISOR

•  BIG BELIEVER IN LEAN…

Running Lean Powers the Best Startups

The Seven Myths of Lean Startups

#1: Lean means cheap Sure it’s cheaper to start companies but it still costs money to scale them.

The lesson is simply this: know when to hack and know when to scale.

#2: Lean means small You need a Big Vision to Win. DREAM BIG!

#3: Lean means, well…crappy An MVP is meant to be a minimalistic version of your product, but it also has to be viable.

#4: Pivot is a Bad Word The future is a road paved with changes ahead.

Don’t be afraid to Pivot Listen to what you’re the market is telling you.

A Classic Pivot Money transfer via a Palm Pilot. Sounds crazy, right?

Eventually became PayPal In October 2002, PayPal was acquired by eBay for $1.5-Billion

h3p://www.smallbiztechnology.com/archive/2012/07/learning-­‐from-­‐failure.html/  

#5: Lean is only for consumer startups Lean Startup has gained most of its adoption amongst consumer startups, but it applies across the board.

h3p://www.flickr.com/photos/sabaNzer/6360925767/sizes/l/  

#6: Lean means easy Startups are hard. Lean simply helps mitigate risk and clear the path a bit more, but it’s not easy.

#7: Lean means instant success You can’t walk through the process and expect to win. It takes guts, luck, brains and much, more more.

h3p://www.flickr.com

/pho

tos/laNtud

es/664

2486

3/siz

es/l/  

#1: Lean doesn’t mean cheap #2: Lean doesn’t mean small #3: Lean doesn’t mean crappy #4: Don’t be afraid to pivot #5: Lean isn’t only for consumer startups #6: Lean doesn’t mean easy #7: Lean doesn’t mean instant success

The Seven Myths of Lean Startups

Lean does mean making informed decisions.

For most startups, lean means measuring: 1.  Acquisition 2.  Activation 3.  Retention 4.  Referral 5.  Revenue

Not listening to what the metrics are telling you

can spell disaster.

Know When to Pivot Lack Revenue| High Churn| Poor Conversions

Know When to Scale Adoption | Conversions| Market Share

h3p://www.flickr.com/photos/lanier67/4047779644/sizes/l/in/photostream/  

Lean means stop guessing Finding that one metric that tracks your progress towards a goal.

Balancing Act Most successful entrepreneurs have a good balance of execution intuition and luck. 

h3p://www.flickr.com/photos/classblog/5136926303/sizes/l/in/photostream/  

h3p://www.flickr.com/photos/kcnickerson/1008563510/  

Most startups fail because the founders give up 

Hard Work Pays Off…So Don’t Give Up!

Recommended Reading Lean Startup | Lean Analytics | Running Lean

Some  of  the  photographs  in  this  presentaNon  were  retrieved  from  Flickr  and  made  available  under  a  CreaNve  Commons  license.  Please  refer  to  each  photograph  for  a  link  to  the  image  source.  

Contact Me: E-Mail: jthompson@about.me Twitter: @thomjeff