Getting Lean: Essential Tools for Running a Lean Startup

www.ideavillage.org

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www.ideavillage.org

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© LearningHacks 2014

Are you ready?

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Getting Lean Essential Tools for Running a Lean Startup

Lean 2 Win 3 to Make Your Startup a Huge Success

Which session do you want?

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What do you want from today?

To learn everything

you need to launch a

wildly successful venture.

or

To learn: • What the business

model canvas is • Why the canvas is

important to me • What the scientific

method is • How to think like a

scientist • How to think about

customers • What I can learn from

customers

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Who ( ) says I am

J. Anthony Miguez Founder Advisor

EIR Head of Strategy

Talent Management Solution Architect General Partner Limited Partner

Blogger

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Who (I think) I Am

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Question #1

Q: What is a startup?

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Question #1

Q: What is a startup?

A: Enterprise where… “unknowns” > “knowns”

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Question #2

Q: What is a startup’s scarcest resource?

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Question #2

Q: What is a startup’s scarcest resource? A: Time

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Question #3

Q: What is “lean”?

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Question #3

Q: What is “lean”? A: Resource efficient approach

to turning “unknowns” into “knowns”

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Lean Startup

Build

Measure

Learn

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Three Tools

CUSTOMER DISCOVERY

CUSTOMER VALIDATION

SEARCH

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Business Model Canvas

I BMC

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Why The BMC?

• Flexible • Focusing • Visual language • Common language • System • Stakeholder alignment

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BMC Overview K

ey P

artn

ers

Cu

stom

er Segmen

ts Value

Proposition

Cost Structure Revenue Streams

Key Activities

Key Resources

Customer Relationship

Channels

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Operations K

ey P

artn

ers

Cu

stom

er Segmen

ts Value

Proposition


Key Activities

Key Resources


Channels

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Finance K

ey P

artn

ers

Cu

stom

er Segmen

ts Value

Proposition


Key Activities

Key Resources


Channels

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Product/Market Fit K

ey P

artn

ers

Cu

stom

er Segmen

ts Value

Proposition


Key Activities

Key Resources


Channels

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The Evolving BMC

Checklist

Story

Pattern

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Canvas Stories

Why stories matter: • They engage • They provide context • They build relationships • They illustrate success and failure • They allow for reflection • They slow things down • They show the how and whys • They show multiple perspectives • They help us unlearn • They spread!

Borrowed and bastardized from Craig Wortmann’s awesome book, “What’s Your Story”

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Canvas Stories

[company name] [value proposition] to/for [customer segment].

We deliver our value via [channels]

by [key activities/resources/partners].

Through our [customer relationship] we are sustainable because

our [revenue streams] exceed our [cost structure].

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Canvas Stories

What does your canvas say?

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Business Model Canvas Ke

y Pa

rtn

ers

Cu

stom

er Segm

ents Value

Proposition


Key Activities

Key Resources


Channels

Q: So you have done all this work on your BMC and what do you have?

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Business Model Canvas Ke

y Pa

rtn

ers

Cu

stom

er Segm

ents

Value Proposition


Key Activities

Key Resources


Channels

A: A great set of guesses!

?

?

?

? ? ?

?

? ?

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Scientific Thinking

When you assume you…

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Scientific Thinking

PIVOT?

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Experiment Design

Successful Experiment Design Defines: • Assumptions (problem not feature focused)

• Riskiest assumption

• Learning objectives

• Measurement plan

• Minimal Viable Product (MVP)

• Minimum Success Criteria

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Experiment Design

Types of experiments: • Interviews

• Concierge service

• “Wizard of Oz”

• Landing page

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Scientific Thinking

So what are you going to test? 1. Describe your assumption 2. Define your experiment 3. State your hypothesis

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Customer Development

CUSTOMER DISCOVERY

CUSTOMER VALIDATION

SEARCH

CUSTOMER CREATION

CUSTOMER BUILDING

EXECUTE

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CUSTOMER DISCOVERY

CUSTOMER VALIDATION

SEARCH

Customer Discovery answers: • Who your customer

segments are • What they value in your

product/service

Customer Validation answers: • Can the business scale • Is there a repeatable and

scalable sales model • Is the sales funnel

predictable

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CUSTOMER DISCOVERY

Think and Feel • Major preoccupations • Worries and aspiration

See • Environment • Friends • What else in the market

Say and Do • Attitude in public • Appearance • Behavior towards others

Hear • Friends say • Influencers • Boss/family

Pain • Fear • Frustration • Obstacles

Gain • Wants/needs • Measures of success

Customer Definition

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Describe your proto-typical “early-adopter” customer to your

neighbor.

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How Did I Do?

Objective: To teach you everything

you need to launch a wildly successful social venture.

Question 1: Would you recommend this session to

other entrepreneurs?

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How Did We Do?


other entrepreneurs? Prediction: 80% (some of you are just being polite)

Question 2: What is the highest price you would be willing to pay for this session?

a) $25 b) $50 c) $100

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How Did We Do?


other entrepreneurs? Prediction: 80% (some of you are just being polite)

Question 2: What is the highest price you would be willing to pay for this session?

a) $0 (30%) b) $25 (40%) c) $50 (20%) d) $100 (10%)

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Thank You

All resources can be found here

http://bit.ly/1qsCF78

I can be found here @janthonymez

www.ideavillage.org

Getting Lean: Essential Tools for Running a Lean Startup

Small Business & Entrepreneurship

Transcript of Getting Lean: Essential Tools for Running a Lean Startup