Lean Startup
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Transcript of Lean Startup
Goal: To figure out the right thing to build, the thing customers want & will pay for,
as quickly as possible before running out of resources. !
A temporary organization designed to search for a repeatable & scalable business model under conditions of extreme uncertainty
Start-Up:
1. START-UP
2. BIG BUSINESS
! Looking for a
business model Executing a business model
“Planning comes before the plan”
A week in the life of an entrepreneur
It may seem counterintuitive to
think that something as disruptive, innovative & chaotic as a startup can be managed, or to be
accurate, must be managed.
Most start-ups
than from a failure of product development. They simply did not find enough customers to pay them enough $.
!"#$%!&'#(!!)*+,!
Asmaa
Lean Canvas
Untested Hypotheses
Day 1
2. Get out of the
building
3. Turn hypotheses into facts
4. Update canvas & becomes scorecard
1. Organise our
thinking
The Different Worldviews of a Startup: Entrepreneurs
Customers
Investors
Advisors
Minimize TOTAL time through the
loop
!
!
"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!
!
Example of an Experiment Report
Hereʼs what we found
Hereʼs what we thought
Hereʼs what we did Hereʼs what we are going to do next
M E A S U R E
L E A R N
B U I L D
!
!
"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!
1!
TIMELINE & EXPECTATIONS
SHARE: • Hypothesis: Hereʼs what we thought • Experiments: So hereʼs what we did • Results: So hereʼs what we found • Iterate: So hereʼs what we are going to do next • Update Lean Canvas
START FROM: Validating Problem /
Customer Hypothesis GET OUT OF
THE BUILDING
YES Create Solutions &
Unique Value Proposition MINIMUM
VIABLE PRODUCT
NO Talk to more customers or another customer segment
PIVOT
PERSEVERE
EACH WEEK: Build – Measure – Learn
8th – 15th Feb 2014 • Prepare updated Lean Canvas • Send invitations to mentor & PwC on LeanStack • Identify potential Problem & Customer Segment
16th – 22nd Feb 2014 • Talk to 10 potential customers • Validate Problem & Customer hypotheses
23rd – 1st Mar 2014 • Identify potential UVP / Solution based on
validated Problem / Customer hypotheses • Talk to another 10 – 15 potential customers • Validate UVP / Solution hypotheses (incl.
features for MVP)
2nd – 8th Mar 2014 • Based on customer insight, decide to pivot /
persevere • Talk to another 10 potential customers and/or
channel partners • Identify basic revenue model strategy & how
to reach customers 9th – 15th Mar 2014
• Understand basic fixed & variable costs involved
• List key activities that need to be tracked
16th – 23rd Mar 2014
• Understand an unfair advantage that cannot be easily copied or bought by potential competitors
1. Lean Startup doesn't guarantee success of your otherwise risky
venture.
2. When things are NOT working & NOT getting traction, is this because you’re doing it wrong or just not working at it hard
enough? Are you quitting because you don't like a bit of
pain or are you quitting because this is the right time to quit? 3. The biggest thing I
would add is dealing with failure. Both on the fear of
failing end (to begin with) & on the shit it's all failing
end (I’m a failure).
4. When certain key things haven’t worked out, I started
to withdraw & stopped talking to advisers & meeting people & getting as much support, right when I really should
have gotten more.
5. My advice is Lean Startup tried to take a scientific type
approach. Keep treating yourself as a scientist testing
the idea. Your learning journey is the core asset.