0
Come with a pencil...         Daniel Tenner         (@swombat)      http://swombat.com     http://granttree.co.uk
t up                            #i                                                         du                r           l...
Overview
0. Starting thoughts
1. Business Model     Canvas
2. Coming up with your         idea
3. Lean Startup, orwhere to go from here
4. Recap and closing      thoughts
0. Starting thoughts
• Entrepreneurship is a career•
• Entrepreneurship is a career• Startups are (risky) experiments•
• Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time•
• Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a...
• Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a...
• Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a...
Disclaimer
Disclaimer• No silver bullets• No substitute for experience• Just one tool• Not the whole tool
Disclaimer• No silver bullets• No substitute for experience• Just one tool• Not the whole tool
Disclaimer• No silver bullets• No substitute for experience• Just a couple of tools• Not the whole tool
Disclaimer• No silver bullets• No substitute for experience• Just a couple of tools• Not the whole tool
1. Business Model     Canvas
“Send me your business plan”
Problems with B-plans•   Hard to see if complete•   Discourages collaboration•   Not for visual people•   Lengthy and tedi...
Problems with B-plans•   Hard to see if complete•   Discourages collaboration or change, static•   Not for visual people• ...
Problems with B-plans•   Hard to see if complete•   Discourages collaboration or change, static•   Not for visual people• ...
Problems with B-plans•   Hard to see if complete•   Discourages collaboration or change, static•   Not for visual people• ...
Problems with B-plans•   Hard to see if complete•   Discourages collaboration or change, static•   Not for visual people• ...
Problems with B-plans•   Hard to see if complete•   Discourages collaboration or change, static•   Not for visual people• ...
Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Length...
But business plansserve a purpose...
“Plans are worthless, but planning is everything.”                       - A great many people               (incl. Dwight...
Business planning has      evolved
Better business planning:• Easy to see what’s missing• Dynamic, open to suggestions and changes• Visual• Quick to prepare,...
Is that possible?
Hero Rats...
Hero Rats...• Genetically modified super-rats with brain  chips.• At the press of a button, the Hero Rat will  seek out nea...
Hero Rats...• Due to a revolutionary process called “Rat  Magic”, the rats are inexpensive to breed  and fit out with brain...
Hero Rat Exercise 1• Come up with as many different possible  customer types as possible.• Time: 4 minutes.
Hero Rat Exercise 2• What makes Hero Rats valuable?• Time: 3.5 minutes.
Hero Rat Exercise 3• How can you sell Hero Rats?• Time: 3 minutes.
Hero Rat Exercise 4• You get the idea...• Time: 2.5 minutes.
Hero Rat Exercise 5• Sell the Hero Rats!• Time: 2 minutes.
Let’s have some fun   with the rats...
There are many waysto run Hero Rat Inc...
Free rats for all?
Hero Rat Exercise 6• How can you give away the Hero Rats for  free?• Time: 3 minutes.
Hero Rats for the mass       market
Hero Rat Exercise 7• Can you sell Hero Rats as a consumer  product?• Time: 3 minutes.
HRaaS?
Hero Rat Exercise 8        (last!)• Can you make Hero Rats a subscription  service?• Time: 3 minutes.
Recap
Business Plans in 2012• Easy to see what’s missing• Dynamic, open to suggestions and changes• Visual• Quick to prepare, ch...
2. Coming up with your         idea
2. Coming up with your        ideas
Idea Reach
Constraints
1. Start with you...
Expert entrepreneursstart with what theyhave and who they are.       effectuation.org
Who do you care about helping?
Exercise 1• Using yellow post-its, pin down things you  really want to have on your business  model.• Time: 3 minutes.• No...
2. Then, the not-you
What do you hate    doing?
What is ridiculously  hard for you?
Exercise 2• Using red post-its, pin down things you  don’t want on your business model.• Time: 2 minutes.• Note: don’t put...
3.Your assets
What communities/markets do you have    access to?
What resources do you have access to which     others don’t?
Exercise 3• Using green post-its, pin down assets and  resources.• Time: 3 minutes.• Note: put anything that could help.
Groups of 3-5!
Exercise 4• Help each other: come up each with a  customer, resource and activity.• Time: 5 minutes.• Note: more options i...
4. Get some help!
Who else cares about your customers?
Exercise 5• Add other potential players around your  canvas (partners or customers).• Time: 3 minutes.• Note: more options...
Remember: your firstidea is always dumb.
Exercise 6• Sketch out 3 alternative business models  that fit your constraints.• Time: 3 minutes.• Note: more options is b...
...but what next?
3. Lean Startup, orwhere to go from here
“Lean Startup”
What is a startup?
What is a startup?“The act or fact of starting something; asetting in motion.”                         -Dictionary (useless)
What is a startup?“Startups are fresh, new companies tryingto do cool stuff.”            -Instinctive (still mostly useless)
What is a startup?“A startup is an organization formed tosearch for a repeatable and scalablebusiness model.”             ...
What is a startup?“A startup is a human institution designed todeliver a new product or service underconditions of extreme...
What is a startup?“...essentially a startup is a new businessdesigned for scale.”“A startup is a small company that takes ...
What is a startup?“A startup is a business which has ambitionsand plans to grow by a large factorover the next few years.”...
Key points• Uncertainty, search, difficulty• Ambition, growth• Methods, plans• Business, money
How should I build a     startup?
Some typicalapproaches that don’t       work
1. First, write a business           plan...
2. Raise lots of moneyand then figure it out
3. Plan it, build it and    they will come
4. Get lots of users andfigure the rest out later
5. Don’t spend anything         at all.
A better method...     “Lean”
Lean is not...• Cheap• Rigid• Limited to simple ideas• The magic key to success
Lean is...• A method to organise the chaos• Less waste• Less risk• More learning• A common language
The fundamentalprinciple of “Lean”
• People don’t care about things they don’t  need/want• Building things people don’t need is waste• Building large things ...
• People don’t care about things they don’t  need/want• Building things people don’t need is waste• Building large things ...
• People don’t care about things they don’t  need/want• Building things people don’t need is waste• Building large things ...
• People don’t care about things they don’t  need/want• Building things people don’t need is waste• Building large things ...
• People don’t care about things they don’t  need/want• Building things people don’t need is waste• Building large things ...
Sounds hard!
➡ Building things is probably a waste of your   time right now.
➡ Building things is probably a waste of your   time right now.
The “Lean” approach:Build the smallest, easiest, smartest thing thatteaches you what you need to learn
➡ Building this thing is probably a waste of   your time right now.
➡ Building this thing is maybe a waste of   your time right now.
➡ Building this thing is maybe not a waste of   your time right now.
➡ Building this thing is probably not a waste   of your time right now.
The “Lean” approach:Build the smallest, easiest, smartest thing thatteaches you what you need to learn
What do you need to      learn?
Do people want it?
Can I sell it?
Can I build it?
A startup plan1. Do people want it?2. Can I sell it?3. Can I build it?
The “Lean” approach:Build the smallest, easiest, smartestthing that teaches you what you need tolearn
Minimum Viable   Product
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Any...
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Any...
Minimum Viable         Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Any...
MVP• MVP is not a crappy version of the product.• MVP is driven by the questions you need  answered.
The Lean Cycle
The Lean Cycle                (backwards)                              ExperimentHypothesis                   Text        ...
Lean Toolkit
Metrics
Up and to the right...
Vanity metrics• User signups• Traffic• Retention rate• Any metric in a vacuum
Good metrics• Mostly: A/B test results• Cohort breakdowns• Retention rates over time• Activity stream• Any metric that’s a...
Actionable?• Must be related to the key engines of your  business...
Engines:value and growth
Engine of value• How much value is your startup delivering?• Is it enough to be worth paying for?• Do people perceive that...
Engine of growth• How does your startup acquire new  customers? • Paid • Viral • Sticky
Engine of growth• How does your startup acquire new  customers? • Paid (CAC & LTV) • Viral (Viral Coefficient) • Sticky (Re...
Actionable Metrics• Actionable metrics are the ones which can  lead to a change which you know will  impact your key drive...
“If you simply plan on seeing what happens, you always succeed... in      seeing what happens!”                         - ...
“If you can’t fail, then you can’t             learn.”                          - Eric Ries
“InnovationAccounting”
Lean reporting• If you only report usage/revenue, that’s  what you’ll be judged on• Track validated learning instead
Pivots(hot buzzword alert)
Experiment failed...      what now?• Why did it fail? Which assumption was  wrong?• Can the assumption be tweaked, or does...
Experiments      succeeded, but...• If it’s not working well enough to build a  sustainable business, it’s not working,  p...
How to know if it’sworking well enough?
Types of pivots
• Zoom-in pivot: single feature becomes  the whole product• Zoom-out pivot: the product becomes  a feature of a larger pro...
• Customer segment pivot: some  customers like us, but not the ones initially  targeted• Customer need pivot: the product ...
• Business architecture pivot: low  margin, high volume, vs. high margin, low  volume• Value capture pivot: change the way...
But... don’t abuse pivots.
4. Recap and closing      thoughts
Let’s recap...
EVERYTHING!
Startups areexperiments
Test critical things as quickly as possible
Work back from what     you want to test...                      ExperimentHypothesis              Text             Metric
Actionable metrics, not    vanity metrics
Report on learning    progress
Pivot whenassumptions are wrong
What to do from here• Be Smart• Get Advice• DO THINGS!
Where to go from         here...•   “The Lean Startup” - Eric Ries•   “Running Lean” - Ash Maurya•   “The entrepreneur’s g...
Thank you!    Daniel Tenner    (@swombat) http://swombat.comhttp://granttree.co.uk
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
2012 10-24 come with a pencil..
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Transcript of "2012 10-24 come with a pencil.."

  1. 1. Come with a pencil... Daniel Tenner (@swombat) http://swombat.com http://granttree.co.uk
  2. 2. t up #i du r lS ta b12 n ci p e# Come with a pencil... Daniel Tenner (@swombat) http://swombat.com http://granttree.co.uk
  3. 3. Overview
  4. 4. 0. Starting thoughts
  5. 5. 1. Business Model Canvas
  6. 6. 2. Coming up with your idea
  7. 7. 3. Lean Startup, orwhere to go from here
  8. 8. 4. Recap and closing thoughts
  9. 9. 0. Starting thoughts
  10. 10. • Entrepreneurship is a career•
  11. 11. • Entrepreneurship is a career• Startups are (risky) experiments•
  12. 12. • Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time•
  13. 13. • Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a small part of it•
  14. 14. • Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a small part of it• Running your own business is great•
  15. 15. • Entrepreneurship is a career• Startups are (risky) experiments• You don’t have to experiment full-time• Ideas are only a small part of it• Running your own business is great• Start today with what you have
  16. 16. Disclaimer
  17. 17. Disclaimer• No silver bullets• No substitute for experience• Just one tool• Not the whole tool
  18. 18. Disclaimer• No silver bullets• No substitute for experience• Just one tool• Not the whole tool
  19. 19. Disclaimer• No silver bullets• No substitute for experience• Just a couple of tools• Not the whole tool
  20. 20. Disclaimer• No silver bullets• No substitute for experience• Just a couple of tools• Not the whole tool
  21. 21. 1. Business Model Canvas
  22. 22. “Send me your business plan”
  23. 23. Problems with B-plans• Hard to see if complete• Discourages collaboration• Not for visual people• Lengthy and tedious to prepare• Lengthy to absorb• Can hide issues under mountains of words• Most people won’t read any of it!
  24. 24. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare• Lengthy to absorb• Can hide issues under mountains of words• Most people won’t read any of it!
  25. 25. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare• Lengthy to absorb• Can hide issues under mountains of words• Most people won’t read any of it!
  26. 26. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare or absorb• Lengthy to absorb• Can hide issues under mountains of words• Most people won’t read any of it!
  27. 27. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare or absorb• Can hide issues under mountains of words• on’t read any of it!
  28. 28. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare or absorb• Can hide issues under mountains of words• Most people won’t read any of it!• on’t read any of it!
  29. 29. Problems with B-plans• Hard to see if complete• Discourages collaboration or change, static• Not for visual people• Lengthy and tedious to prepare or absorb• Can hide issues under mountains of words• Most people won’t read any of it!• Present just one vision
  30. 30. But business plansserve a purpose...
  31. 31. “Plans are worthless, but planning is everything.” - A great many people (incl. Dwight D. Eisenhower)
  32. 32. Business planning has evolved
  33. 33. Better business planning:• Easy to see what’s missing• Dynamic, open to suggestions and changes• Visual• Quick to prepare, change and grasp• Issues come up to the surface• People actually want to read it!• Present multiple possibilities
  34. 34. Is that possible?
  35. 35. Hero Rats...
  36. 36. Hero Rats...• Genetically modified super-rats with brain chips.• At the press of a button, the Hero Rat will seek out nearby explosives (e.g. in a land mine). Press another button and the Hero Rat returns (if still alive...).
  37. 37. Hero Rats...• Due to a revolutionary process called “Rat Magic”, the rats are inexpensive to breed and fit out with brain chips.
  38. 38. Hero Rat Exercise 1• Come up with as many different possible customer types as possible.• Time: 4 minutes.
  39. 39. Hero Rat Exercise 2• What makes Hero Rats valuable?• Time: 3.5 minutes.
  40. 40. Hero Rat Exercise 3• How can you sell Hero Rats?• Time: 3 minutes.
  41. 41. Hero Rat Exercise 4• You get the idea...• Time: 2.5 minutes.
  42. 42. Hero Rat Exercise 5• Sell the Hero Rats!• Time: 2 minutes.
  43. 43. Let’s have some fun with the rats...
  44. 44. There are many waysto run Hero Rat Inc...
  45. 45. Free rats for all?
  46. 46. Hero Rat Exercise 6• How can you give away the Hero Rats for free?• Time: 3 minutes.
  47. 47. Hero Rats for the mass market
  48. 48. Hero Rat Exercise 7• Can you sell Hero Rats as a consumer product?• Time: 3 minutes.
  49. 49. HRaaS?
  50. 50. Hero Rat Exercise 8 (last!)• Can you make Hero Rats a subscription service?• Time: 3 minutes.
  51. 51. Recap
  52. 52. Business Plans in 2012• Easy to see what’s missing• Dynamic, open to suggestions and changes• Visual• Quick to prepare, change and grasp• Issues come up to the surface• Present multiple possibilities• People actually want to read it!
  53. 53. 2. Coming up with your idea
  54. 54. 2. Coming up with your ideas
  55. 55. Idea Reach
  56. 56. Constraints
  57. 57. 1. Start with you...
  58. 58. Expert entrepreneursstart with what theyhave and who they are.  effectuation.org
  59. 59. Who do you care about helping?
  60. 60. Exercise 1• Using yellow post-its, pin down things you really want to have on your business model.• Time: 3 minutes.• Note: don’t put things you don’t care about!
  61. 61. 2. Then, the not-you
  62. 62. What do you hate doing?
  63. 63. What is ridiculously hard for you?
  64. 64. Exercise 2• Using red post-its, pin down things you don’t want on your business model.• Time: 2 minutes.• Note: don’t put things you don’t care about!
  65. 65. 3.Your assets
  66. 66. What communities/markets do you have access to?
  67. 67. What resources do you have access to which others don’t?
  68. 68. Exercise 3• Using green post-its, pin down assets and resources.• Time: 3 minutes.• Note: put anything that could help.
  69. 69. Groups of 3-5!
  70. 70. Exercise 4• Help each other: come up each with a customer, resource and activity.• Time: 5 minutes.• Note: more options is better!
  71. 71. 4. Get some help!
  72. 72. Who else cares about your customers?
  73. 73. Exercise 5• Add other potential players around your canvas (partners or customers).• Time: 3 minutes.• Note: more options is better!
  74. 74. Remember: your firstidea is always dumb.
  75. 75. Exercise 6• Sketch out 3 alternative business models that fit your constraints.• Time: 3 minutes.• Note: more options is better!
  76. 76. ...but what next?
  77. 77. 3. Lean Startup, orwhere to go from here
  78. 78. “Lean Startup”
  79. 79. What is a startup?
  80. 80. What is a startup?“The act or fact of starting something; asetting in motion.” -Dictionary (useless)
  81. 81. What is a startup?“Startups are fresh, new companies tryingto do cool stuff.” -Instinctive (still mostly useless)
  82. 82. What is a startup?“A startup is an organization formed tosearch for a repeatable and scalablebusiness model.” -Steve Blank
  83. 83. What is a startup?“A startup is a human institution designed todeliver a new product or service underconditions of extreme uncertainty.” -Eric Ries
  84. 84. What is a startup?“...essentially a startup is a new businessdesigned for scale.”“A startup is a small company that takes on ahard technical problem.” -Paul Graham
  85. 85. What is a startup?“A startup is a business which has ambitionsand plans to grow by a large factorover the next few years.” -Me!
  86. 86. Key points• Uncertainty, search, difficulty• Ambition, growth• Methods, plans• Business, money
  87. 87. How should I build a startup?
  88. 88. Some typicalapproaches that don’t work
  89. 89. 1. First, write a business plan...
  90. 90. 2. Raise lots of moneyand then figure it out
  91. 91. 3. Plan it, build it and they will come
  92. 92. 4. Get lots of users andfigure the rest out later
  93. 93. 5. Don’t spend anything at all.
  94. 94. A better method... “Lean”
  95. 95. Lean is not...• Cheap• Rigid• Limited to simple ideas• The magic key to success
  96. 96. Lean is...• A method to organise the chaos• Less waste• Less risk• More learning• A common language
  97. 97. The fundamentalprinciple of “Lean”
  98. 98. • People don’t care about things they don’t need/want• Building things people don’t need is waste• Building large things that people don’t need is large waste• You have no idea what you’re doing• You have no idea what to build
  99. 99. • People don’t care about things they don’t need/want• Building things people don’t need is waste• Building large things that people don’t need is large waste• You have no idea what you’re doing• You have no idea what to build
  100. 100. • People don’t care about things they don’t need/want• Building things people don’t need is waste• Building large things that people don’t need is large waste• You have no idea what you’re doing• You have no idea what to build
  101. 101. • People don’t care about things they don’t need/want• Building things people don’t need is waste• Building large things that people don’t need is large waste• You have no idea what you’re doing• You have no idea what to build
  102. 102. • People don’t care about things they don’t need/want• Building things people don’t need is waste• Building large things that people don’t need is large waste• You have no idea what you’re doing• You have no idea what to build
  103. 103. Sounds hard!
  104. 104. ➡ Building things is probably a waste of your time right now.
  105. 105. ➡ Building things is probably a waste of your time right now.
  106. 106. The “Lean” approach:Build the smallest, easiest, smartest thing thatteaches you what you need to learn
  107. 107. ➡ Building this thing is probably a waste of your time right now.
  108. 108. ➡ Building this thing is maybe a waste of your time right now.
  109. 109. ➡ Building this thing is maybe not a waste of your time right now.
  110. 110. ➡ Building this thing is probably not a waste of your time right now.
  111. 111. The “Lean” approach:Build the smallest, easiest, smartest thing thatteaches you what you need to learn
  112. 112. What do you need to learn?
  113. 113. Do people want it?
  114. 114. Can I sell it?
  115. 115. Can I build it?
  116. 116. A startup plan1. Do people want it?2. Can I sell it?3. Can I build it?
  117. 117. The “Lean” approach:Build the smallest, easiest, smartestthing that teaches you what you need tolearn
  118. 118. Minimum Viable Product
  119. 119. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
  120. 120. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
  121. 121. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• Anything that enables you to learn!•
  122. 122. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Anything that enables you to learn!
  123. 123. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Anything that enables you to learn!
  124. 124. Minimum Viable Product• Landing page• Paper prototype• Presentation/pitch• (Fake) demo video• “Concierge MVP”• Anything that enables you to learn!
  125. 125. MVP• MVP is not a crappy version of the product.• MVP is driven by the questions you need answered.
  126. 126. The Lean Cycle
  127. 127. The Lean Cycle (backwards) ExperimentHypothesis Text Metric
  128. 128. Lean Toolkit
  129. 129. Metrics
  130. 130. Up and to the right...
  131. 131. Vanity metrics• User signups• Traffic• Retention rate• Any metric in a vacuum
  132. 132. Good metrics• Mostly: A/B test results• Cohort breakdowns• Retention rates over time• Activity stream• Any metric that’s actionable
  133. 133. Actionable?• Must be related to the key engines of your business...
  134. 134. Engines:value and growth
  135. 135. Engine of value• How much value is your startup delivering?• Is it enough to be worth paying for?• Do people perceive that and agree?
  136. 136. Engine of growth• How does your startup acquire new customers? • Paid • Viral • Sticky
  137. 137. Engine of growth• How does your startup acquire new customers? • Paid (CAC & LTV) • Viral (Viral Coefficient) • Sticky (Retention rate)
  138. 138. Actionable Metrics• Actionable metrics are the ones which can lead to a change which you know will impact your key drivers.
  139. 139. “If you simply plan on seeing what happens, you always succeed... in seeing what happens!” - Eric Ries
  140. 140. “If you can’t fail, then you can’t learn.” - Eric Ries
  141. 141. “InnovationAccounting”
  142. 142. Lean reporting• If you only report usage/revenue, that’s what you’ll be judged on• Track validated learning instead
  143. 143. Pivots(hot buzzword alert)
  144. 144. Experiment failed... what now?• Why did it fail? Which assumption was wrong?• Can the assumption be tweaked, or does it need to be thrown out?• How can we rework the business model now we know that we know this?
  145. 145. Experiments succeeded, but...• If it’s not working well enough to build a sustainable business, it’s not working, period. (diminishing returns...)
  146. 146. How to know if it’sworking well enough?
  147. 147. Types of pivots
  148. 148. • Zoom-in pivot: single feature becomes the whole product• Zoom-out pivot: the product becomes a feature of a larger product
  149. 149. • Customer segment pivot: some customers like us, but not the ones initially targeted• Customer need pivot: the product doesn’t solve a big enough problem for our customers
  150. 150. • Business architecture pivot: low margin, high volume, vs. high margin, low volume• Value capture pivot: change the way you monetise
  151. 151. But... don’t abuse pivots.
  152. 152. 4. Recap and closing thoughts
  153. 153. Let’s recap...
  154. 154. EVERYTHING!
  155. 155. Startups areexperiments
  156. 156. Test critical things as quickly as possible
  157. 157. Work back from what you want to test... ExperimentHypothesis Text Metric
  158. 158. Actionable metrics, not vanity metrics
  159. 159. Report on learning progress
  160. 160. Pivot whenassumptions are wrong
  161. 161. What to do from here• Be Smart• Get Advice• DO THINGS!
  162. 162. Where to go from here...• “The Lean Startup” - Eric Ries• “Running Lean” - Ash Maurya• “The entrepreneur’s guide to customer development” - Brant Cooper & Patrick Vlaskovits• Numerous blogs online...• Mentors...• EXPERIENCE!
  163. 163. Thank you! Daniel Tenner (@swombat) http://swombat.comhttp://granttree.co.uk
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