Lean startup principles i catapult

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  • 1. Lean Startup Principles
  • 2. Do not open the kit until I say GO! Build the tallest freestanding structure. The entire marshmallow must be on the very top. You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else! EXERCISE
  • 3. “I wish I knew that sooner.”
  • 4. Our job is to bring ourselves the bad news sooner.
  • 5. Care too much about their ideas, and look for certainty in process. 1st timers
  • 6. Care too much about their ideas, and look for certainty in process. 1st timers Care more about opportunity cost, and look for certainty in evidence. Experienced founders
  • 7. Build Learn Measure
  • 8. Principles, not process.
  • 9. Principles Iteration Do Less Improve the big picture Learn, then confirm Course-correction
  • 10. Agency 5 startups Leancamp Salim Virani
  • 11. Rob Fitzpatrick Y Combinator Startup Toolkit The Mom Test
  • 12. I know this. I don’t know this.
  • 13. I know this. I think I know this.
  • 14. Our learning goals today. POST UP
  • 15. Do less.
  • 16. Don’t work hard to mask your inefficiency.
  • 17. Not enough time? Not enough money?
  • 18. Grow with efficiency.
  • 19. How to Do Less. Time limits. Letting go. Being picky about customers. Multiplying deliberately. Limiting work-in-progress.
  • 20. Inside the building - Use a timer. DISCUSSION
  • 21. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
  • 22. Balancing focus & opportunity
  • 23. What I can do What I’ve got Small partnerships. Affordable Loss.
  • 24. Grow like weeds! Spring up in unexpected places. Grow quickly, or die and move on.
  • 25. 0 10 100 1,000 10,000 100,000 1,000,000 10,000,000 Add a zero
  • 26. Is this conversation useful?
  • 27. Early traction.
  • 28. Earlyvangelists Have the problem Know they have the problem! Have budget to solve it. Have looked for a solution. Have tried to build a solution. EXERCISE
  • 29. Slicing off segments They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit. EXERCISE
  • 30. Choose your customer.
  • 31. Lack of direction. Vague customer definitions. Multiple customer definitions.
  • 32. Specific definitions allow for validation or invalidation. And that speeds progress.
  • 33. Take a look at the customers’ world Looking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
  • 34. Find early adopters. Find specific customers. Specific value propositions are more compelling and help you get early traction. Specific customer definitions help find them quickly, and point out scalable channels to reach them. Zoom in!
  • 35. Product Market
  • 36. Action Customer
  • 37. Jobs Obstacles Goals Current Solution Customer Slicing Decision Trigger Interest Trigger EXERCISE
  • 38. Jobs Obstacles Goals Current Solution Customer Slicing Decision Trigger Interest Trigger How deep do you go? EXERCISE
  • 39. Jobs Obstacles Goals Current Solution Customer Slicing Decision Trigger Interest Trigger How deep do you go? They are real people (not attributes!) EXERCISE
  • 40. Jobs Obstacles Goals Current Solution Customer Slicing Decision Trigger Interest Trigger How deep do you go? They are real people (not attributes!) It’s clear where to find them. EXERCISE
  • 41. Jobs Obstacles Goals Current Solution Customer Slicing Decision Trigger Interest Trigger How deep do you go? They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit. EXERCISE
  • 42. Limit your work in progress.
  • 43. Seeing the big picture.
  • 44. 7 Domains Growth Engines Business Model Design Big Picture Lenses
  • 45. 7 ways to die. Choose none.
  • 46. IndustryMarket Macro Micro Trends Connections Alignment Skills Establishment Customer Need & Behaviour Lock-in & copyability Modified from 7 Domains, From The New Business Road Test, by John Mullins
  • 47. Sticky Paid Acquisition Viral Understanding growth Growth Engines, from The Lean Startup by Eric Ries DISCUSSION
  • 48. Business Model Design
  • 49. Navigating through options, hypotheses & environmental changes. Understanding dynamics between parts & articulating a clear story. Parts Whole Progress Checklists & dashboards1 2 3
  • 50. Faster production Production
  • 51. Clothing labels & distributors Faster production Production
  • 52. Clothing labels & distributors Faster tomarket Faster production Production
  • 53. Clothing labels & distributors Faster tomarket Faster production Production Production fees
  • 54. Faster production Production
  • 55. Designers Consumers Fan Base Faster production Production
  • 56. Designers Consumers Fan Base You design - we do the rest. Faster production Production Pool of talent
  • 57. Designers Consumers Fan Base You design - we do the rest. Faster production Production Online tools Pool of talent
  • 58. Designers Consumers Fan Base You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  • 59. Designers Consumers Fan BaseFacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  • 60. Designers Consumers Fan Base Selling Clothes FacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  • 61. Designers Consumers Fan Base Selling Clothes FacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  • 62. Designers Consumers Fan Base Selling Clothes FacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  • 63. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
  • 64. Platform Platform
  • 65. Platform Platform Mass customisation Value-based pricing App sale + in-app purchase Subscription Transactional Multi-sided market Licensing Crowdsource Ad-supported Event-supported SaaS Bundling Viral Direct-over-viral Purchase-timing
  • 66. Startups are learning organisations.
  • 67. 2 stages of learning Discovery Validation
  • 68. 2 stages of learning Learn Confirm
  • 69. 2 stages of learning Ask Sell
  • 70. 2 stages of learning Observe Experiment
  • 71. Does anyone care at all? Do we understand the industry?
  • 72. Does anyone care at all? Do we understand the industry? Will any pay for it? Are we building the right product?
  • 73. Image by wstryderImage by wstryder
  • 74. Image by wstryderImage by wstryder
  • 75. A customer wakes up, turns on their computer, logs in to their email using a new program they use and love. Their free trial is over. The program asks them to pay. They say no. Why? One day... www.foundercentric.com
  • 76. Where is the love?
  • 77. Anyone will tell you that your idea is great if you annoy them long enough.
  • 78. Dear Mom, Don’t you think I’m great? Love, Your son
  • 79. Actually, not just your mom lies. Your customers are full of shit too. www.foundercentric.com
  • 80. Past, not future Fact, not opinion Specifics, not general (Talk about their life, not your idea.) The Mom Test
  • 81. Good or bad questions?
  • 82. ❝ ❞ Do you think it’s a good idea?
  • 83. ❝ ❞ Do you think it’s a good idea?
  • 84. ❝ ❞ Would you buy a product which solved this problem?
  • 85. ❝ ❞ Would you buy a product which solved this problem?
  • 86. ❝ ❞ How do you currently deal with this problem?
  • 87. ❝ ❞ How do you currently deal with this problem?
  • 88. ❝ ❞ How have you dealt with this problem?
  • 89. ❝ ❞ When does this problem pop up?
  • 90. ❝ ❞ When does this problem pop up?
  • 91. ❝ ❞ When’s the last time that happened?
  • 92. ❝ ❞ What makes this time- consuming or go off- track?
  • 93. ❝ ❞ What makes this time- consuming or go off- track?
  • 94. ❝ ❞ Has this ever been more time-consuming than normal or gone off-track?
  • 95. How’s it going with .... ? Interesting. Tell me more about that. Can we go back to what you were saying about...? Hi. www.foundercentric.com EXERCISE
  • 96. ❝ ❞ Please show me how you...
  • 97. ❝ ❞ Please show me how you...
  • 98. ❝ ❞ Please tell me how... I’m trying to learn how you...
  • 99. ❝ ❞ Please tell me how... I’m trying to learn how you...
  • 100. ❝ ❞ Talk me through the last time you had this problem.
  • 101. ❝ ❞ Talk me through the last time you had this problem.
  • 102. ❝ ❞ What did you try to do about it?
  • 103. ❝ ❞ What did you try to do about it?
  • 104. Their words - not yours! One phrase per card. Pair. One interviewer, one notetaker. Recording the right stuff.
  • 105. Person Job Problem Measure Solution Excited Guilty Upset Important signals
  • 106. ❝ ❞ Please help me understand...
  • 107. ❝ ❞ Please help me understand...
  • 108. ❝ ❞ How much would you pay for this?
  • 109. ❝ ❞ How much would you pay for this?
  • 110. ❝ ❞ Can I ask why?
  • 111. ❝ ❞ Can I ask why?
  • 112. ❝ ❞ Talk me through how you decide.
  • 113. ❝ ❞ Talk me through how you decide.
  • 114. ❝ ❞ Talk me through how you decided.
  • 115. ❝ ❞ How much money does this problem cost you?
  • 116. ❝ ❞ How much money does this problem cost you?
  • 117. ❝ ❞ How much money does this problem cost you?
  • 118. ❝ ❞ How much should we charge?
  • 119. ❝ ❞ How much should we charge?
  • 120. ❝ ❞ What’s your budget?
  • 121. ❝ ❞ What’s your budget?
  • 122. ❝ ❞ How soon can you start?
  • 123. ❝ ❞ How soon can you start?
  • 124. ❝ ❞ What would need to happen before you could really start using it?
  • 125. ❝ ❞ What would need to happen before you could really start using it?
  • 126. ❝ ❞ Ever had any problems or delays getting something like this going/bought?
  • 127. ❝ ❞ Who else should I talk to?
  • 128. ❝ ❞ Who else should I talk to?
  • 129. Opinions are worthless.
  • 130. Always know your big 3 questions.
  • 131. Tweetable Text How do authors pre-build their customer list? How do authors test copy and learn about their readers? How do authors prioritise their time when writing?
  • 132. Leancamp What awareness channels can we partner with? What do people learn at Leancamp that they apply? What do famous thought-leaders get out of conferences?
  • 133. What are your Big 3 right now? Does it do what it says on the tin? Can we make it usable enough? Do people really, truly want it? What could kill you? Take 3 minutes to write them down. Are they to learn or confirm? EXERCISE
  • 134. 2 stages of learning Discovery Validation
  • 135. 2 stages of learning Learn Confirm
  • 136. So, we had a meeting!
  • 137. ❝ ❞ Claudia Sounds great. I love it!
  • 138. ❝ ❞ Claudia Sounds great. I love it!
  • 139. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
  • 140. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
  • 141. Compliment? Stalling tactic? They don’t care. :(
  • 142. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
  • 143. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
  • 144. Partial commitment?
  • 145. Validate by going for full commitment.
  • 146. ❝ ❞ Claudia I would definitely buy that!
  • 147. ❝ ❞ Claudia I would definitely buy that! ANGER!
  • 148. Meetings succeed when they advance to the next step.
  • 149. Examples of advancement > Permission to contact again > Clear next meeting > Introduction to decision-maker > Commitment to run a trial > Pre-purchase
  • 150. Real learning comes from Facts Commitment
  • 151. www.momtestbook.com www.signal.ly www.custdevcards.com
  • 152. Course-correction
  • 153. “I wish I knew that sooner.”
  • 154. Building with a heartbeat.
  • 155. Build Learn Measure
  • 156. Minimum Viable What is the minimum thing I need to build to prove or disprove this?
  • 157. Pick a learning goal What big make-or-break risks or idea is the one you want to nail down this week? (Hint: use the Canvas or metrics to make sure it’s relevant.) EXERCISE
  • 158. Start with your learning goal. Pick a learning goal. Pick a measurement. Draw your MVP on a blank sheet. Build Learn Measure
  • 159. Iteration Do Less Improve the big picture Learn, then confirm Course-correction Principles
  • 160. Build Learn Measure
  • 161. 2 stages of learning Learn Confirm
  • 162. Make it your own.
  • 163. So, Prezi goes into education... EXERCISE
  • 164. What are your Big 3 right now? Does it do what it says on the tin? Can we make it usable enough? Do people really, truly want it? What could kill you? Take 3 minutes to write them down. Are they to learn or confirm? EXERCISE
  • 165. 2 stages of learning Learn Confirm
  • 166. How’s it going with .... ? Interesting. Tell me more about that. Can we go back to what you were saying about...? Hi. www.foundercentric.com
  • 167. Person Job Problem Measure Solution Excited Guilty Upset Their words - not yours! One phrase per card. Pair. One interviewer, one notetaker. Recording the right stuff.
  • 168. Past, not future Fact, not opinion Specifics, not general (Talk about their life, not your idea.) The Mom Test
  • 169. Salim Virani @SaintSal salim@foundercentric.com Rob Fitzpatrick @robfitz rob@foundercentric.com www.foundercentric.com Thanks!