LeanMantra - Lean Startup Workshop

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LeanMantra's organised a one day Lean Startup workshop where participants learnt and practiced creation of business model, identifying riskiest assumption, designing experiments and validation it via interviewing customers

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LeanMantra - Lean Startup Workshop

  1. 1. LeanMantra.inLean Startup workshop on April 13 2013 http://twitter.com/mtrajan http://twitter.com/natwar86 http://twitter.com/mohanmax http://twitter.com/vaidyatcr http://twitter.com/bookbuzzrceo
  2. 2. Introduction ( 1 min each) Name About Self (30 seconds elevator pitch style) What do you hope to get from this workshop
  3. 3. Agenda Team Introduction 9:30 AM 9:50 AM Introduction to Lean (What & Why do Lean) Presentation 10:10 AM Idea Identification for activity & exercise Activity 10:30 AM Idea Selection ( through voting) Activity 10:40 AM Group/Team Formation Activity 10:50 AM Coffee Break 11:05 AM Introduction to Business Model Canvas Presentation 11:35 AM Create Business Model Canvas for your idea Activity 11:55 AM Introduction to validation board Presentation 12:05 PM Validation board activity ( Design expirement for problem hypothysis) Activity 12:20 PM What is an MVP ? Presentation 12:40 PM Lunch Presentation & 1:40 PM How to interview customers (Including video) + wallet activity Actvity 2:20 PM Problem Interview Script creation Activity 2:40 PM Get out of the building to talk to the customers Exercise 4:40 PM Back from customer interviews Activity 4:40 PM Coffee Break 5:00 PM Problem Hypothesis Validation Learnings Share Activity 5:30 PM Address by Gautam Sinha Presentation 6:00 PM Feedback and Close
  4. 4. WHY LEANEXPERIMENTATION ?
  5. 5. Thing about Startup is
  6. 6. Problem Uncertain
  7. 7. Solution Uncertain
  8. 8. Is this the right team to build this ?
  9. 9. Will the Impact happen ? Society at Large Stake holder s Customers
  10. 10. Risk – the twin brother of uncertainty
  11. 11. Technology Risk – Can it be even built ?
  12. 12. Product Risk – What use case is mostimportant ?
  13. 13. Execution Risk – Can you get it done ?
  14. 14. Customer Risk – Will customers pay forit and recommend ?
  15. 15. Market Risk - Aggregated Customerrisk
  16. 16. Law of life – Resources are limitedYour TimeYour MoneyYour EnergyYour Supporters Patience
  17. 17. So order of addressing risk matters
  18. 18. 99 % of the case Removing Tech Risk Removing Product Risk Removing Execution Risk Removing Customer Risk Market Risk Limited Resources You Run out
  19. 19. Lean Accomplish your business objectives wasting a minimum of resources, especially time Business Objective – Is you product the right fit with the market
  20. 20. WHAT IS LEAN ?
  21. 21. Lean Startup It is language for startup product management best practices.
  22. 22. Key tenetEliminating unknowns about customer/market before anything increases the odds of success
  23. 23. Lean Startup Provides Mindset Toolset Motto Product Startup Stages
  24. 24. Lean Startup Mindset Learn before you execute
  25. 25. Lean Startup Toolset – MVP Debug before you build
  26. 26. Lean Startup Motto Minimize cycle time
  27. 27. Stages of Product Startup Problem/Solution Fit User/Experience Fit Product/Market Fit Business Model/Growth Fit
  28. 28. How to get startED
  29. 29. Start with a problem statement
  30. 30. If you have an idea
  31. 31. Dissect the Idea Anatomy Vision ? Problem ? Solution ? Beneficiary ?
  32. 32. List your guesses Make a list of unknowns
  33. 33. Rank based on negative impact of these unknowns
  34. 34. Experiment with unknowns in the ranked order
  35. 35. Next Section
  36. 36. LIST OF IDEAS 20mins
  37. 37. FORM TEAMS10 mins
  38. 38. BREAK 1 15 mins
  39. 39. FIRST TOOL – BUSINESSMODEL CANVAS (BMC)
  40. 40. Business Model Canvas Every business can be described through 4 fundamental aspects What is the offer at hand ? Who is it for ? What is needed for delivering the offer What does it cost and can be expected in return for the offer BMC splits this into 9 blocks
  41. 41. Business Model Canvas
  42. 42. BMC IS THEBALANCE SHEET OF AN IDEA
  43. 43. CUSTOMER SEGMENTSwhich customers and users are you serving? which jobs do they really want to get done? images by JAM
  44. 44. Customer Problem
  45. 45. Document Your Customer Segment(s) Who is your early adopter? Take an uncomfortably narrow guess What problem can you solve for them? How would they describe their problem? Do you satisfy a basic need? How important is it? Can they afford it? 0:01 0:02 0:03 0:04 0:05 0:06 0:07 0:08 0:09 0:10 0:11 0:12 0:13 0:14 0:15 0:16 0:17 0:18 0:19 0:20 0:21 0:22 0:23 0:24 0:25 0:26 0:27 0:28 0:29 0:30 0:31 0:32 0:33 0:34 0:35 0:36 0:37 0:38 0:39 0:40 0:41 0:42 0:43 0:44 0:45 0:46 0:47 0:48 0:49 0:50 0:51 0:52 0:53 0:54 0:55 0:56 0:57 0:58 0:59 1:00 1:01 1:02 1:03 1:04 1:05 1:06 1:07 1:08 1:09 1:10 1:11 1:12 1:13 1:14 1:15 1:16 1:17 1:18 1:19 1:20 1:21 1:22 1:23 1:24 1:25 1:26 1:27 1:28 1:29 1:30 1:31 1:32 1:33 1:34 1:35 1:36 1:37 1:38 1:39 1:40 1:41 1:42 1:43 1:44 1:45 1:46 1:47 1:48 1:49 1:50 1:51 1:52 1:53 1:54 1:55 1:56 1:57 1:58 1:59 2:00 2:01 2:02 2:03 2:04 2:05 2:06 2:07 2:08 2:09 2:10 2:11 2:12 2:13 2:14 2:15 2:16 2:17 2:18 2:19 2:20 2:21 2:22 2:23 2:24 2:25 2:26 2:27 2:28 2:29 2:30 2:31 2:32 2:33 2:34 2:35 2:36 2:37 2:38 2:39 2:40 2:41 2:42 2:43 2:44 2:45 2:46 2:47 2:48 2:49 2:50 2:51 2:52 2:53 2:54 2:55 2:56 2:57 2:58 2:59 3:00 3:01 3:02 3:03 3:04 3:05 3:06 3:07 3:08 3:09 3:10 3:11 3:12 3:13 3:14 3:15 3:16 3:17 3:18 3:19 3:20 3:21 3:22 3:23 3:24 3:25 3:26 3:27 3:28 3:29 3:30 3:31 3:32 3:33 3:34 3:35 3:36 3:37 3:38 3:39 3:40 3:41 3:42 3:43 3:44 3:45 3:46 3:47 3:48 3:49 3:50 3:51 3:52 3:53 3:54 3:55 3:56 3:57 3:58 3:59 4:00 4:01 4:02 4:03 4:04 4:05 4:06 4:07 4:08 4:09 4:10 4:11 4:12 4:13 4:14 4:15 4:16 4:17 4:18 4:19 4:20 4:21 4:22 4:23 4:24 4:25 4:26 4:27 4:28 4:29 4:30 4:31 4:32 4:33 4:34 4:35 4:36 4:37 4:38 4:39 4:40 4:41 4:42 4:43 4:44 4:45 4:46 4:47 4:48 4:49 4:50 4:51 4:52 4:53 4:54 4:55 4:56 4:57 4:58 4:59 5:00
  46. 46. VALUE PROPOSITION what are you offering them? what job is that getting done for them?Value Proposition is a concise statement of the problem & solution for that problem images by JAM
  47. 47. Document Your Value Proposition• Product: How do you do it? What does your solution look like?• Competition: What do customers do today?• Technology / Market Insight: Why is the problem so hard to solve? 0:01 0:02 0:03 0:04 0:05 0:06 0:07 0:08 0:09 0:10 0:11 0:12 0:13 0:14 0:15 0:16 0:17 0:18 0:19 0:20 0:21 0:22 0:23 0:24 0:25 0:26 0:27 0:28 0:29 0:30 0:31 0:32 0:33 0:34 0:35 0:36 0:37 0:38 0:39 0:40 0:41 0:42 0:43 0:44 0:45 0:46 0:47 0:48 0:49 0:50 0:51 0:52 0:53 0:54 0:55 0:56 0:57 0:58 0:59 1:00 1:01 1:02 1:03 1:04 1:05 1:06 1:07 1:08 1:09 1:10 1:11 1:12 1:13 1:14 1:15 1:16 1:17 1:18 1:19 1:20 1:21 1:22 1:23 1:24 1:25 1:26 1:27 1:28 1:29 1:30 1:31 1:32 1:33 1:34 1:35 1:36 1:37 1:38 1:39 1:40 1:41 1:42 1:43 1:44 1:45 1:46 1:47 1:48 1:49 1:50 1:51 1:52 1:53 1:54 1:55 1:56 1:57 1:58 1:59 2:00 2:01 2:02 2:03 2:04 2:05 2:06 2:07 2:08 2:09 2:10 2:11 2:12 2:13 2:14 2:15 2:16 2:17 2:18 2:19 2:20 2:21 2:22 2:23 2:24 2:25 2:26 2:27 2:28 2:29 2:30 2:31 2:32 2:33 2:34 2:35 2:36 2:37 2:38 2:39 2:40 2:41 2:42 2:43 2:44 2:45 2:46 2:47 2:48 2:49 2:50 2:51 2:52 2:53 2:54 2:55 2:56 2:57 2:58 2:59 3:00 3:01 3:02 3:03 3:04 3:05 3:06 3:07 3:08 3:09 3:10 3:11 3:12 3:13 3:14 3:15 3:16 3:17 3:18 3:19 3:20 3:21 3:22 3:23 3:24 3:25 3:26 3:27 3:28 3:29 3:30 3:31 3:32 3:33 3:34 3:35 3:36 3:37 3:38 3:39 3:40 3:41 3:42 3:43 3:44 3:45 3:46 3:47 3:48 3:49 3:50 3:51 3:52 3:53 3:54 3:55 3:56 3:57 3:58 3:59 4:00 4:01 4:02 4:03 4:04 4:05 4:06 4:07 4:08 4:09 4:10 4:11 4:12 4:13 4:14 4:15 4:16 4:17 4:18 4:19 4:20 4:21 4:22 4:23 4:24 4:25 4:26 4:27 4:28 4:29 4:30 4:31 4:32 4:33 4:34 4:35 4:36 4:37 4:38 4:39 4:40 4:41 4:42 4:43 4:44 4:45 4:46 4:47 4:48 4:49 4:50 4:51 4:52 4:53 4:54 4:55 4:56 4:57 4:58 4:59 5:00
  48. 48. Example – Simpa Network
  49. 49. Simpa Networks Simpa networks: provide energy via solar panels through pay as you go format for bottom of the pyramid customersDisclaimer: We had no inside information in creation of these Business Model. The BMC have been created using publicly available information like websites, reports, personal experience etc.
  50. 50. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  51. 51. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  52. 52. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  53. 53. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  54. 54. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  55. 55. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  56. 56. Designed for 11-04-2013The Business Model Canvas Iteration #Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources ChannelsCost Structure Revenue Streams
  57. 57. ACTIVITY – NOW AS A TEAMCREATE THE BUSINESS MODELCANVAS FOR YOUR IDEA 20 mins
  58. 58. Activity Outputs Filled business model canvas Clear description of Customer Segment Value Proposition Articulation Problem Statement Separately articulated Solution Statement Separately articulated
  59. 59. NEXT SECTION
  60. 60. VALIDATION BOARD
  61. 61. IF BMC IS BALANCE SHEET OFYOUR IDEA THEN VALIDATIONBOARD IS P&L STATEMENT OFYOUR IDEA
  62. 62. DiscoveryValidation
  63. 63. Keep track of pivots
  64. 64. “A PIVOT IMPLIES LEARNINGSO SIGNIFICANT THATCHANGE OF COURSE ISNEEDED” – TREVOR OWENS
  65. 65. Keep track of pivotsDesign Experiments
  66. 66. Keep track of pivotsDesign Experiments Measure Learning
  67. 67. LEARNING FASTEST IS THEONLY COMPETITIVEADVANTAGE
  68. 68. Example – Book Reviewer RelationManagement Book Reviewer Relationship Management Software for Authors is a Proposed New Feature of the BookBuzzr Book Marketing Suite.
  69. 69. Book ReviewerRelationship Management
  70. 70. ACTIVITY – NOW AS A TEAMFILL THE VALIDATION BOARDFOR YOUR IDEA 15 min
  71. 71. Activity OutputFilled Validation Board for Problem & Customer Hypothesis, riskiest assumption
  72. 72. NEXT SECTION MVP
  73. 73. What is an MVP Coined by Frank Robinson smallest possible experiment to test a specific hypothesis, all the way up to the the tangible realization of a product vision
  74. 74. Things to keep in mind (MVP) Is not a stripped version of the product It is a customer risk reduction tool for customer Can also be thought as your idea debugger At very first level represents value proposition rendered in some form that target customer can experience and react to.
  75. 75. Things to keep in mind (MVP) Every idea has a different MVP  B2C  SMB  B2B  Mobile  Web  Physical Products Each take different shape & form
  76. 76. MVP Fidelity
  77. 77. MVP suitable for Problem Hypothesis Customer Observation & Customer Interviews
  78. 78. LUNCH BREAK
  79. 79. NEXT SECTION Customer Interview
  80. 80. LETS DO AN ACTIVITY FIRST 12 mins
  81. 81. Customer Interview Exercise• Pair up with your neighbor• To solve • “Understand how he/she uses wallet/purse”• Take 2 mins to write down the questions you wish to ask• Take 5 mins to ask the questions and get answers• Make notes when he/she is giving answers• Group read out : 5 mins
  82. 82. HOW TO ASK QUESTIONS
  83. 83. IT IS SUPER EASY TO MESSUP THE INTERVIEWS
  84. 84. “ANYBODY WILL SAY YOURIDEA IS GREAT IF YOU ANNOYTHEM FOR LONG ENOUGH”@ROBFITZ This slide is attributed to @RobFitz
  85. 85.  Never ask about their opinion Ask about their life Ask about specifics in the past (“Talk me through last time you had this….” This slide is attributed to @RobFitz
  86. 86. WHAT ARE SOMEGOOD/BAD QUESTIONS
  87. 87. “Do you think it is a good idea” This slide is attributed to @RobFitz
  88. 88. “Would you buy a product thatsolved this problem” This slide is attributed to @RobFitz
  89. 89. “How do you currently deal withthis problem”
  90. 90. “Talk me through last time you hadthis problem” This slide is attributed to @RobFitz
  91. 91. “How much would you pay forthis” This slide is attributed to @RobFitz
  92. 92. “How much money does thisproblem cost you” This slide is attributed to @RobFitz
  93. 93. Is there a budget for this
  94. 94. “Who else I should talk to ?” This slide is attributed to @RobFitz
  95. 95. We had a customer meeting , didwe make progress
  96. 96. “Sounds great I love it” This slide is attributed to @RobFitz
  97. 97. “Brilliant let me know when itlaunches” This slide is attributed to @RobFitz
  98. 98. Compliment + stalling tactic = theydon’t care This slide is attributed to @RobFitz
  99. 99. “Couple of people I can introducewhen you are ready”( Is there a valid reason it cant benow ?) This slide is attributed to @RobFitz
  100. 100. “I would definitely buy that” This slide is attributed to @RobFitz
  101. 101. DANGER – People can’t predicttheir own behavior – FALSEPOSITIVE This slide is attributed to @RobFitz
  102. 102. Opinions are worthless This slide is attributed to @RobFitz
  103. 103. Real LearningConcrete fact about customer lives Solid Commitments Not opinions This slide is attributed to @RobFitz
  104. 104. False positives create heartbreakand waste in Build Measure Learncycle This slide is attributed to @RobFitz
  105. 105. Commitment is best signalGive moneyIf not atleast conversation advance This slide is attributed to @RobFitz
  106. 106. Examples of advancement Permission to contact again Clear next meeting Intro to decision maker Commitment to run trial Pre purchase This slide is attributed to @RobFitz
  107. 107. COMPLIMENTS ARECOMMITMENTS This slide is attributed to @RobFitz
  108. 108. Rules for good conversationAsk open ended questionsThat leave with a commitment. This slide is attributed to @RobFitz
  109. 109. Go with a Interview script
  110. 110. Interview in groups of 2one person interviews and othertakes notes
  111. 111. Capture emotionsUse emotion symbols  Happy  Sad  Don’t care! Workflow[] Problem~ ObstacleEmotions tell you how passionate he is about
  112. 112. Customer Interview Exercise (Again)• Pair up with your neighbor (in this room )• To solve • “Understand how he/she uses wallet/purse”• Take 2 mins to write down the questions you wish to ask• Take 5 mins to ask the questions and get answers• Make notes when he/she is giving answers• Read out : 5 mins
  113. 113. NEXT SECTION
  114. 114. SAMPLE PROBLEMINTERVIEW SCRIPT
  115. 115. ACTIVITY – COMPLETEVALIDATION BOARD &PROBLEM INTERVIEW SCRIPT 20 mins
  116. 116. Activity Output Complete the method & measure section of validation board Complete your own problem interview script Identify 10 customer
  117. 117. EXERCISEGO OUTSIDE OF THEBUILDING(CUSTOMER INTERVIEWS) 2 hours
  118. 118. BREAK 2 15 mins
  119. 119. SHARE PROBLEM HYPOTHESISEXPERIMENT RESULTS
  120. 120. Where are we ? Problem / Solution User/Experience Product/MarketIdea Fit Fit Fit Problem Hypothesis Biz Model/Growth Testing Fit
  121. 121. THANKSLike us athttp://facebook.com/leanmantraContact@LeanMantra.in

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