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Lean Startup Workshop for Startups, Entrepreneurs and Intrapreneurs

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Lean Startup workshop by LeanMantra.in held on 13-14 December, Bangalore, India

Lean Startup workshop by LeanMantra.in held on 13-14 December, Bangalore, India

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  • validate AppSumo’s model by finding a guaranteed product I could sell, one with its own traffic source (i.e. customers)I noticed Imgur.com was the most popular tool on Reddit for sharing images, and they offered a paid pro account option ($25/year). It was the perfect fit for my test run.I cold-emailed the founder of Imgur, Alan Schaaf, and said that I wanted to bring him paying customers and would pay Imgur for each oneI set a personal validation goal for 100 sales, which would encourage me to keep going or figure out what was wrong with our modeBy the end of the campaign, we had sold more than 200 Imgur pro accounts. AppSumo.com was born
  • if you are trying to create better product, you will find out how to create a better drillbut you have to create a better quarter inch holeanalyze the job not the product
  • Truth is our goals, questions are our tools Ask them to walk through a last time when they faced this problemFind out how do they currently deal with itHow big is the problem“Anybody will say your idea is great if you annoy them for long enough”Ask about their life Ask about specifics in the past (“Talk me through last time you had this….” Tell me about how you play with your kids Concrete fact about customer livesSolid Commitments Not opinions False positives create heartbreak and waste in Build Measure Learn cycleCommitment is the best signal Give money If not atleast conversation advance
  • Don’t ask question that allow people to lie The measure of usefulness of an early customer conversation is whether it givesus concrete facts about our customers' lives and world viewsAsk about specifics in past and not generics and opinions about future. Don’t ask for easy confirmation
  • Don’t ask question that elicit an opinion. Instead “How much money does this problem cost you what is cost of not having a solutionIs there a budget for this ”“Who else I should talk to ?”
  • This is an example strong false positive “In general” are indicators of generics and hypothetical
  • Stalling tactic does not convey informationNo commitment is a bad indicator
  • Compliment + stalling tactic = they don’t care
  • ( Is there a valid reason it cant be now ?)Lead you into a false positive
  • Transcript

    • 1. LeanMantra Creating Culture of Validated Learning Lean Startup workshop 13-14 December 2013
    • 2. MVP Business model Riskiest Assumption Pivot Idea Hypothesis Lean Startup? Customer Interviews Eliminate waste
    • 3. Traditional Product Development Idea Some Learning Business Plan Development Most of the Learning Alpha Beta Launch Problem Known Solution Known
    • 4. But in a Start-up… Problem: Unknown Solution: Unknown Market : Unknown Unknown: Unknown
    • 5. 2 Stage of Learning Discovery Pivot or Persevere Validation Test Problem
    • 6. 2 Stage of Learning Discovery Validation Hypothesis Test Problem Pivot or Persevere Test Solution
    • 7. 2 Stage of Learning Discovery Validation Get ready to sell Sell to Early Adaptors Pivot or Persevere Develop Positioning
    • 8. 2 Stage of Learning Discovery Validation Pivot
    • 9. Minimize total time through the loop
    • 10. MVP Maximum Learning with minimal effort
    • 11. $60 MVP
    • 12. Concierge MVP
    • 13. Wizard of Oz
    • 14. Co-founder Search
    • 15. If you are not embarrassed by the first version of your product, you’ve launched too late Reid Hoffman, Founder LinkedIn
    • 16. Process Vision Idea Riskiest Assumption Hypothesis Experiment Pivot/ Persevere
    • 17. Business Model Describes the rational of how an organization creates, delivers and captures value
    • 18. CUSTOMER SEGMENTS which customers and users are you serving? which jobs do they really want to get done?
    • 19. VALUE PROPOSITIONS what are you're offering? what is that getting done for them? do they care?
    • 20. CHANNELS What are your distribution channels?
    • 21. CUSTOMER RELATIONSHIPS How do you Get, Keep and Grow your customers
    • 22. REVENUE STREAMS what are customers really willing to pay for? how? are you generating transactional or recurring
    • 23. KEY RESOURCES which resources underpin your business model? which assets are essential?
    • 24. KEY ACTIVITIES which activities do you need to perform well in your business model? what is crucial? 25
    • 25. KEY PARTNERS which partners and suppliers leverage your model? who do you need to rely on?
    • 26. COST STRUCTURE what is the resulting cost structure? which key elements drive your costs?
    • 27. key activities value proposition customer relationships key partners customer segments cost structure revenue streams key resources channels
    • 28. Business Model Canvas
    • 29. Jobs People don’t buy quarter inch drills, they buy quarter inch holes Functional Social Emotional
    • 30. An Ecommerce Company Business Model Key Partners Key Activities Key Resources Cost Structure Value Proposition Customer Relationship Channels Revenue Streams Customer Segments
    • 31. Business Model Canvas Assumption Assumption Assumption Assumption Assumption Assumption Assumption Assumption Assumption
    • 32. Suresh is working on the idea of helping parents rent toys on subscription basis . He has heard about Lean Startups and plans to interview parents and meets his friend Ramesh who is a parent of 5 year old boy.
    • 33. Suresh questions - “ Hey Ramesh I am working on idea of renting toys through subscription. What do you think about the idea ?” Ramesh Answers: “This is a pretty cool idea, infact I was looking for something like this because toys are too expensive”
    • 34. Expose Ego Filter
    • 35. Remove Idea Filter
    • 36. Suresh: “Would you buy a product that solved this problem for you ” Ramesh: “Sure why not”
    • 37. Can’t Lie Filter
    • 38. Suresh: “OK tell me How much would you pay for this” Ramesh: “ I don’t may be few 100 Rs or 1000 Rs”
    • 39. Opinion Filter
    • 40. Ramesh “ In general I don’t buy unless I can experience, If you have an offline store then I check it out and rent it” Suresh : “That’s great to know I will definitely take this up”
    • 41. Ramesh: “Sounds great I love this ” Suresh thinks : “Looks like have a positive customer”
    • 42. Ramesh : “Brilliant let me know when it launches” Suresh: “Looks like I can start getting revenue”
    • 43. Ramesh: “Couple of people I can introduce when you are ready” Suresh: “My marketing problem is also solved“
    • 44. Filters for interviewing
    • 45. Apply the following filters • • • • • Expose Ego Filter – Are you framing questions to have other person support you in your thinking Remove Idea Filter – Are you communicating your idea while interviewing Can't Lie Filter – Are you framing question in a way that answer could be a lie Opinion Filter – Are you framing question in a way that opinions are elicited False Positives Filter – Are you framing question in a way that answers can lead to a false positive response
    • 46. An important ‘check’ condition
    • 47. Run an important check Problem Worthiness/Acuteness Check Or Did Something Check
    • 48. Good interviews would lead to Permission to contact again Clear next meeting Intro to decision maker Commitment to run trial Pre purchase
    • 49. Have a casual conversation
    • 50. Go with a script in your head
    • 51. Recommended to Interview in groups of 2
    • 52. Capture emotions Use emotion symbols  Happy  Sad  Don’t care ! Workflow [] Problem ~ Obstacle
    • 53. Good Questions Why do you bother ? What are the implications of that Tell me the last time it happened Tell me more ( open ended ) What else have you tried How are you dealing with it now ? Anything else I should have asked Who else should I talk to What does the problem cost you ? Where does money come from ?
    • 54. Why do you want that? What would that let you do? How are you coping without it? Do you think we should push back the launch add that feature, or is it something we could add later? How would that fit into your day?
    • 55. Question for Emotion Tell me more about that That seems to really bug you — I bet there’s a story here What makes it so awful? Why haven’t you been able to fix this already? You seem pretty excited about that — it’s a big deal? Why so happy? Go on
    • 56. LeanMantra.in Contact@leanmantra.in