Start Small & Fail Fast: How to create products that people love

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A quick summary of lean startup lessons learned during my six years as an entrepreneur in China. Originally presented at the New York Institute of Technology in Nanjing on April 30, 2014.

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Start Small & Fail Fast: How to create products that people love

  1. 1. HOW TO CREATE PRODUCTS THAT PEOPLE LOVE ! ! ! ! ! New York Institute of Technology
 April 2014, Nanjing START SMALL & FAIL FAST
  2. 2. What is business?
  3. 3. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. “ “ Wikipedia
  4. 4. 1.0 Executive Summary 1.1 Objectives
 1.2 Mission
 1.3 Keys to Success! 2.0 Company Summary 2.1 Company Ownership
 2.2 Company History (for ongoing companies) or Start-up Plan (for new companies)
 2.3 Company Locations and Facilities! 3.0 Products and Services 3.1 Product and Service Description
 3.2 Competitive Comparison
 3.3 Sales Literature
 3.4 Sourcing and Fulfillment
 3.5 Technology
 3.6 Future Products and Services! 4.0 Market Analysis Summary 4.1 Market Segmentation
 4.2 Target Market Segment Strategy
 4.2.1 Market Needs
 4.2.2 Market Trends
 4.2.3 Market Growth
 4.3 Industry Analysis
 4.3.1 Industry Participants
 4.3.2 Distribution Patterns
 4.3.3 Competition and Buying Patterns
 4.3.4 Main Competitors! 5.0 Strategy and Implementation Summary 5.1 Strategy Pyramids
 5.2 Value Proposition
 5.3 Competitive Edge (see an example)
 5.4 Marketing Strategy
 5.4.1 Positioning Statements
 5.4.2 Pricing Strategy
 5.4.3 Promotion Strategy
 5.4.4 Distribution Patterns
 5.4.5 Marketing Programs
 5.5 Sales Strategy
 5.5.1 Sales Forecast
 5.5.2 Sales Programs
 5.6 Strategic Alliances
 5.7 Milestones! 6.0 Management Summary 6.1 Organizational Structure
 6.2 Management Team
 6.3 Management Team Gaps
 6.4 Personnel Plan! 7.0 Financial Plan 7.1 Important Assumptions
 7.2 Key Financial Indicators
 7.3 Break-even Analysis
 7.4 Projected Profit and Loss
 7.5 Projected Cash Flow
 7.6 Projected Balance Sheet
 7.7 Business Ratios
 7.8 Long-term Plan! 8.0 Appendix The Business Plan
  5. 5. The Business Plan Sales forecasts
  6. 6. The Business Plan Sales forecasts Strategic alliances
  7. 7. The Business Plan Sales forecasts Strategic alliances Milestones
  8. 8. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure
  9. 9. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure Projected profit & loss
  10. 10. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure Projected profit & loss Projected cash flow
  11. 11. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure Projected profit & loss Projected cash flow Future products
  12. 12. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure Projected profit & loss Projected cash flow Future products …
  13. 13. The Business Plan Sales forecasts Strategic alliances Milestones Organizational structure Projected profit & loss Projected cash flow Future products … }Slow Inflexible Deceiving
  14. 14. Customer = King?
  15. 15. Problem Solution Opportunity
  16. 16. Problem Solution Opportunity
  17. 17. Problem Solution OpportunityWho’s! ! ?
  18. 18. Problem Solution OpportunityWho’s! ! ? Who’s! ! ?
  19. 19. The YOMO Lessons
  20. 20. Problem:! No fresh coffee in Shanghai Solution:! Roast fresh coffee in Shanghai Opportunity
  21. 21. and sell it online for home delivery Problem:! No fresh coffee in Shanghai Solution:! Roast fresh coffee in Shanghai Opportunity
  22. 22. Problem:! Complicated Slow delivery Low visibility Low sensuality Problem:! No fresh coffee in Shanghai Solution:! Roast fresh coffee in Shanghai and sell it online for home delivery Opportunity
  23. 23. Problem Solution Who’s! ! ? Who’s! ! ? Opportunity
  24. 24. Problem Solution My! ! ! My! ! ! Opportunity
  25. 25. The Volcán Lessons
  26. 26. Problem:! No fresh coffee in Shanghai Solution:! Roast fresh coffee in Shanghai and sell it online for home delivery Problem:! Complicated Slow delivery Low visibility Low sensuality Opportunity
  27. 27. Problem:! No fresh coffee in Shanghai Solution:! Roast fresh coffee in Shanghai and sell it online for home delivery Problem:! Complicated Slow delivery Low visibility Low sensuality Opportunity Solution:! Roast fresh coffee in Shanghai and serve it in a sensual environment with great service Opportunity
  28. 28. Nice, eh?
  29. 29. But, more than a year?! 
 Here’s how to speed it up.
  30. 30. The Lean Startup
  31. 31. Customer! Hypothesis
  32. 32. Customer! Hypothesis Problem Hypothesis
  33. 33. Customer! Hypothesis Problem Hypothesis Solution Hypothesis
  34. 34. Customer! Hypothesis Problem Hypothesis Solution Hypothesis Riskiest Assumption
  35. 35. Customer! Hypothesis Problem Hypothesis Solution Hypothesis Riskiest Assumption Employees who go to office before 9am…
  36. 36. Customer! Hypothesis Problem Hypothesis Solution Hypothesis Riskiest Assumption Employees who go to office before 9am… …can’t get convenient healthy breakfast this early…
  37. 37. Customer! Hypothesis Problem Hypothesis Solution Hypothesis Riskiest Assumption Employees who go to office before 9am… …can’t get convenient healthy breakfast this early… …so we deliver a changing menu of breakfast options.
  38. 38. Customer! Hypothesis Problem Hypothesis Solution Hypothesis Riskiest Assumption Employees who go to office before 9am… …can’t get convenient healthy breakfast this early… …so we deliver a changing menu of breakfast options. But these customers may not exist, or want 
 something else!
  39. 39. Minimum 
 Viable Product
  40. 40. Minimum 
 Viable Product Validate" Assumptions
  41. 41. Minimum 
 Viable Product Listen" and Learn Validate" Assumptions
  42. 42. Minimum 
 Viable Product Listen" and Learn Validate" Assumptions Pivot" Accordingly
  43. 43. Starting Lean in China
  44. 44. Risks: Opportunities:
  45. 45. Changing customers Changing problems Changing solutions Risks: Opportunities:
  46. 46. Changing customers Changing problems Changing solutions Changing customers Changing problems Changing solutions Risks: Opportunities:
  47. 47. Thank you! Questions?

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