9. Some great resources…
Online
– https://strategyzer.com/canvas/business-model-canvas
– https://www.udacity.com/course/how-to-build-a-startup--ep245
Books
42. “What if we
found ourselves
building
something that
nobody wanted? Eric Ries,
The Lean Startup
In that case what
did it matter if
we did it on time
and on budget?”
43. “The primary objective of a startup is to
validate its business model hypotheses
(and iterate and pivot until it does).”
Steve Blank
45. “The lesson of the
MVP is that any
additional work
beyond what was
required to start
learning is waste, no
matter how important
it might have seemed
at the time.”
Eric Ries, The Lean Startup
46. 46
Iterate until you find a business model that
works before you run out of
Personal Energy. Time. Money.
47. The Lean Startup process
builds new ventures more
efficiently. It has three parts:
• a business model canvas to frame
hypotheses,
• customer development to get out of
the building to test those hypotheses,
• and agile engineering to build
minimum viable products
Steve Blank
Editor's Notes
How many of us have (show of hands):
Built GREAT products that sold a ton?
Built products that we THOUGHT were great, but didn’t sell at all?
Built products that we THOUGHT were great, but we iterated until we found a version of it the market wanted, and we could sell?
Today, we’re going to talk about using the lean startup approach to build great products that get traction…. And avoiding building products that nobody will buy.
One tool used by many entrepreneurs to develop winning business models is the Business Model Canvas, or BMC.
How many of you have heard about Business Model Canvas?
How many of you have used one before?
How many of you are using one today in your current venture?
9 building blocks
What is important is not just what goes in each block, but also the relationships amongst them
The red shaded part of the BMC help you to clarify the FEASIBILITY of your idea. What is required to ensure you have solid execution.
The bottom part (costs and revenues) is about VIAIBILITY of your idea – can you ensure you don’t have a flawed business model, so that you are financially viable.
It’s this part on the right that we’ll focus on today: DESIRABILITY. How can you ensure you are solving an important problem for a defined customer segment, so that you can deliver value.
Source: http://blog.strategyzer.com/posts/2016/6/20/why-companies-fail-how-to-prevent-it
www.strategyzer.com
Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it?
Customer:
Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it?
Customer:
Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it?
Customer:
Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it?
Customer:
Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it?
Customer:
The risk of anyone finding out about your great idea and stealing it, is so much less than the risk of you getting it wrong – and building a great product that nobody will ever buy.
Example: I had an idea to create a sales accelerator for B2B software startups. But I didn’t want to go and create a bunch of content first. So my MVP was:
A sponsorship package, to recruit a few sponsors to get the ball rolling, and…
A recruitment email
When I sold 4 sponsors, and recruited 12 participants, I scheduled the start of the first cohort – and only THEN did I work like mad to build the program and launch.
You can build GREAT products people want to buy… or products you think are great that nobody wants to buy.
Use a BMC but don’t drink your own koolaid.
What if we found ourselves building something that nobody wanted? In that case what did it matter if we did it on time and on budget?”
― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
You have to get out of the office – there are no answers here.
What if we found ourselves building something that nobody wanted? In that case what did it matter if we did it on time and on budget?”
― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
