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Beyond Buzzwords: An Introduction to The Lean Startup
The document introduces the concept of the Lean Startup, emphasizing that startups are organizations seeking sustainable business models under uncertainty. Key concepts include the importance of product/market fit, customer focus, building a minimum viable product, measuring progress, and knowing when to pivot or persevere. It highlights that startups should prioritize learning and testing assumptions to avoid building products that nobody wants.
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Beyond Buzzwords: An Introduction to The Lean Startup
- 1. Beyond Buzzwords: An Introductionto The Lean Startup
- 2.
- 4. This is abook endorsed by some real heroes of entrepreneurship. Geoffrey Moore • Tim O’Reilly Tim Brown • Dan Heath Randy Komisar • Steve Blank Roy Bahat • Noam Wasserman Sheryl Sandberg • Marc Andreessen
- 5. “Popularity has aprice: people sometimes distort ideas, and therefore fail to reap their benefits. – Carol Dweck
- 6. Today’s Talk • Contextfor The Lean Startup • What is a “startup”? • Customer Focus • Minimum Viable Product • Measure Progress • Pivot or Persevere
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- 8.
- 9. Internalize a fewbig ideas…
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- 11.
- 12. Where did TheLean Startup come from?
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- 18. … and somenew ideas
- 23. What is astartup?
- 24. “A startup isan organization formed to search for a sustainable business model. – Steve Blank
- 25. “A startup isa human institution designed to create a new product or service under conditions of extreme uncertainty. – Eric Ries
- 26. People creating something new underuncertain conditions in search of a sustainable business.
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- 29. This is big! Itchanges what we work on, who we hire, and how much capital we raise.
- 30. We optimize for more searching.
- 31. What are we looking for?
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- 33. “Product / marketfit means being in a good market with a product that can satisfy that market. – Marc Andreessen
- 34. identify a realproblem create a solution for customers in a market big enough to support its development and delivery 1 Product / Market Fit 2 3 * Some people say that if 1 and 2 are in place, you have problem / solution fit.
- 35. Quick tests at low costs lengthen the company’s runway, allowing more opportunities to achieve product / market fit. Sales Time
- 36. We’ve learned twobig ideas… • a “startup” is a search • seek product / market fit
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- 38. Why do startupsfail?
- 39. “Life’s too shortto build something nobody wants. – Ash Maurya
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- 41. Nobody knows, but wecan find out.
- 42. Do customers recognizethey have the problem we want to solve? If there were a solution, would they buy it? Would they buy it from us? Can we build a solution for that problem? 1 Key Questions 2 3 4 *
- 43. We’ve learned threebig ideas! • a “startup” is a search • seek product / market fit • focus on the customer
- 44. What do webuild?
- 45. What if youknew you wouldn’t get it right on the first try?
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- 49. We don’t reallyknow what our customers want.
- 50. So, we makean assumption and test it.
- 51. Test central assumption Learnfrom real customers Keep the team moving fast* 1 Objectives for the MVP 2 3 * Going slow is expensive and increases risk
- 52. “Not building tobuild, building to learn. – David Bland * Paraphrased
- 53. Be brave, beexplicit. “We assume…”
- 54. Test it! Build thesimplest thing that will test the riskiest, most-central assumption. * An assumption we can test is upgraded to a hypothesis.
- 55. Assumption MVP Zappos Peoplewill buy shoes over the internet. Bought shoes retail as orders came in Dropbox People will try a new service to help them sync files between computers. Youtube video Airbed & Breakfast People will stay on a stranger’s air mattress when hotels are full. Listed founders’ apartment on simple website
- 56. “If you arenot embarrassed by the first version of your product, you’ve launched too late. – Reid Hoffman
- 57. We’ve learned fourbig ideas! • a “startup” is a search • seek product / market fit • focus on the customer • build a minimum viable product
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- 59. Why we measure: Seekevidence that a sustainable business can be built around a startup’s products or services.
- 60. What do wemeasure?
- 61. Keep metrics focusedon customers Concentrate on few, important metrics Anchor metrics in qualitative understanding 1 Principles 2 3
- 62. X per Y• Transactions per User • Revenue per Transaction % • Conversion Rate • Retention Rate
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- 64. Beware! • Vanity metricsflatter, but mislead us • Insight and judgment are still required
- 65.
- 66. We’ve learned fivebig ideas! • a “startup” is a search • seek product / market fit • focus on the customer • build a minimum viable product • measure results
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- 68. *A pivot isa major change in strategy after learning that the team was wrong about one of its central assumptions.
- 69. Not just anybig change
- 70.
- 72. “Love the problem,not your solution. – Ash Maurya
- 73. We’ve learned sixbig ideas! • a “startup” is a search • seek product / market fit • focus on the customer • build a minimum viable product • measure results • pivot or persevere
- 74. Thank You! Acknowledgments PHX StartupWeek team • Sean Tierney • Cameron Donnell • Jennifer Boonlorn Erin McInerney • Jonas Zygas • Gabriel Ramirez • Tim Hoiland • David Tischler Colby Gergen • Caleb Barclay • Jonathan Cottrell • Vikram Ramakrishnan Kelly Parent Download slides bit.ly/lean-talk Contact me paul@paulp.io • @paulp