The document discusses Lean Startup, a method for developing businesses and products proposed by Eric Ries that advocates for validating business hypotheses through iterative experiments and product releases. It provides definitions of Lean Startup, noting it aims to discover what customers want while reducing waste. Examples of different types of waste are listed. The document encourages formulating customer and problem hypotheses to test through minimum viable products and outlines the Lean Startup process of experimenting, analyzing results, and either validating or invalidating assumptions to inform next steps.
Grace Ng | SearchLove San Diego, 'Designing Effective Experiments for Product...Distilled
Every product decision is an experiment. If we can reframe our thinking from launching campaigns and building features to challenging assumptions and running experiments, then we can increase our productivity and get better results with less effort. Grace will share a structured process for designing effective experiments, and talk about some of the common pitfalls and challenges teams face when running experiments in their companies. Using examples from her work helping product teams within large companies, Grace will reveal a few ways to overcome these challenges.
Grace Ng | SearchLove San Diego, 'Designing Effective Experiments for Product...Distilled
Every product decision is an experiment. If we can reframe our thinking from launching campaigns and building features to challenging assumptions and running experiments, then we can increase our productivity and get better results with less effort. Grace will share a structured process for designing effective experiments, and talk about some of the common pitfalls and challenges teams face when running experiments in their companies. Using examples from her work helping product teams within large companies, Grace will reveal a few ways to overcome these challenges.
Lean Launchpad - Week 3 - Experiment DayAaron Eden
This week we reviewed all of the past reading and exercises. After that we walked through how to create a first experiment based on the business model canvas as well as how to analyze the data to determine next steps.
How To Scale Your Product Through Experimentation w/ Milena Court, Product Ma...TheFamily
A detrimental mistake many startups do is neglecting product experimentation. They focus mainly on experimentation in marketing - optimising ads, copy, creatives, landing pages - because it's relatively easy to do. But this kind of negligence is extremely damaging for your success!
But why don't more startups do this then?
EARLY-STAGE - Specific challenges:
-No budget: “proper” testing tools quite expensive
-Little data to play with
-Not sure what to experiment on / what moves the metrics
massively?
-No time; need to focus on the business
GROWTH STAGE - Specific challenges:
-More budget now, but limited by free tools
-More data about what's happening but not really sure why it's
happening
-So many ideas and opportunities, how to prioritise?
SCALING STAGE - Specific challenges:
-All tools in place, but now constrained by tech time: experiments
need to be “bigger” to have impact + are competing with other
projects
-Harder to experiment with the core product, the company is
branching out on other products
-Experimentation becomes scarier: more users, more to lose,
users get used to things being a certain way (“Why did they
change the UI again?”)
Milena Court, Product Manager in the Growth Squad at Tails.com, joined us at The Family to share her incredible expertise and explain how to overcome the above challenges!
Lean Startup - by Hristo Neychev (bring your ideas to life faster, smarter, a...Hristo Neychev
Lean Startup ideas, trends, and best practices through the lens of my experience in four industries, three startups, and two continents.
Lean Startup methodologies are applicable to both small and large organisation focused on creating new products and services under conditions of extreme uncertainty.
IMP: Slideshare has issues in rendering some graphic elements. Apologies!
This is the first of the three presentations I made at IIT Bombay on the 29th of Nov, 2014 as part of the LSM workshop I conducted there.
The presentation intends to briefly introduce the audience to "Lean Startup" methodology.
Lean Launchpad - Week 3 - Experiment DayAaron Eden
This week we reviewed all of the past reading and exercises. After that we walked through how to create a first experiment based on the business model canvas as well as how to analyze the data to determine next steps.
How To Scale Your Product Through Experimentation w/ Milena Court, Product Ma...TheFamily
A detrimental mistake many startups do is neglecting product experimentation. They focus mainly on experimentation in marketing - optimising ads, copy, creatives, landing pages - because it's relatively easy to do. But this kind of negligence is extremely damaging for your success!
But why don't more startups do this then?
EARLY-STAGE - Specific challenges:
-No budget: “proper” testing tools quite expensive
-Little data to play with
-Not sure what to experiment on / what moves the metrics
massively?
-No time; need to focus on the business
GROWTH STAGE - Specific challenges:
-More budget now, but limited by free tools
-More data about what's happening but not really sure why it's
happening
-So many ideas and opportunities, how to prioritise?
SCALING STAGE - Specific challenges:
-All tools in place, but now constrained by tech time: experiments
need to be “bigger” to have impact + are competing with other
projects
-Harder to experiment with the core product, the company is
branching out on other products
-Experimentation becomes scarier: more users, more to lose,
users get used to things being a certain way (“Why did they
change the UI again?”)
Milena Court, Product Manager in the Growth Squad at Tails.com, joined us at The Family to share her incredible expertise and explain how to overcome the above challenges!
Lean Startup - by Hristo Neychev (bring your ideas to life faster, smarter, a...Hristo Neychev
Lean Startup ideas, trends, and best practices through the lens of my experience in four industries, three startups, and two continents.
Lean Startup methodologies are applicable to both small and large organisation focused on creating new products and services under conditions of extreme uncertainty.
IMP: Slideshare has issues in rendering some graphic elements. Apologies!
This is the first of the three presentations I made at IIT Bombay on the 29th of Nov, 2014 as part of the LSM workshop I conducted there.
The presentation intends to briefly introduce the audience to "Lean Startup" methodology.
Starting Lean: How to Find Out If Your Business Idea Has Potential In Days an...Kissmetrics on SlideShare
Starting Lean: How to Find Out If Your Idea Has Potential In Days Not Years October 2014 Trevor Owens, Founder of QuickMVP and Lean Startup Machine
Startups Are NOT Small Versions of Big Companies
The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Scale Product/ Market Fit! Starts Working Experimenting & Pivoting Source: Paul Graham; avc.com Time Happiness
STARTUPS SEARCH
COMPANIES EXECUTE
A NEW MANAGEMENT
Principles of Lean Startup 1 Minimum Viable Products 2 Pivots 3 Early Adopters
1. Minimum Viable Products
2. Pivots
Famous Pivots
3. Early Adopters
Now for the good stuff…
EXPERIMENT = MVP 1 Hypothesis 2 Riskiest Assumption 3 Method 4 Success Criteria
1. Hypothesis “I BELIEVE customer HAS A PROBLEM WITH problem.”
2. Riskiest Assumption
3. Three Methods
Interview Pre-Sell Concierge
4. Success Criteria
Start Your Free KISSmetrics Trial LOG IN WITH GOOGLE
EXPERIMENT = MVP 1 Hypothesis 2 Riskiest Assumption 3 Method 4 Success Criteria
Problem Solution Riskiest Assumption Success Criterion Result & Decision Learning Limit: 5 Min Limit: 10 Min result least to the is... # of strong customers. CARE ABOUT ENVIRONMENT INTERVIEW 5 / 20 GET OUT OF THE BUILDING! 0/20 INVALID ! PIVOT! SKINNY TIE ! BUYING LIFESTYLE
RISKIEST ASSUMPTIONS 1 Is there demand in other cities? 2 Is there demand abroad? 3 Are people satisfied with the method? 4 Can we do workshops frequently enough?
KEY METRICS 1 Pain 2 Customer Acquisition Cost 3 Margin / Virality 44 Market Size
“I don’t look for five-foot fences to jump over, I look for one-foot fences to step over.” -Warren Buffet
RISKIEST ASSUMPTIONS 1 Four Key Metrics? 2 Will they launch a page? 3 Will they place an ad? 4 Can we acquire 500 paid users?
The Lean Startup (book summary by Expert Program Management)Dennis Antolin
The Lean Startup Summary
Big idea #1: Startups are essentially 'Scientific Experiments'
Big idea #2: The biggest waste is building what nobody wants at all
Big idea #3: Don't argue about effort-prioritization - Use Split-Tests & Cohorts!
Big idea #4: You might be an Entrepreneur and not even know it!
Big idea #5: Use Actionable Metrics and avoid 'Vanity Metrics'
Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean
Startup methodology. He is an
entrepreneur in residence at Harvard Business School and a frequent speaker at business events. In his talk on “The Lean Start-up” at google he explained how most of the new start-up fails and the methodology that should be followed for a new start-up to be successful. Here I explained his talk at google in my words.
Product Strategy for Startups (english) #GoogleLaunchpadBenno Lœwenberg
Countless numbers of products are put out in the wild, that nobody asked for. Building something, that people actually need or want is enabled through a well shaped product strategy.
This talk illuminates how a propper product strategy looks like and what the crucial success factors are. How it helps translating business goals & vision into product design and business model, that take customer needs and market affordances into account.
#ProductStrategy, #ProductMarketFit, #MinimumViableProduct, #MVP, #JobsToBeDone, #JTBD, #LeanStartup, #LeanProductProcess, #ProductLifecycle, #RiskiestAssumptionTests
Some years ago, Eric Ries, Steve Blank and others initiated The Lean Startup movement. The Lean Startup is a movement, an inspiration, a set of principles and practices that any entrepreneur initiating a startup would be well advised to follow.
Projecting myself into it, I think that if I had read Ries' book before, or even better Blank's book, I would maybe own my own company today, around AirXCell or another product, instead of being disgusted and honestly not considering it for the near future.
In addition to giving a pretty important set of principles when it comes to creating and running a startup, The Lean Startup also implies an extended set of Engineering practices, especially software engineering practices.
Do you know why most startups fail? Is it because they lack the budget? Wrong timing? Not enough PR? Most startup’s fail because they build products nobody cares about.
Before you invest a lot of money and time in building a product no one wants, learn how to validate your idea.
2016.08.THAT Conference - GROWING NEW PRODUCTS - VALIDATING YOUR NEW PRODUCT ...Ryan D. Hatch
You know how to build great software. The real question is - // What software do customers actually want to buy? // Do you have a new product / business idea? Learn how to validate new product concepts.
Join our Precon 3 Hour Master Class:
* You will learn the latest best practices for taking new products to market
* Live B2C Customer Interview
* Hands-on Collaboration with other attendees
Learn how to transform product ideas into a successful business. Learn how to interview customers. Learn how to create business models using a test-driven approach. Learn how to avoid the top reasons for startup failure. Learn how to run experiments to validate your assumptions and navigate the uncertainty of new products. Meet some awesome people & expand your new product chops. WARNING: New products are hard, exciting, and may become highly addictive. Only come if you want to make a dent in the world.
Textile Chemical Brochure - Tradeasia (1).pdfjeffmilton96
Explore Tradeasia’s brochure for eco-friendly textile chemicals. Enhance your textile production with high-quality, sustainable solutions for superior fabric quality.
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
How to Build a Diversified Investment Portfolio.pdfTrims Creators
Building a diversified investment portfolio is a fundamental strategy to manage risk and optimize returns. For both novice and experienced investors, diversification offers a pathway to a more stable and resilient financial future. Here’s an in-depth guide on how to create and maintain a well-diversified investment portfolio.
When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
4. Lean Startup is a method for developing
businesses and products first proposed in 2011
by Eric Ries. Ries claims that startups can
shorten their product development cycles by
adopting a combination of business-hypothesis-driven
experimentation, iterative product
releases, and what he calls “validated learning”.
- Wikipedia
@hungvpham
5. Lean Startup is a process for
validating and invalidating your
assumptions as quickly as possible to
discover and deliver what people actually
want while reducing waste.
- Me
@hungvpham
6. @hungvpham
Lean Startup comes from Lean
Manufacturing and Lean Thinking, which is
derived from Toyota's factory production
system, as they rose to prominence.
7. @hungvpham
The fundamental principle of lean thinking is
eliminating waste. Waste is any human activity
which absorbs resources but creates no value.
- Womak/Jones “Lean Thinking”
8. @hungvpham
Type of Waste Definition
Waste of Over Production Creating more than is
needed
Waste of Defects Errors, mistakes causing
rework
Waste of Inventory Holding more inventory
than needed
Waste of Over Processing Processing more than
required
Waste of Transportation Movement of items more
than required
Waste of Waiting Time loss by employees &
customers from waiting
Waste of Motion Movement of people that
does not add value
9. In a start-up waste is defined as anything
that keeps the team from learning about
how to create value for the customer.
- Eric Ries “Lean Startup”
@hungvpham
15. Lean Startup is a process for validating
and invalidating your assumptions
as quickly as possible to discover and
deliver what people actually
want while reducing waste.
- Me
@hungvpham
24. Brainstorm here. When you’re ready, pull it over to the right to start your experiment. Experiments
Start here. Brainstorm with stickies, pull it over to the right to start your experiment. Experiments
@hungvpham
1 2 3 4 To form a Customer/Problem Hypothesis:
I believe my customer has a
problem achieving this goal.
Who is your customer? Time Limit: 5 Min
Customer
Problem
What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min
Solution
+LÄUL[OLZVS[PVUVUS`HM[LY`VOH]L]HSPKH[LKHWYVISLT^VY[OZVS]PUNTime Limit: 5 Min
Riskiest
Assumption
List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min
Success
Criterion
Result
Decision
Learning
1 2 3 4 5
Who is your customer?
What is the problem? Phrase it from your customer’s perspective.
+LÄUL[OLZVS[PVUVUS`HM[LY`VOH]L]HSPKH[LKHWYVISLT^VY[OZVS]PUN
What are the assumptions that must hold true, for your hypothesis to be true?
Need help? Use these sentences to help construct your experiment.
To form a Customer/Problem Hypothesis:
I believe my customer has a
problem achieving this goal.
Need help? Use these sentences to help construct your experiment.
To form your Assumptions:
0UVYKLYMVY̸hypothesis to be
true, assumption needs to
be true.
Determine how you will test it:
The least expensive way to
test my assumption is...
To form a Problem/Solution Hypothesis:
I believe this solution will result
in XHU[PÄHISLV[JVTL.
To identify your Riskiest Assumption:
The assumption with the least
amount of data, and core to the
viability of my hypothesis is...
Determine what success looks like:
I will run experiment with # of
customers and expect a strong
signal from # of customers.
Project Name: Team Leader Name:
Riskiest
Assumption
GET OUT OF THE BUILDING!
Start here. Brainstorm with stickies, pull it over to the right to start your experiment. Time Limit: 5 Min People
buying
Vespas on
Craigslist
People with
KPMÄJS[
commute
NYC
Relying on
products
that use
oil
Understanding
safety time
saving of
Vespa
People with
KPMÄJS[
commute
NYC
Vespa too
expensive
for identity
risk
Vespa One-
Pager +
Trial
Rent Vespa
Return It
If Not Fit
No friends
Vespa
Pay
$250/month
INTERVIEW:
8/10 don’t
have friend
with Vespa
SELL:
15 email
addresses
in 2 hours
Care about
environment
INTERVIEW:
5/20 buying
Vespa bc
environment
important
Success
Criterion
0/20
PIVOT!
5/10
PIVOT!
50+ in 2 hours
PERSEVERE!
- Skinny Tie!
- Buying for
lifestyle
- “I’m not a
scooter
person”
- Lifestyle is
a risk
- People typing
in ALL CAPS
- Jumping out
of seat to try
Time Limit: 5 Min
OZVS]PUNTime Limit: 5 Min
List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min
Customer
Problem
Solution
Result
Decision
To form your Assumptions:
0UVYKLYMVY̸hypothesis to be
true, assumption needs to
be true.
Determine how you will test it:
To form a Problem/Solution Hypothesis:
I believe this solution will result
in XHU[PÄHISLV[JVTL.
To identify your Riskiest Assumption:
The assumption with the least
amount of data, and core to the
viability of my hypothesis is...
Determine what success looks like:
Project Name: GET OUT OF THE BUILDING!
25. STEP 1:
@hungvpham
Who is the customer?
!
Define Your Customer Hypothesis
27. STEP 2:
@hungvpham
What is her problem?
!
Define Your Problem Hypothesis
28. PROBLEM
@hungvpham
• Must be specific to the person!
!
INCORRECT:
• “People are not recycling” is not a problem
someone has
!
CORRECT:
• “Forgets the day of the week for collection”
• “Confused how to sort plastics”
!
• Two similar but different problems
29. SOLUTION
@hungvpham
Do not define until the problem is
validated
!
Why? Because every problem
has multiple solutions
34. @hungvpham
MVP != Shitty Product
The Minimum Viable Product (MVP) is that
version of a new product which allows a team
to collect the maximum validated amount of
learning about customers with the least effort.
35. @hungvpham
What must we learn?
What are the Core Assumptions of
our business?
!
Assumption:
A behavior, mentality, or action that needs to
happen in order for hypothesis to be true.
36. @hungvpham
What must we learn?
Prioritize: Which Assumption is
the Riskiest?
!
The one that is most unknown,
and crucial to the business
37. What do we build to test?
1.Exploration - reproduce problem
2.Pitch - collect currency
3.Concierge - deliver customer
expectation
!
(Methods increase in cost of testing)
@hungvpham
38. @hungvpham
How do we measure result?
Decide on the weakest outcome
you will accept as validation
!
Called the Minimum Success
Criterion
39. @hungvpham
SHOW ME THE MONEY!
Examples of Customer Validation:
5,000 Email Signups
OR $1,000 in Cash
OR 5 Contracts from Big Companies
42. STEP 5:
What did you learn?
!
Analyze Results
@hungvpham
43. @hungvpham
What happened?
VALIDATED
Brainstorm and test next RA
(NOTE: if you validate with the wrong
customers, it is not validated)
!
INVALIDATED
Pivot the hypothesis