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Lean Startup Basics
The Lean Startup method teaches companies to test assumptions through experiments, measure progress, and make decisions based on data in order to reduce uncertainty and build sustainable businesses. It draws from lean manufacturing, agile software development, and customer development approaches. Companies use tools like business model canvases, customer interviews, and minimum viable products to test problems and solutions with customers, iterate quickly, and pivot if needed based on experimental results. The goal is to find product-market fit and scale efficiently before running out of resources.
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Lean Startup Basics
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- 2. Outcome Test if yourintuition is solid enough to build a business around it Test with experiments your assumptions. Measure your progress Make decisions based on numbers Reduce uncertainty
- 3. What is LeanStartup? “The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration.”
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- 5. Origins • Lean Manufacturing(Toyota): Systematically eliminate waste, continuously improve • Agile Software Development: Deliver often, deliver early, rapid iterations • Customer Development: test & validate your assumptions
- 6. Why • Eliminate uncertaintywith tools that help you test your vision continuously • Human beings suck at predicting what customers will buy
- 7. The right question Canwe build this product? VS Should we build this product?
- 8. End Game • Findyour market before you run out of resources • Building a product is the easy part • Don’t build a solution and then search for a problem
- 9. Traditional Entrepreneurial Process Idea Business Plan RaiseMoney Build Launch Market Fail
- 10. Issues with TraditionalPath • Feedback from customers begins once product is launched, making changes often impossible • No way to track success
- 11. Forget the businessplan • They don’t survive the talk with the first customer (S. Blank) • projections based on nothing
- 12. Customer Development Framework for: •Discover & Validate right market for your idea • Build right product features to solve customer needs • Test correct way to acquire and convert customers • Deploy right organisation and resources to scale
- 13. Objectives • Problem/Solution fit(Customer Discovery): Find a problem big enough customers will pay for your solution • Product/Market fit (Customer Validation): Build the product with only features that deliver value to the customer • Scale (Company Building): Increase exponentially your user/ customer base
- 14. Tools • Business Model/Lean/ValueProposition Canvas • Javelin Board • Lean Stack • Lean Launchpad
- 15. Test your assumptions: Experiments •Turn a hypothesis into a measurable outcome • Identify riskiest assumption • Define Success Metrics • Run the Experiment • Pivot or Persevere
- 16. Experiment Objective • Makeyour build, measure, learn loop faster all the time
- 17. Build • MVP =Minimum Viable Product • Easiest/Fastest way to deliver value to your customer • Not perfect If you are not embarrassed by the first version of your product, you’ve launched too late. Reidd Hoffman - Linkedin
- 18. MVP Types • DiscoveryInterviews • Landing Page • Concierge • Mockup
- 19. Measure • Qualitative notquantitative • Do things that don’t scale • Focus on important metrics: AARRR (Lean Marketing Funnel)
- 20. Learn • Change hypothesis •Proceed if hypothesis is validated • Discover new problems to solve
- 21. Pivot • Structured coursecorrection to test new fundamental hypothesis • A change in your plan in the process of finding a repeatable and scalable business model • Based on data
- 22. Grow • Do thingsthat scale • Use best performing tested channels • Build infrastructure needed to scale
- 23. Get Out OfThe Building • Talk face to face with customers • Best way to focus on qualitative data • Avoid engineering approach
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- 25. Books • The Entrepreneur’sGuide to Customer Development - Brant Cooper, Patrick Vlaskovits • Running Lean - Ash Maurya • Lean Customer Development - Cindy Alvarez • Value Proposition Design - Alexander Osterwalder
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