The document provides advice on common startup mistakes and how to avoid them. It recommends (1) using user personas to understand customers rather than assumptions, (2) learning how to set up tests of hypotheses to validate assumptions, and (3) focusing testing on a small initial customer segment before expanding to validate the business model works before premature scaling. The key is to systematically gather customer feedback, control variables when testing, and iterate based on measurable results rather than biases or assumptions.
Lean Startup Roadmap workshop I conduct in Russian. Combines the methodology from Steve Blank, Eric Ries, Ash Maurya, and others. The intention is to provide practical steps individuals new to business and entrepreneurship can take in order to increase the likelihood of success in their new venture.
The full workshop usually takes 6-8 hours.
Startups don't win because of a great vision, but because of a superior strategy. If you want to have the superior strategy, you must simply have a better customer insight. Customer discovery principles can help you to get real insights about your customers.
The first rule is to fall in love with a problem, not your solution or business idea. You must have a clear picture what your product is hired to do. With customer interviews and different types of tests your job is to prove value hypothesis (that people are prepared to pay for your solution).
You can write down all your hypotheses on business model canvas, running lean canvas or even in a spreadsheet. Then you have to constantly sketch out alternative business models by asking yourself difficult questions and testing different assumptions.
Steps to customer discovery include developing a vision, setting the hypotheses, getting out of the building and performing a reality checks. The best way to start the customer discovery process is with the riskiest assumptions.
Important tools that can help you with customer discovery are also segmentation, personas, empathy map and value proposition canvas. After exploiting all the tools you should have a clear picture what are your customer's pains and gains and what are they willing to pay for.
When you are doing the customer discovery interviews to get the market insights you have to avoid doing any behavior predictions or being satisfied with compliments, opinions or stalling. What are you looking for is a real commitment from early-evangelists.
Remember, wrong assumptions are mother of all fu*ck-ups, and with customer discovery you can make sure you are not building your business based on the wrong assumptions.
My Slides from the "Implementing Lean Startup" workshop held at the inaugural Ideas to Profit conference at North Central College.
Original sources (Eric Ries & Steve Blank) for the lean startup are in the last slide.
Public Startup Academy edition May 2017 deck on request of participants.
Startup Academy gives hands on startup experience by covering Effectuation, Customer Development and Lean Startup and putting the content to practise.
Ideation, business models; and how and where to startSaberi Marais
Presentation promotes the Lean Startup principles and includes Steve Blank's cusotmer development process and Osterwalder Business Model generation canvas as recommended by the authors
An overview to the Lean Startup methodology and Lean Canvas tool, meant for an audience with little previous exposure to entrepreneurism or strategic project development. This overview can be provided in a 1-hour time slot, then follow-up can happen with an extended Lean Startup workshop or consulting session.
Lean Startup Roadmap workshop I conduct in Russian. Combines the methodology from Steve Blank, Eric Ries, Ash Maurya, and others. The intention is to provide practical steps individuals new to business and entrepreneurship can take in order to increase the likelihood of success in their new venture.
The full workshop usually takes 6-8 hours.
Startups don't win because of a great vision, but because of a superior strategy. If you want to have the superior strategy, you must simply have a better customer insight. Customer discovery principles can help you to get real insights about your customers.
The first rule is to fall in love with a problem, not your solution or business idea. You must have a clear picture what your product is hired to do. With customer interviews and different types of tests your job is to prove value hypothesis (that people are prepared to pay for your solution).
You can write down all your hypotheses on business model canvas, running lean canvas or even in a spreadsheet. Then you have to constantly sketch out alternative business models by asking yourself difficult questions and testing different assumptions.
Steps to customer discovery include developing a vision, setting the hypotheses, getting out of the building and performing a reality checks. The best way to start the customer discovery process is with the riskiest assumptions.
Important tools that can help you with customer discovery are also segmentation, personas, empathy map and value proposition canvas. After exploiting all the tools you should have a clear picture what are your customer's pains and gains and what are they willing to pay for.
When you are doing the customer discovery interviews to get the market insights you have to avoid doing any behavior predictions or being satisfied with compliments, opinions or stalling. What are you looking for is a real commitment from early-evangelists.
Remember, wrong assumptions are mother of all fu*ck-ups, and with customer discovery you can make sure you are not building your business based on the wrong assumptions.
My Slides from the "Implementing Lean Startup" workshop held at the inaugural Ideas to Profit conference at North Central College.
Original sources (Eric Ries & Steve Blank) for the lean startup are in the last slide.
Public Startup Academy edition May 2017 deck on request of participants.
Startup Academy gives hands on startup experience by covering Effectuation, Customer Development and Lean Startup and putting the content to practise.
Ideation, business models; and how and where to startSaberi Marais
Presentation promotes the Lean Startup principles and includes Steve Blank's cusotmer development process and Osterwalder Business Model generation canvas as recommended by the authors
An overview to the Lean Startup methodology and Lean Canvas tool, meant for an audience with little previous exposure to entrepreneurism or strategic project development. This overview can be provided in a 1-hour time slot, then follow-up can happen with an extended Lean Startup workshop or consulting session.
How to Build a Product in 99 Days (Podcamp Toronto)Satish Kanwar
Our slide deck from Podcamp Toronto hosted on February 26, 2011. Presentation was 45 minutes with Q&A.
Shared our process on building a product successfully with constraints. Topics included:
* Getting started quickly
* Establishing structure
* Creating a team
* Defining the problem
* Planning an approach
* Executing a build
* Finding the minimum
* Acknowledging mistakes
* Launching a product
Learn more about this event at http://2011.podcamptoronto.com or #pcto2011.
Contact us anytime @skanwar, @drupeek or http://jetcooper.com.
How to Effectively Manage the Sales Lead Follow-Up ProcessSalesScripter
Following up with sales prospects can be tricky. Sometimes you don’t follow up enough and might be missing out on the business. Other times you might follow up too much where the only thing you are doing is damaging the relationship and wasting valuable time.
If you can relate to that, you should join us for our next webinar “How to Effectively Manage the Sales Lead Follow-Up Process” where we will share a structured process that you can use that will provide clarity for how best to follow up on sales leads.
How to Make Setting B2B Appointments EasySalesScripter
Setting B2B appointments can be tough. Once you do finally get a prospect on the phone, you only have a couple of minutes to work with and it can sometimes be a hostile environment.
But don’t worry as we have developed a B2B appointment setting sales methodology that not only makes this process easier, it will also produce better results. We will outline how this process works on our next webinar “How to Make Setting B2B Appointments Easy” and you will also receive an ebook under the same name when you register.
A Practical Guide to Early Product Development (AccelerateAB 2014)Satish Kanwar
A presentation for first-time startup entrepreneurs on how to approach the art of early stage product development. This was given at AccelerateAB 2014 in Edmonton, Alberta (www.accelerateab.com).
This is the deck that accompanied Dave Kochbeck's webinar on July 10, 2014.
In the webinar he guided founders of all stripes through the perfect pitch. Determine what are the most important touch-points to prepare for, what you should be aware of and what you should focus in on and highlight about your exciting company. From founders seeking pre-seed to late seed funding, this is the most important Webinar you should attend.
Women 2.0's Webinars are a new event to promote new networks amongst the entire technology ecosystem in innovative cities around the world. This event is open to those who work, start, and fund tech companies. Both women and men are invited to attend.
To view our next webinar go here: http://women2.com/webinars
To apply for PITCH go here (Deadline July 31, 2014): http://bit.ly/1ojgVtj
Women 2.0 Fall Conference in San Francisco (September 30 - October 1, 2014): http://sf.women2.com
Before you launch your idea test it and see if there is initial interest. This presentation will help you to test your idea and refine it before you launch. Lets make your idea more successful.
Founders Institute - Mentor Presentation on Research, Customer Development an...Humphrey Laubscher
This presentation give an overview of the history of Lean Startup including Steven Blank with Customer Discovery, Eric Ries with Lean Startup and Ash Maurya with Lean Canvas. I then give some example for finding early adopters and how to measure and track customer interviews.
How to Build a Product in 99 Days (Podcamp Toronto)Satish Kanwar
Our slide deck from Podcamp Toronto hosted on February 26, 2011. Presentation was 45 minutes with Q&A.
Shared our process on building a product successfully with constraints. Topics included:
* Getting started quickly
* Establishing structure
* Creating a team
* Defining the problem
* Planning an approach
* Executing a build
* Finding the minimum
* Acknowledging mistakes
* Launching a product
Learn more about this event at http://2011.podcamptoronto.com or #pcto2011.
Contact us anytime @skanwar, @drupeek or http://jetcooper.com.
How to Effectively Manage the Sales Lead Follow-Up ProcessSalesScripter
Following up with sales prospects can be tricky. Sometimes you don’t follow up enough and might be missing out on the business. Other times you might follow up too much where the only thing you are doing is damaging the relationship and wasting valuable time.
If you can relate to that, you should join us for our next webinar “How to Effectively Manage the Sales Lead Follow-Up Process” where we will share a structured process that you can use that will provide clarity for how best to follow up on sales leads.
How to Make Setting B2B Appointments EasySalesScripter
Setting B2B appointments can be tough. Once you do finally get a prospect on the phone, you only have a couple of minutes to work with and it can sometimes be a hostile environment.
But don’t worry as we have developed a B2B appointment setting sales methodology that not only makes this process easier, it will also produce better results. We will outline how this process works on our next webinar “How to Make Setting B2B Appointments Easy” and you will also receive an ebook under the same name when you register.
A Practical Guide to Early Product Development (AccelerateAB 2014)Satish Kanwar
A presentation for first-time startup entrepreneurs on how to approach the art of early stage product development. This was given at AccelerateAB 2014 in Edmonton, Alberta (www.accelerateab.com).
This is the deck that accompanied Dave Kochbeck's webinar on July 10, 2014.
In the webinar he guided founders of all stripes through the perfect pitch. Determine what are the most important touch-points to prepare for, what you should be aware of and what you should focus in on and highlight about your exciting company. From founders seeking pre-seed to late seed funding, this is the most important Webinar you should attend.
Women 2.0's Webinars are a new event to promote new networks amongst the entire technology ecosystem in innovative cities around the world. This event is open to those who work, start, and fund tech companies. Both women and men are invited to attend.
To view our next webinar go here: http://women2.com/webinars
To apply for PITCH go here (Deadline July 31, 2014): http://bit.ly/1ojgVtj
Women 2.0 Fall Conference in San Francisco (September 30 - October 1, 2014): http://sf.women2.com
Before you launch your idea test it and see if there is initial interest. This presentation will help you to test your idea and refine it before you launch. Lets make your idea more successful.
Founders Institute - Mentor Presentation on Research, Customer Development an...Humphrey Laubscher
This presentation give an overview of the history of Lean Startup including Steven Blank with Customer Discovery, Eric Ries with Lean Startup and Ash Maurya with Lean Canvas. I then give some example for finding early adopters and how to measure and track customer interviews.
Are you thinking of starting your own business? Do you have an idea that you want to turn into a reality? Do you want to be your own boss?
If so, then the Business Start Up Boot Camp is for you! It will cover the initial building blocks of setting up a successful business and will provide support, advice, resources, guidance and mentoring to help you create a commercially viable venture.
21 ноября Боб Дорф - всемирно известный предприниматель, гуру Силиконовой долины и соавтор бестселлера "Стартап: настольная книга основателя", переведенного на 19 языков мира, - провел семинар-практикум в Инновационном центре "Сколково". Он рассказал о методологии «развития клиента» и о том, как создать новую компанию и продукт и успешно вывести его на рынок. Сам Боб Дорф уже вывел 7 компаний на IPO, а свой первый бизнес начал в возрасте 12 лет.
12 Rules for Building Your Product Management PlaybookJeremy Horn
Slides Ian Moulton recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
http://TheProductMentor.com
As a small business owner, you need strategies to get the word out and to keep your name in front of prospects and customers. Blogging and e-mail newsletters are a great way to establish yourself as a thought leader.
Dental Marketing Online - Trends And Best Practice In Online Marketing (ADX16)Carolyn S Dean
There is a lot of discussion about online marketing, social media and search engine marketing for businesses. Some dental practices are already engaging in online marketing while other dental practices have an intuitive hunch that there is something to online word-of-mouth marketing, but they’re just not sure yet what it is.
This talk covers the most common forms of online marketing and why and when you should use them. From this talk you will discover the 9 steps to online dental marketing success; know what online strategies are right for your practice; learn the secrets to a great website; understand how to structure your online presence for maximum conversion; know what social media platforms you should be using and why; hear why you need to use Google My Business; understand why you need to start blogging; identify which Search Engine Marketing strategy is right for your practice; hear why it is critical to watch your online reputation; evaluate if video marketing is right for your practice; and learn to reactivate existing clients with the use of email marketing.
Similar to Top startup mistakes (and how to fix them) public talk by ryan jung (20)
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Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
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Youtube – https://www.youtube.com/startuplviv
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2. A bit about me…
• Originally from Northern California, lived in Silicon Valley
for almost 10 years
• 2007-2012: Silicon Valley Bank – financing early stage
startups all over world alongside top VC firms
• 2012-2014: Received MBA, taught by Steve Blank (father of
Lean Startup), raised venture fund for student-run startups,
and taught self to code
• 2012-2014: Worked for Okta (IPO), New Relic (IPO), Stripe
• 2014-2016: Mixpanel (worked with unicorns on analytics
strategy)
• 2016-2017: PM at Capital One (manager is VP Product for
Alexa)
6. Major Mistakes Companies Make
• Premature scaling
• Not taking the time to understand users
• Biased testing
• No clear plan
7. Premature Scaling
• Do not assume “I know more than the
customer”
– You might, but if you are too smart for them, they
won’t pay you
– Taking the time to understand customers will
inform marketing, sales, design, and engineering
architecture
8. A Silicon Investor once said to me…
• 2 types of questions I get asked by
entrepreneurs:
– “How do I find more paying customers?”
– “My phone won’t stop ringing with people
wanting to buy my product. I can’t get enough
people to close sales. Where do I find them?”
9. Assuming Everyone is Like You
• We replace actual understanding with
assumptions
• 99.9% of the time, we miss critical facts or
don’t get to the level of understanding needed
• You have to do the hard work to deeply
understand your users to build a product they
love (and there is no substitute for hard work)
11. Biased Testing
• Startups are a series of hypotheses
• We don’t want to invest a lot of time building
on unproven hypotheses
• We know as a startup we need to move fast
• To test our hypotheses, we often focus on
data that confirms what we believe and
dismiss data that contradicts what we think
12. No clear plan
• Because we want our company to succeed,
believe in it, and need money, it distorts our
motivations
• We chase easy dollars without digging deeply
into “why?”
• Have to have a disciplined way of assessing,
prioritizing, and reducing risk
15. Advice for avoiding these mistakes
• Use user personas
• Learn how to set up tests
• Focus, then expand
• Have a clear plan and stick to it
We are going to discuss these, but I want
to put this in a framework first
16. What is Needed?
• A framework for mapping out our
assumptions
• Then, we can assess what our greatest risks
are
• Form hypotheses on these risks
• Systematically test these risks, build user
personas, and validate solutions
19. 3 Stages of Startup
• Stage 1: Problem / Solution Fit
– Do I have a problem worth solving?
– “You can’t leave here without me buying that”
– You should be interviewing at least 10 customers per week
• Stage 2: Product / Market Fit
– Have I built something people want?
– “If this product were to go away, I’d be very disappointed”
– You should be interviewing at least 10 customers per week
• Stage 3: Scale
– How do I accelerate growth?
– “How can I grow this business fast enough to keep up with demand?”
20. Process for Each Type of Risk
Product Risk: Getting product right • First make sure you have a problem worth
solving
• Define smallest possible MVP
• Build and validate MVP at small scale
• Verify it at scale
Customer Risk: Building a path to
customer
• Identify who has pain
• Narrow this down to early adopters who
really want product now
• Build scalable inbound channel
Market Risk: Building a viable
business
• Identify competition through existing
alternatives and pick price for solution
• Test pricing by measuring what customers
say
• Then test pricing by what they do (i.e. paying
you)
• Optimize cost structure to make business
model work
21. Which stage are we in?
• What is the problem we are trying to solve?
• What are our assumptions that we need to
validate?
23. Bowling Balls Online
• $6 billion industry in US
• Separation between
traditional bowling alleys
(basic services) and
upscale alleys (fancy food,
drinks, dance music)
• Upscale alleys are trying
to appeal to younger
generation
24. User Personas
“Bud”
• 50 years old
• Plays in bowling league with
friends for past 15 years
• At least 3 games per week
• Owns equipment
• Usually only purchases a
Coca-Cola on bowling nights
• Average annual spend: $300
“Ricky”
• 27 years old
• Social activities with friends
including restaurants,
sporting events, gym
• New bowling alley in city
• Go 2x per year
• Buy food, drinks, etc
• Average annual spend: $150
We eventually want these to be 3-4 pages with LOTS of detail
25. What should we do?
• Bud
– Loyal, but not big spender
– Can we get him to spend more with us?
• Ricky
– Infrequent visitor, but spends lot of money
– Can we get him to visit more often?
26. Assumptions audit
• At least 2x per week using Lean Canvas
• What must be true for our business to work?
• What do we not have data to prove?
27. How to Validate
• As we go through Lean Canvas in order, we need to
define what are our assumptions
• Turn these assumptions into falsifiable hypotheses,
then start with the null
• We want to prove our assumptions wrong
• Example:
– For us to sell bowling balls online, people prefer buying
bowling balls at the bowling alley to going online
– Bud prefers his ball which he has had for a long time to
newer technologies; Ricky doesn’t want a ball because he
bowls so infrequently
28. Testing
• Null Hypothesis: For us to sell bowling balls
online, people prefer buying bowling balls at
the alley to going online
• Focus on Bud’s problem:
– Wants to play better, but doesn’t have more time
to devote
– Wants to have a cool new toy among his friends
– Ball will have to last at least 15 years
“Your opinion, while interesting, is
irrelevant”
29. On Interviewing…
• Don’t ask leading questions
– “What are some of your favorite cuisines?”
– NOT “Do you like Indian food?”
• Relevance
– 4 out of 10 (not leading) – statistically relevant
– 100 out of 1000 (leading) – statistically relevant
• Get to the “why?”
– Ask 5 times and don’t assume you know
30. Tests and Experiments
• Maximize for speed and learning -> requires
us to focus on single metric or goal
• Validate qualitatively, verify quantitatively
Understand problem Define solution
Validate qualitativelyVerify quantitatively
32. Testing with Small Samples
• From Andy Johns: http://firstround.com/review/indispensable-growth-
frameworks-from-my-years-at-facebook-twitter-and-wealthfront
33. Controlling Variables
• Test one variable per time
• Run several tests quickly on different variables
• Always understand the size of your market when evaluating
test results
• Don’t test multiple variables at once!!
• Example (4 different tests with 9 variants; null is 9th
variants):
– Customers: Bud / Ricky
– Channel: Email / Google Ads
– Solution: Bowl Master 1000 / Strike Maker 200
34. Focus, then expand
• In terms of controlling variables, we want to
understand a small segment of users
extremely well
• Validate this group by showing much higher
conversion rates
• Based on testing, we then expand once we
have extraordinary demand from initial
segment
35. Focus, then expand examples
San Francisco riders after events or bad
weather
Swedish music lovers who didn’t want to
pirate music; by invitation-only
Busy, tech-savvy people in SF at the gym
who needed to display their status
36. Online Bowling Ball Business
• Let’s say through our testing, we’ve identified
that we can sell the Bowl Master 1000 through
email to lots of “Buds”
– Test this in single market (Milwaukee)
• There is huge demand for this and we can’t keep
enough inventory in stock
• Now we want to pivot
– Geographic pivot (Chicago – 90 mins away)
– Channel pivot (Google ad sales focused in Milwaukee)
– Customer pivot (go after more “Rickys”)
– Solution pivot (try to sell Strike Maker 200 to “Buds”)
37. Key Lessons for Focus, then Expand
• Use initial segment to work out kinks
– Make sure market is large enough
– Identify marketing messaging that works
– Identify channels that work
– Identify any product issues
– Understand what the retention mechanism is
– Figure out how to create barriers to entry
• Figure out what the challenges will be for scaling
larger
– Start to address these
– Understand what costs are and if scale will fix these
38. Summary
• Because this environment is resource-constrained, you
need to start with a plan and stick to it
• Use Lean Canvas to clarify assumptions
• Create user personas from interview data, not
assumptions
• Structure your tests to fight your own biases
• Start small, and expand outward