The Real Lean Startup: Debunking the Myth

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The Real Lean Startup: Debunking the Myth

  1. 1. The Real Lean Startup Debunking the Myth For LMU CS, March 29, 2012
  2. 2. What not to expect● Easy● Fast● Impressive● Fun● Rewarding● Profitable...for a long while
  3. 3. What not to expect● If you want to be rich work on Wall Street● "Your first idea is wrong, so, as quickly as possible, implement a careful plan to learn which of your assumptions are flawed." - Rita McGrath● "Everybody has a plan, until they get punched in the face." - Mike Tyson
  4. 4. What to expect● Failure● Embarrassment● Rejection● No free time● No social life● No money● A lot of work
  5. 5. What to expect● "Genius is 1% inspiration and 99% perspiration." - Thomas Alva Edison● If you arent sweating, you arent innovating.● False stories of easy success● Analogy: the movie montage
  6. 6. SoDo you still want to be an entrepreneur?
  7. 7. Why do it?● One word: Passion
  8. 8. Still want to do it?● Learn from others before you start● Network (this is how you find investors)● Get support from friends and relatives● Ideas are worthless. Execute.● Persevere but know when to give up...what?● Be bold. Be brave.● Be resourceful
  9. 9. Still want to do it?The Customer Development Manifesto
  10. 10. Still want to do it?● Get customer feedback every week if not everyday● Scientific approach: If you can’t measure it, it doesn’t exist● Schedule a pivot meeting● Stay light on your feet. Be ready to move at any time.
  11. 11. Working with investors● They look for ○ Team ○ Traction● They want ○ Obscene returns● They dont want ○ You● Get a lawyer on your team for a percentage of the company to guide you through the deals
  12. 12. How to get help● L.A. Meetup groups ○ Lean LA ○ 106 Miles SoCal ○ Funders and Founders LA ○ Startup Grind LA● Coloft● Lean Startup Circle● Founder Dating. Announced today for Silicon Beach!● Create a group of advisors by giving each of them a piece of your company
  13. 13. How to get help● L.A. incubators on Twitter ○ OriginateLabs ○ K5Launch ○ UpStartLA ○ Idealab ○ StartEngineLA ○ Muckerlab ○ Amplifyla ○ LaunchpadLA
  14. 14. How to get help● People on Twitter ○ Sean Ellis ○ Eric Ries ○ Brant Cooper ○ Patrick Vlaskovits ○ Steve Blank ○ Andrew Chen
  15. 15. How to get help● Blogs ○ Venture Hacks ○ Andrew Chen ○ Steven Blank ○ Startup Lessons Learned ○ Lean Startup Machine ○ Startup Marketing ○ SoCal Tech News
  16. 16. How to get help● Books ○ The Lean Startup ○ The Entrepreneur’s Guide to Customer Development ○ The Startup Owners Manual. Online course coming soon (follow blog) ○ The Innovator’s Solution● Presentations ○ Startup Metrics for Pirates
  17. 17. Remember● The principles, the philosophies (Zen), not the set of steps to follow.● Always, always, innovate
  18. 18. Remember● "Dont get set into one form, adapt it and build your own, and let it grow, be like water. Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend" - Bruce Lee
  19. 19. Sources● http://hbr.org/web/slideshows/the-masters- of-innovation/1-blank● http://www.youtube.com/watch? v=5VDNOIIrP_o● http://www.youtube.com/watch? v=eFUywM5pPLs● http://steveblank.com/2012/03/29/nail-the- customer-development-manifesto/● http://en.wikiquote.org/wiki/Bruce_Lee

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