A practical guide to the lean startup

!by Alex McClafferty

!audio available at startupchat.co/57

Trapped in a cubicle ☹

My background

• Invested $100,000+ on my formal education

!• MBA from University of Tech, Sydney !• Last job = $700 per day consultant !

• Love basketball and powerlifting

7 months in…

• 211 paying customers !

• $11,900 in monthly recurring revenue !

• Learned more from doing than textbooks !

• Never want another desk job

Today you’ll learn…

!1. What lean startup buzzwords mean

!2. How to avoid wasting a year of your life

and $80,000 on startup validation !

3. How you can validate your idea in a week

MVP = landing page or beta app

Do validation the right way

Your friends and family will love your idea

Cold hard cash is the only real validation you can get

Changing your mind is OK

Vanity metrics – FB likes and retweets don’t pay the bills

Dan starting on his first app, Informly

Dan after he went to a paid version and got 15 paid customers

What Dan learned http://startupchat.co/is-startup-validation-bullshit/

An idea struck me on the bus ride

Was a phone repair business a real business?

NO

Is a 24/7 WordPress support service a real business? Yes!

3 steps to build your lean startup

!1. Create a landing page with a BUY NOW

button !

2. Share it with potential customers (FB or forums)

!1. Profit or pivot!

Find real world advice for startups atstartupchat.co