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Lean Startup

Date post: 20-Mar-2016
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Goal: To figure out the right thing to build, the thing customers want & will pay for, as quickly as possible before running out of resources. A temporary organization designed to search for a repeatable & scalable business model under conditions of extreme uncertainty Start-Up:
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Page 1: Lean Startup

Goal: To figure out the right thing to build, the thing customers want & will pay for,

as quickly as possible before running out of resources. !

A temporary organization designed to search for a repeatable & scalable business model under conditions of extreme uncertainty

Start-Up:

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1. START-UP

2. BIG BUSINESS

! Looking for a

business model Executing a business model

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“Planning comes before the plan”

A week in the life of an entrepreneur

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It may seem counterintuitive to

think that something as disruptive, innovative & chaotic as a startup can be managed, or to be

accurate, must be managed.

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Most start-ups

than from a failure of product development. They simply did not find enough customers to pay them enough $.

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!"#$%!&'#(!!)*+,!

Asmaa

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Lean Canvas

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Untested Hypotheses

Day 1

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2. Get out of the

building

3. Turn hypotheses into facts

4. Update canvas & becomes scorecard

1. Organise our

thinking

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The Different Worldviews of a Startup: Entrepreneurs

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Customers

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Investors

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Advisors

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Minimize TOTAL time through the

loop

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!

!

"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!

!

Example of an Experiment Report

Hereʼs what we found

Hereʼs what we thought

Hereʼs what we did Hereʼs what we are going to do next

M E A S U R E

L E A R N

B U I L D

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!

!

"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!

1!

TIMELINE & EXPECTATIONS

SHARE: • Hypothesis: Hereʼs what we thought • Experiments: So hereʼs what we did • Results: So hereʼs what we found • Iterate: So hereʼs what we are going to do next • Update Lean Canvas

START FROM: Validating Problem /

Customer Hypothesis GET OUT OF

THE BUILDING

YES Create Solutions &

Unique Value Proposition MINIMUM

VIABLE PRODUCT

NO Talk to more customers or another customer segment

PIVOT

PERSEVERE

EACH WEEK: Build – Measure – Learn

8th – 15th Feb 2014 • Prepare updated Lean Canvas • Send invitations to mentor & PwC on LeanStack • Identify potential Problem & Customer Segment

16th – 22nd Feb 2014 • Talk to 10 potential customers • Validate Problem & Customer hypotheses

23rd – 1st Mar 2014 • Identify potential UVP / Solution based on

validated Problem / Customer hypotheses • Talk to another 10 – 15 potential customers • Validate UVP / Solution hypotheses (incl.

features for MVP)

2nd – 8th Mar 2014 • Based on customer insight, decide to pivot /

persevere • Talk to another 10 potential customers and/or

channel partners • Identify basic revenue model strategy & how

to reach customers 9th – 15th Mar 2014

• Understand basic fixed & variable costs involved

• List key activities that need to be tracked

16th – 23rd Mar 2014

• Understand an unfair advantage that cannot be easily copied or bought by potential competitors

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1. Lean Startup doesn't guarantee success of your otherwise risky

venture.

2. When things are NOT working & NOT getting traction, is this because you’re doing it wrong or just not working at it hard

enough? Are you quitting because you don't like a bit of

pain or are you quitting because this is the right time to quit? 3. The biggest thing I

would add is dealing with failure. Both on the fear of

failing end (to begin with) & on the shit it's all failing

end (I’m a failure).

4. When certain key things haven’t worked out, I started

to withdraw & stopped talking to advisers & meeting people & getting as much support, right when I really should

have gotten more.

5. My advice is Lean Startup tried to take a scientific type

approach. Keep treating yourself as a scientist testing

the idea. Your learning journey is the core asset.


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