WHY THE LEAN START-UP CHANGES EVERYTHING
The Classic Way to Start A Business
You Can’t Make Good Predictions Five Years in Advance
The assumption is that it’s possible to figure out the unknowns of a business in advance - before executing your idea. That just isn’t realistic.
Most Product Developers Don’t Get Customer Feedback Until It’s Too Late.
THE PRINCIPLES OF LEAN START-UPS
The Business Model Canvas Sketch out hypotheses.
A Business Model Canvas.
What Assumptions Will You Test?
Customer Development Listen and learn.
Minimum Viable Product A version of a new product that allows a team to collect the most learning about customers with the least effort.
Finding the Right Model
Agile Product Development Iterate quickly.
Traditional Product Development Is Long and Linear
Agile Product Development Has Short, Quick Cycles
Lean Execution
Ramp up operations quickly.
Continue Learning and Adapting
Organizational Differences TRADITIONAL VENTURES
LEAN START-UPS
Have Functional Departments
Have Agile Teams
Hire for Experience And Ability to Execute
Hire for Ability to Learn, Nimbleness, and Speed
Measure Income, Revenue, Assets, Cash Flow
Report Customer Acquisition Costs, Lifetime Customer Value, Churn, Viralness
Macro Trends Encouraging Start-ups
The Spread of Lean Methods
Business schools are embracing lean start-ups.
Corporate entrepreneurs are going lean too.
The New Tool Kit
The Past vs. the Future TRADITIONAL VENTURES
LEAN START-UPS
Elaborate Planning
Experimentation
Intuition
Customer Feedback
Up-front Design
Many Design Iterations
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