Wednesday, May 02, 2012

More Lean Startup Tidbits

being (ahem) verbose, I was challenged to explain the Lean Startup model in tweets (max of 140 characters) - gulp. This is also posted on Facebook & Google+ (and the tweets went out individually)

Comments welcome - norris.krueger@gmail.com, Facebook, or @entrep_thinking

MY LEAN TWEETS series (what did I miss? What did I screw up?)
Entrepreneur up, y'all!
NK

1. What’s a “startup” anyway? Vehicle to ruthlessly test each assumption of your business model BEFORE launching. “Nail it, then scale it!”

2. LEAN = Learn Entrepreneurial Agility NOW! ;) Think of LEAN as really meaning LEARN. Although ‘business model evolution’ is sexier :)

3. OK, what’s a “business model”? 3 pieces: Value Creation (value prop), Value Delivery (how you do it) & Value Capture (how to get paid)

4. So what assumptions to test? All of them. Especially those you have 100% faith in ;) Remember: Be ruthless. Get REAL data from REAL people

5. How do I figure out my assumptions? Causal maps & cool tools like Alex O’s Business Model Canvas (www.businessmodelgeneration.com)

6. I’m still stuck on surfacing assumptions! Use a 3 year old ;) Ask “why is this true?” Then ask why again…and again. (cf. Morten map)

7. So how do I test? A) It’s a hypothesis, so try to DISprove! B) Talk to real people. Per @sgblank – “Get out of the damned building!”

8. Did you Get Out Of The Building yet? With something tangible (a/k/a “Minimum Viable Product”) that potential customers can beat on?

9. But Norris. what if, God forbid. I am WRONG on an assumption? So you might have to change elements of your biz model, a/k/a “pivot”
[n.b. Norris is OFTEN wrong... thanks to my friends, I actually HEAR about my screwups!]

10. Test alternative assumptions. Get feedback – from smart people, from industry people. FROM CUSTOMERS! And… LEARN!!!

11. Hypothesis testing? Try A/B testing. Better to brilliantly test small pieces than make Big Tests. Did I mention “And.. LEARN?” ;)

12. Did you Get Out Of The Building yet? ;) How many potential customers? Did you give them something (MVP) to beat on?

...and as someone who loved wearing 13 in sports... one more!
13. Lucky 13th: Want to learn more? From THE best & brightest? [fave: http://www.slideshare.net/sblank/successful-entrepreneurship-1] @AlexOsterwalder @sgblank @Nailthenscale @leanstartup @Lean

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