RUNNING LEAN - WordPress.com… · This is a Lean Canvas which is my adaptation of Alex...
Transcript of RUNNING LEAN - WordPress.com… · This is a Lean Canvas which is my adaptation of Alex...
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RUNNING LEAN
ASH MAURYA@ashmaurya
http://www.ashmaurya.com
hashtag: #leanstartup
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startups failproducts
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drastically change their original plans
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Not a better Plan A but a path to a plan that works.
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Running Lean is a systematic process for iterating from Plan A to a plan that works before
running out of resources.
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are products hard?
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The myth of the visionary launch.
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Product development gets in the way.
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RequirementRequirement ss ReleaseReleaseDevelopmentDevelopment QAQA
Some learning
Very little learning
Most learning happens here
“Greatest risk is not development of new product,
but development of customers and markets.”- Steve Blank
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Listening to customers is key,but you have to know how.
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If I had asked people what they wanted, they would have said faster horses.
- Henry Ford
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It is not your customer’s job to know what they want.
- Steve Jobs
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What is Running Lean
Customer Development +
Lean Startup +
Bootstrapping
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Get out of the building.
- Steve Blank
Customer Development
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Startups that succeed are those that manage to iterateenough times before running out of resources.
- Eric Ries
Lean Startup
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Right Action, Right Time.
- Bijoy Goswami
Bootstrapping
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About Me
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Life’s too short to build something nobody wants.
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Listening to customers is key,but you have to know how.
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Disclaimers
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Practice Trumps Theory
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There are no silver bullets
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Running Lean does not guarantee successbut raises the odds for building a successful product
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Running Lean Overview
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Meta-principles
1. Document your Plan A2. Identify the riskiest parts of your plan3. Systematically test your plan
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Meta-principles
1. Document your Plan A2. Identify the riskiest parts of your plan3. Systematically test your plan
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Reasonably smart people can rationalize anythingbut entrepreneurs are especially gifted at this.
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Business Model versus Business Plan
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Business Model versus Business Plan
A document investors make you write that they don’t read
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Business Model versus Business Plan
A single diagram of your business
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Problem
Top 3 problems
Solution
Top 3 features
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unfair Advantage
Can’t be easily copied or bought
Customer Segments
Target customers
Key Metrics
Key activities you measure
Channels
Path to customers
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
PRODUCT MARKET
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Your product is NOT “the product”.
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Problem Solution Unique Value Proposition
Unfair Advantage
Customer Segments
Key Metrics Channels
Cost Structure Revenue Streams
Your “product” is NOT the product
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Problem Solution Unique Value Proposition
Unfair Advantage
Customer Segments
Key Metrics Channels
Cost Structure Revenue Streams
Your “business model” IS the product
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Brainstorm multiple models.
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Brainstorm possible models
Time
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Prioritize where to start.
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Prioritize where to start
Time
1. Customer Pain Level2. Ease of Reach3. Price/Gross Margin4. Market Size
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Meta-principles
1. Document your Plan A2. Identify the riskiest parts of your plan3. Systematically test your plan
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Building a successful product is basically about risk mitigation.
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Identify the riskiest parts of your plan
Time
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3 Stages of a Product
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
Stage 1 Stage 2 Stage 3
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3 Stages of a Product
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
Do I have a problem worth solving?
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3 Stages of a Product
Have I built something people want?
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
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3 Stages of a Product
How do I accelerate growth?
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
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Before Product/Market Fit
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
Focus: Validated LearningExperiments: PivotsTerrain: Qualitative
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After Product/Market Fit
Focus: Validated LearningExperiments: Pivots
Problem/Solution Problem/Solution FitFit
Product/Market Product/Market FitFit ScaleScale
Focus: GrowthExperiments: Optimizations
Terrain: Qualitative Terrain: Quantitative
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AcquisitionAcquisition
ActivationActivation
RetentionRetention
RevenueRevenue
ReferralReferral
How do users find you?
Do users have a great first experience?
Do users come back?
How do you make money?
Do users tell others?
Key Metrics
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AcquisitionAcquisition
ActivationActivation
RetentionRetention
RevenueRevenue
ReferralReferral
How do users find you?
Do users have a great first experience?
Do users come back?
How do you make money?
Do users tell others?
Value metrics
Before Product/Market Fit
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AcquisitionAcquisition
ActivationActivation
RetentionRetention
RevenueRevenue
ReferralReferral
Growth metrics
After Product/Market Fit
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Roadmap
1. Document your Plan A2. Identify the riskiest parts of your plan3. Systematically test your plan
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What is an experiment?
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Speed
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Speed
Learning
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Speed
Learning
Focus
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Chasing yourtail
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Chasing yourtail
Run out ofresources
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Chasing yourtail
Run out ofresources
PrematureOptimization
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Chasing yourtail
Run out ofresources
PrematureOptimization
The optimal learning loop
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How to Run an Effective Experiment
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Formulate testable hypotheses
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Too Vague: Being known as an “expert” will drive early adopters
Specific and Testable: Blog post will drive >100 early sign-ups
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Create accessible dashboards
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A business should be run like an aquarium,where everybody can see what’s going on.
- Jack Stack, The Great Game of Business
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Communicate learning early and often
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We thought (Hypotheses):
Our Customers told us (Insights):
Next Steps (Future Experiments):
$20K
$15K
$10K
$5K
$0
• Personal Authority would be a viable channel to early adopters• Customers would vote the problem as “must-have”• Customers would pay $49/mo
• Most early adopters did come through blog and twitter• Customers voted #3 problem as “must- have”. Others as nice-to-have• $49/mo works for customers with early traction
• Test MVP based on “must-have” problem• Test a “Free” model
Results from last iteration
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Time
Systematically test your model
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Time
Systematically test your model
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Time
Systematically test your model
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Time
Systematically test your model
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Time
Systematically test your model
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Time
...
Systematically test your model
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Time
...
Systematically test your model
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Running Lean Illustrated
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Blog
TeaserPage
How I Wrote My BookIterated
Time
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Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
How I Wrote My BookIterated
Time
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Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
How I Wrote My BookIterated
Time
![Page 85: RUNNING LEAN - WordPress.com… · This is a Lean Canvas which is my adaptation of Alex Osterwalder’s BMC. You’ll recognize a lot of similar sections with a busi\൮ess plan.](https://reader034.fdocuments.net/reader034/viewer/2022042401/5f0f99657e708231d444f62e/html5/thumbnails/85.jpg)
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Lean Canvas+
USERcycle
WorkshopsBlog
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
BookFinished?
How I Wrote My BookIterated
Time
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RUNNING LEAN WORKSHOPHow to go from plan A to a plan that works
Ash Mauryatwitter: ashmauryablog: http://www.ashmaurya.com
Questions?
http://thousandseeds1.eventbrite.com/