If you have read or are reading The Lean Startup, here is a quick outline of the concepts, suggestions and thoughts. This is a starter list, an MVP. You can copy it to build it out and make it your own. The most interesting point? Design the product so that it meets the definition of sustainable growth: new customers come from the actions of past customers.
- Use a fast build-measure-learn product feedback loop to minimize learning time
- Feedback Loop defined: idea…build…product…measure…data…learn…idea
- Think big, start small with an experiment
- Experiment immediately
- Identify leap-of-faith assumptions (people will buy this online, for example)
- Test leap-of-faith assumptions
- Build a Minimum Viable Product (MVP) and ship it incomplete and with bugs
- Talk to customers directly about the MVP
- Go and see for yourself: get out of the building
- Report actionable metrics
- Actionable Reporting: demonstrates clear cause and effect (not hits)
- Make reports simple
- Disseminate reports to all
- Make pivot or persevere decisions
- Schedule regular pivot or persevere meetings months in advance
- Consider a pivot every time growth rate slows
- Types of pivots:
zoom-in on a single feature
zoom-out to more features
change customer segment
address customer need
change business architecture
change the way value is captured
change engine of growth (stickiness, viral or paid)
change distribution channel
- Scale something that is working. It must have sustainable growth. Don”t scale it by adding marketing dollars.
- Definition of sustainable growth: new customers come from the actions of past customers.
- Work in small batches, completing the product to its end state directly.
- Startups don”t starve, they drown (in ideas).
- Focus on one engine of growth at a time: stickiness, viral, or paid.
- If viral, create a viral coefficient greater than 1.0
- When confronted with a problem, ask five why”s to get to the root cause; avoid the five blames.
- Be tolerant of all mistakes the first time.
- Never allow the same mistake to be made twice.
- Create an innovation sandbox, a platform for experimentation.
- Innovation teams should
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be cross-functional with a team leader.