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Foundation Day - dotForge - April 2013
- 1. F-Day!
- 2. Do not open the kit until I say GO! Build the tallest freestanding structure. The entire marshmallow must be on the very top. You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else!
- 4. “I wish I knew that sooner.”
- 8. Our job is to bring ourselves the bad news sooner.
- 11. Iteration Do Less Improve the big picture Learn, then confirm Tangible next steps Principles
- 12. Today 10:30 Lean Flow 11:30 Doing Less 1:30 Lunch 2:30 Prioritisation 3:30 Stakeholder Analysis 4:30 Learning Goals 5:30 Pub
- 13. Feedback!
- 14. Do less.
- 15. Don’t work hard to mask your inefficiency.
- 16. Not enough time? Not enough money?
- 18. 3 ways to Do Less. Limiting work-in-progress. Letting go. Being picky about your first customers.
- 19. Limit your work in progress.
- 20. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
- 22. WIP yourself.
- 23. Early traction.
- 24. Earlyvangelists Have the problem Know they have the problem! Have budget to solve it. Have looked for a solution. Have tried to build a solution.
- 25. Is this conversation useful?
- 27. Vague customer definitions. Multiple customer definitions.
- 29. Specific definitions allow for validation or invalidation. And that speeds progress.
- 30. Take a look at the customers’ world Looking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
- 31. Find early adopters. Find specific customers. Specific value propositions are more compelling and help you get early traction. Specific customer definitions help find them quickly, and point out scalable channels to reach them. Zoom in!
- 32. Product Market
- 33. Action Customer
- 34. How deep do you go? They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit.
- 35. Customer Slicing Jobs Obstacles Gains Current Solution
- 37. What I can do What I’ve got Small partnerships. Affordable Loss.
- 38. Are you a frog? Or a fish?
- 41. 2 stages of learning Discovery Validation
- 42. A man wakes up, turns on the radio, goes upstairs, turns on the light, and kills himself.
- 43. Image by wstryderImage by wstryder
- 44. Image by wstryderImage by wstryder
- 45. 2 stages of learning Discovery Validation
- 46. 2 stages of learning Learn Confirm
- 47. 2 stages of learning Ask Sell
- 48. 2 stages of learning Observe Experiment
- 49. Does anyone care at all? Do we understand the industry?
- 50. Does anyone care at all? Do we understand the industry? Will any pay for it? Are we building the right product?
- 51. Anyone will tell you that your idea is great if you annoy them long enough.
- 52. Dear Mom, Don’t you think I’m great? Love, Your son
- 53. Actually, not just your mom lies. Your customers are full of shit too. www.foundercentric.com
- 54. Past, not future Fact, not opinion Specifics, not general (Talk about their life, not your idea.) The Mom Test
- 55. Good or bad questions?
- 56. ❝ ❞ Do you think it’s a good idea?
- 57. ❝ ❞ Do you think it’s a good idea?
- 58. ❝ ❞ Would you buy a product which solved this problem?
- 59. ❝ ❞ Would you buy a product which solved this problem?
- 60. ❝ ❞ How do you currently deal with this problem?
- 61. ❝ ❞ How do you currently deal with this problem?
- 62. ❝ ❞ How have you dealt with this problem?
- 63. ❝ ❞ When does this problem pop up?
- 64. ❝ ❞ When does this problem pop up?
- 65. ❝ ❞ When’s the last time that happened?
- 66. ❝ ❞ What makes this time- consuming or go off- track?
- 67. ❝ ❞ What makes this time- consuming or go off- track?
- 68. ❝ ❞ Has this ever been more time-consuming than normal or gone off-track?
- 69. Their words - not yours! One phrase per card. Pair. One interviewer, one notetaker. Recording the right stuff.
- 70. ❝ ❞ Please show me how you...
- 71. ❝ ❞ Please show me how you...
- 72. ❝ ❞ Please tell me how... I’m trying to learn how you...
- 73. ❝ ❞ Please tell me how... I’m trying to learn how you...
- 74. ❝ ❞ Talk me through the last time you had this problem.
- 75. ❝ ❞ Talk me through the last time you had this problem.
- 76. ❝ ❞ What did you try to do about it?
- 77. ❝ ❞ What did you try to do about it?
- 78. Person Job Problem Measure Solution Excited Guilty Upset Important signals
- 81. ❝ ❞ How much would you pay for this?
- 82. ❝ ❞ How much would you pay for this?
- 83. ❝ ❞ Can I ask why?
- 84. ❝ ❞ Can I ask why?
- 85. ❝ ❞ Talk me through how you decide.
- 86. ❝ ❞ Talk me through how you decide.
- 87. ❝ ❞ Talk me through how you decided.
- 88. ❝ ❞ How much money does this problem cost you?
- 89. ❝ ❞ How much money does this problem cost you?
- 90. ❝ ❞ How much money has this problem cost you?
- 91. ❝ ❞ How much should we charge?
- 92. ❝ ❞ How much should we charge?
- 95. ❝ ❞ How soon can you start?
- 96. ❝ ❞ How soon can you start?
- 97. ❝ ❞ What would need to happen before you could really start using it?
- 98. ❝ ❞ What would need to happen before you could really start using it?
- 99. ❝ ❞ Ever had any problems or delays getting something like this going/bought?
- 100. ❝ ❞ Who else should I talk to?
- 101. ❝ ❞ Who else should I talk to?
- 103. 2 stages of learning Discovery Validation
- 104. 2 stages of learning Learn Confirm
- 106. So, we had a meeting!
- 107. ❝ ❞ Claudia Sounds great. I love it!
- 108. ❝ ❞ Claudia Sounds great. I love it!
- 109. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
- 110. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
- 111. Compliment? Stalling tactic? They don’t care. :(
- 112. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
- 113. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
- 114. Partial commitment?
- 115. Validate by going for full commitment.
- 116. ❝ ❞ Claudia I would definitely buy that!
- 117. ❝ ❞ Claudia I would definitely buy that! ANGER!
- 118. Meetings succeed when they advance to the next step.
- 119. Examples of advancement > Permission to contact again > Clear next meeting > Introduction to decision-maker > Commitment to run a trial > Pre-purchase
- 120. Real learning comes from Facts Commitment
- 121. Always know your big 3 questions.
- 123. Tweetable Text How do authors pre-build their customer list? How do authors test copy and learn about their readers? How do authors prioritise their time when writing?
- 124. Leancamp What awareness channels can we partner with? What do people learn at Leancamp that they apply? What do famous thought-leaders get out of conferences?
- 125. What are your Big 3 right now? Does it do what it says on the tin? Can we make it usable enough? Do people really, truly want it? Take 3 minutes to write them down. Are they to learn or confirm?
- 127. What’s the most precious resource for a startup?
- 128. You’ve got a ton of options
- 129. Early stage strategy is finding the few that matter.
- 131. Where is the love?
- 133. We obsess over the details.
- 134. And miss the big picture.
- 135. 4% conversion rate = win!
- 136. 4% conversion rate = win?
- 137. Marketing Success!
- 138. Business fail.
- 139. We had a big picture problem!
- 140. Alex Osterwalder’s Business Model Canvas is the big picture.
- 142. Your business model has holes
- 144. We wanted more users, so we marketed...
- 145. ...which was rendered worthless by our retention.
- 146. Stuff’s going wrong... Let’s embrace it!
- 147. Test the scary bits first. (not the fun bits)
- 148. Navigating through options, hypotheses & environmental changes. Understanding dynamics between parts & articulating a clear story. Parts Whole Progress Checklists & dashboards1 2 3
- 150. A “simple” change.
- 151. You can’t think about any one part without thinking about the rest.
- 152. Clothing labels & distributors Faster tomarket Faster production Production Production fees
- 153. Designers Consumers Fan Base Selling Clothes FacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
- 154. Use the Canvas as X-Ray goggles.
- 156. What on earth are you on about?
- 157. Pick my brain.
- 159. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
- 160. Platform Platform
- 161. Platform Platform Mass customisation Value-based pricing App sale + in-app purchase Subscription Transactional Multi-sided market Licensing Crowdsource Ad-supported Event-supported SaaS Bundling Viral Direct-over-viral Purchase-timing
- 162. Know your options.
- 164. Business model prototyping No writing on the canvas - use post-its Use the post-its as you discuss. Move them around. 3 minutes max per model - quantity over quality
- 165. Business model prototyping No writing on the canvas - use post-its Use the post-its as you discuss. Move them around. 3 minutes max per model - quantity over quality Tip - aim for around 4-7 post-its per model
- 166. Nail down your business model, one bit at a time. Option cards
- 168. Halo Effect
- 169. One dynamic per card. 1 -3 dots per card. How do authors prebuild customer lists? Sell to y2k software houses through Initrode Evan can intro me to Joe at Initrode.Will ppl buy pet food on Facebook?
- 170. Lock-in through re- installation costs. Will this offer differentiate against GMail? Big funding, scale userbase through paid channels. Greater cloud adoption opening a market?
- 174. Who will our first 10 customers be? Where are they looking? And for what?
- 175. What needs do your customers have? How do they solve them now?
- 176. After I have 100 customers, I will acquire the next 1,000 through _____________ .
- 177. I will make money by ___________ .
- 178. How would our business change if we could only charge 5% of we’re planning to?
- 179. How would our business change if we didn’t have a web site?
- 180. When customers have this problem, or are tackling this task, where do they seek help and advice?
- 181. Which customers have different expectations about service levels or relationship?
- 182. What are our possible revenue streams? What customers pay for that, in that way, and why?
- 183. Are there customers at the low-end who would pay less for lower performance? What if they were our ONLY customer?
- 184. How could we increase switching costs?
- 185. Who are the people in our network that can fast- track our business? How?
- 186. Metrics
- 187. Sticky Paid Acquisition Viral Understanding growth Growth Engines, from The Lean Startup by Eric Ries
- 188. Acquisition Activation Retention Referral Revenue Pirate Metrics, by Dave McClure Which number matters most? B2C Free - retention, referral, activation, acquisition, revenue Freemium - retention, revenue, referal, activation, acquisition Enterprise - revenue, referral, activation, acquisition, retention
- 189. Acquisition cost, capacity, rate Activation cost, rate, % Retention rate, % Referral rate, k-factor, % Revenue per customer, per user Your naked numbers.
- 190. Write down the big numbers and growth engines you’re considering, one per card. Option cards
- 192. Cohort a group of people who share a common characteristic within a defined period.
- 193. 1.Pick a metric you want to improve. 2.Group users into cohorts based on date, or experiment, or characteristic. 3.Track, looking for improvement. In 3 steps.
- 195. forentrepreneurs.com
- 196. only tells you one thing. Split Testing
- 197. works in low volume if you’re testing for big enough changes. Split Testing
- 198. Your Dashboard Draw it on a page. Keep it simple. Keep it actionable. (What is your goal?)
- 199. Grow like weeds! Spring up in unexpected places. Grow quickly, or die and move on.
- 200. Being clear on your next step.
- 201. “I wish I knew that sooner.”
- 203. Build Learn Measure
- 204. Minimum Viable What is the minimum thing I need to build to prove or disprove this?
- 205. Pick a learning goal What big make-or-break risks or idea is the one you want to nail down this week? (Hint: use the Canvas or metrics to make sure it’s relevant.)
- 206. Have a conversation with your idea.
- 207. How can I isolate the part I want to test?
- 211. One piece at a time.
- 213. Signal.ly
- 215. Making sure you’re in the right place.
- 219. 48-hour Marshmallow
- 220. Start with your learning goal. Pick a learning goal. Pick a measurement. Draw your MVP on a blank sheet. Build Learn Measure
- 221. Meeting every week with fellow founders to share our weekly progress, and get advice to stay on track. Braintrust
- 222. Braintrust 3 minutes each to present your learning & goals. 5 minutes each for feedback. Feedback is focused on risks, learning methods & environment - not your ideas!
- 223. Take 3 minutes to prepare at: foundercentric.com/ learningprogress
- 224. What you learned. Progress Obstacles in reaching your learning goal. Problems What will you learn by next week? Learning Goal
- 225. Investor relations Transparency & clarity on where they can help.
- 226. Make the accelerator accelerate you! Lead time
- 227. Iteration Improve the big picture Learn, then confirm Tangible next steps Do Less Principles
- 228. Build Learn Measure
- 230. 2 stages of learning Learn Confirm
- 231. Make it your own.