Lean Startup in Action

1. scottebales.comS C O T T E B A L E S . C O M L E A N S TA RT U P I N A C T I O N

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4. 9 9 % O F V E N T U R E S FA I L I S I T T H E R I G H T I D E A ?

5. S U C C E S S R AT E

6. V E T E R A N S U C C E S S

7. P I V O T   O R   P E R S E V E R E T H E D I F F E R E N C E B E T W E E N S U C C E S S A N D FA I L U R E I S Y O U R A B I L I T Y T O B U I L D R A P I D LY M E A S U R E , L E A R N A N D A D A P T

8. scottebales.com M AT E R I A L S

9. Y O U R S K I L L S N O N - E X I ST E N T 1 2 3 4 AV E R A G E 6 7 8 9 I ’ M A RO C K S TA R B U S I N E S S M O D E L I N G P E R S O N A D E V E L O P M E N T C U S TO M E R D I S C OV E RY & D E V E L O P M E N T M I N I M U M V I A B L E E X P E R I M E N T S P RO D U C T / M A R K E T F I T P I VOT V S P E R S E V E R E P I T C H I N G

10. W H O A R E Y O U ? W H AT A R E . . . Y O U R PA S S I O N S ? . . . Y O U R E X P E C TAT I O N S ?

11. W H O A R E Y O U ? A verb that starts with the same letter as your first name I am passionate about solving... ! ! What do I want to get out of today? Spontaneous Scott Educating, growing and mentoring tomorrow’s entrepreneurs Enable entrepreneurs to fail fast, and succeed

12. O B J E C T I V E S accept fail = lesson understand what is Lean what are the tools explore customer discovery designing experiments making decisions

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16. scottebales.com ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result & Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety & time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa & Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. Project Name: Team Leader Name: GET OUT OF THE BUILDING! © 2013 Lean Startup Machine. You are free to use it and earn money with it as an entrepreneur, consultant, or executive, as long as you are not a software company (the latter need to license it from us).Watch case studies and try the software at www.javelinapp.com method created by BOARD

17. scottebales.com ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result & Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety & time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa & Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. GET OUT OF THE BUILDING! Customer & Problem Assumptions MVP Validated Learning Customer Discovery Pivot or Persevere Brainstorming Solution

19. B U S I N E S S D E S I G N C U S T O M E R P R O B L E M S O L U T I O N

20. S E A R C H & E X E C U T E C U S T O M E R D I S C O V E RY C U S T O M E R VA L I D AT I O N C U S T O M E R C R E AT I O N C O M PA N Y B U I L D I N G

21. “If you don’t talk to your customers, how will you know how to talk to your customers?” - Will Evans

22. P E R S O N A D E V E L O P M E N T personas are ﬁctional characters created to represent the different user types within a targeted demographic, attitude and/or behaviour set that might use a site, brand or product in a similar way. C U S T O M E R

23. W H AT C U S T O M E R ? C U S T O M E R

24. Persona Development Project Name: Persona #:Your Name: Facts Factual information about your target customer. Pain State the problem you believe your target customers have, that your solution solves for. Goals What goals are they trying to accomplish through the behavior, that your solution will do better? Behavior Existing behavior they exhibit now, because they don’t have your solution. 37 years of age, married(7 years). Two kids (3 & 5) Employed by Coca-Cola to manage regional marketing Tech savvy, loves his Gadgets. Always keen to learn more Reads The Economist Online Enjoys the outdoors with his kids Regular traveller in the region, both work and personal Greg Has been reading video blog tips in the hope of creating is own travel video blog Purchased a pirated copy of Final Cut Pro to explore, but quickly purchased a license Always has his video camera out when traveling, both on work travels and personal travel Purchased the domain www.gregsworld.com Has tried Vimeo, Wordpress and TypePad in attempts to create a blog Greg is a bit of a perfectionist, so he has tried multiple video blog solutions But hasn’t found any that allow him to express himself in the way he wants. He finds each tool hard to earn, and really isn’t sure if he is getting the best out of each tool He has tried reading through forums, but finds it difficult reading a tutorial and applying it to his material ! Greg loves to travel, he loves to explore new places, culture, people and food Greg would love to share his experiences with friends, family and colleagues ! !

25. C U S T O M E R P R O B L E M ( S O L U T I O N ) H Y P O T H E S I S Who specifically has this problem? How do you intent to solve this problem? What problem are you trying to solve? C U S T O M E R P R O B L E M S O L U T I O N

27. scottebales.com List core assumptions about the problem. For example, list why it’s a problem. If you think tourists have a problem finding local places to visit, is it because they don’t speak the language? Because other websites lead them to tourist traps? Or everything’s too expensive? Depending on the Does

28. the

29. problem

30. cause

31. pain? Is

32. the

33. customer

34. hypo

35. right? Is

36. there

37. demo’d

38. behavior

39. to

40. fix? does

41. the

42. problem

43. exit? A S S U M P T I O N S

44. scottebales.com Test your riskiest assumption. For example, you might riskily assume that people want create video travel journals. So “get out of the building,” hit the streets, and start offering free workshops. Do people get excited about your creative process, or even want to R I S K I E S T A S S U M P T I O N

45. scottebales.com ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. GET OUT OF THE BUILDING! Customer Problem Assumptions MVP Validated Learning Customer Discovery Pivot or Persevere Brainstorming Solution

46. M I N I M U M V I A B L E P R O D U C T Customer Discovery/Development Pitch Concierge experiment E X P L O R A T I O N P I T C H C O N C I E R G E

48. C U S T O M E R VA L I D AT I O N C U S T O M E R D I S C O V E RY P I T C H C O N C I E R G E investigating their problems to understand past behaviour attempts to sell to a customer in exchange for currency: time, money or work deliver the product as a service to see is delivery matches expectations

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52. W H AT D O T H E N U M B E R S S AY ? O N E A C T I O N A B L E M E T R I C   T H AT T I E S S P E C I F I C R E P E ATA B L E A C T I O N S T O O B S E R V E D R E S U LT S

54. scottebales.com What is pivoting for you

55. scottebales.com A pivot is a structured course correction designed to test a new fundamental hypothesis about the product, business model and engine of growth ! Zoom-in A single feature becomes the whole product Customer need Repositioning, or a completely new product ! Zoom-out The whole product becomes a single feature Customer segment Good product, bad customer segment ! Platform Change from an application to a platform, or vice versa P I V O T S

56. scottebales.com Persevere

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59. scottebales.com Progress in manufacturing is measured by the production of high quality goods. The unit of progress for Lean Startups is a rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty. Once entrepreneurs embrace validated learning, the development process can shrink substantially. When you focus on figuring the right thing to build, the thing customers want and will pay for-you need not spend months waiting for a product VA L I D AT E D L E A R N I N G

60. scottebales.com ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. GET OUT OF THE BUILDING!

61. H O M E W O R K D E V E L O P 2 C U S T O M E R P E R S O N A S   T H E N I N T E R V I E W T W O O F E A C H

62. Y O U R G O A L C O N T I N U O U S V A L I D AT E D L E A R N I N G

63. Knowledge is having the right answer Intelligence is asking the right question

64. WA N T T O L E A R N M O R E : S C O T T E B A L E S . C O M

65. Hypothesi Lean UXConversio Concierge Advanced Market Pitch Pivot or Customer Persona Minimum Lean You are here Pitching Business Validation Mobile Are You Lean For Multi- Growing K E E P L E A R N I N G

66. S U C C E S S Y O U T O O C A N O W N T H I S FA C E O F A C C O M P L I S H M E N T

67. Y O U R S K I L L S N O N - E X I ST E N T 1 2 3 4 AV E R A G E 6 7 8 9 I ’ M A RO C K S TA R B U S I N E S S M O D E L I N G P E R S O N A D E V E L O P M E N T C U S T O M E R D I S C O V E RY D E V E L O P M E N T M I N I M U M V I A B L E E X P E R I M E N T S P R O D U C T / M A R K E T F I T P I V O T V S P E R S E V E R E P I T C H I N G

68. y o u r g u i d e t o m o b i l e s u c c e s s T H E F U T U R E I S M O B I L E b i t . l y / m o b i l e re a d y b o o k

69. LEAN STARTUP IN ACTION s c o t t e b a l e s . c o m / f e e d b a c k

Lean Startup in Action

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