24.11.12 Flashcards
Why is it bad to make a long-term plan
No business plan survives first contact
with customers
How are Companies organized?
around Business Models
What’s a Company?
A business organization that sells a product or service in exchange for revenue and profit
What’s a Startup?
A temporary organization
designed to search
for a repeatable and scalable business model
Why do firms often fail
untested assumptions
Both Customer Problems and Product Features
are hypotheses
Emphasis on execution rather than learning
Often leads to premature scaling
What do startups often fail from
a lack of customers than from a failure of product development
from Day One, what part of the business model canvas should a start up focus on?
Customers and Markets
How should the product be developed for success
Agile Product and Customer Development
What are the key ideas for customer development
Parallel process to Product Development (agile)
Emphasis on iterative learning before execution
Must be done by small team including CEO/project leader
What are the Customer Development Heuristics
There are no facts inside, so get out of the building!
Develop for the few, not for the many.
Build Minimum Viable Products to maximize fast learning.
What is the suggested flow when talking to customers
Person - Learn about them and their
Problem - Do they have the problems you think they have?
Solution - See if your idea is attractive & get feedback
