4 Lean Startup & MVP

Question 1

What does the lean start-up focus on?

Answer 1

The lean startup focuses on customer development

Question 2

Steps of customer development in lean startups

Answer 2

SEARCH
1) customer discovery <—
2) customer validation — pivot
EXECUTION
3) customer creation
4) company building

Question 3

What does the Lean startup search for

Answer 3

Working business models that are scalable and repeatable

Question 4

3 main principles lean startup

Answer 4

1. hypothesis - vision of business on BMC
2. get out - talk to customers with MVP: focus on what matters to them
3. agile - fast development, iterate based on customer feedback

Question 5

Value/ growth hypothesis of lean startup

Answer 5

1. value hypothesis: does it rly deliver value (determines whether customer will adopt)
2. growth hypothesis: how user will find/start using product, how company will grow once strats using

Question 6

Two types of feedback in lean start up

Answer 6

Qualitative
- features, ease of use, willingness to pay
Quantitative
- sales, conversion rates, growth

Question 7

Goal of lean start up methodology

Answer 7

Accelerate testing & evaluating to
fail fast & pivot OR persevere

Question 8

Product-market fit (what u need to do to find)

Answer 8

Degree: product satisfies market demand
-> identify target market and develop product that meets market need

Question 9

MVP (minimum viable product)

Answer 9

Basic version of product: test hypothesis and iterate fast

Question 10

Pivot

Answer 10

Fundamental shift in business strategy