Startup Essentials

Question 1

Keys for startup

Answer 1

-Market research for need of product
-Don’t scale prematurely before business model works
-be sure what your are selling and who to sell it to use start up model

Question 2

traditional product development

Answer 2

waterfall model, product development linear and sequential

Question 3

What is a startup model

Answer 3

Temporary organization in search of scalable, repeatable, profitable business model.
Prim goal to FIND a business model

Question 4

Customer development method

Answer 4

Process to help startusp systematically; search for successful business model
SEARCH MODE: Customer Discovery > Customer Validation
»
EXECUTION MODE: Customer Creation > Company Building

Question 5

Customer Discovery
Customer Validation
Customer Creation
Company Building

Answer 5

-Translate founders’ vision into business model hypothesis and test them
-Test resulting business model for repeatability and scalability
-Establish Market, position product, and build demand
-Grow organization to support execution of business model

Question 6

BUILD-Measure-Learn loop

Answer 6

Minimum viable product (MVP), simplest customer ready product.
MVP = early customer input, learn > create > test new iterations . optimizing.
PLAN - build - PRODUCT - measure - DATA - learn - PLAN

If fails just pivot.

Question 7

Traits for success

Answer 7

Curiosity, Quick reversible decision making, Comfort with failure, Passion

Question 8

How does a startup model differ from traditional product develeoment

Answer 8

the startup product and market are unknown

Question 9

Turning the founder’s vision for the company into business model Hypotheses and testing them takes place when

Answer 9

Customer Discovery

Question 10

Spending should be limited until what mode

Answer 10

Execution mode

Question 11

What does the BUILD-MEASURE-LEARN loop use iterative design to develop?

Answer 11

Minimum viable product

Question 12

IN case of business model failure

Answer 12

PIVOT

Question 13

Steps for assessing market opportunities

Answer 13

Customer discovery > business model hypothesis > SIZE of market opportunity > PRIMARY RESEARCH (owner) SECONDARY RESEARCH (other sources)

Question 14

TAM

Answer 14

Total Addressable Market / maximum market demand
to estimate size of your market opportunity

How much money customer spends annually on related services and accessories

Question 15

SAM

Answer 15

Served Addressable Market / Portion of TAM targeted by your product feasibly within reach of company’s sales channels