The biggest source of waste in a Start Up is building something that nobody wants.
Adopted heavily in the Micro ISV sector.
- You have an idea for a Start Up.
- It has more Market Risk than Product Risk.
- You don't have time/money to waste.
- You think it's a great idea, but you don't know whether anyone else will.
- Focus Group-s, Market ResearchSurvey-s, and other traditional Market Research methods are horrible at predicting actual User Adoption.
- You can't afford to spend a year and a hundred thousand dollars before finding out that nobody wants it.
- Get Out Of The Building and hold lot of 1-on-1 interviews with potential customers - Customer Development.
- Document your Business Model components in a Lean Canvas, treating each statement as a hypothesis to be tested/validated. (Theory Building)
- Build and execute the Minimum Viable Product that will test/validate your most-risky hypothesis. Gather Metrics, esp on your Sales Funnel.
- Continue to interview current and potential customers, and do Iterative Product Development focused on Learning.
Colleges teaching it?
- Launch Pad Central customers? https://www.launchpadcentral.com/#customers
different spin - order of actions
Process alternative 1
(This is an Iterative process - better to consider lots of alternatives for every variable up-front before you start investing hard dollars or significant time.)
- you'll want to evaluate multiple potential niches, see
- Problem Interview-s
- solution idea generation/evaluation, fake ProtoType of Minimum Viable Product (hmm, could an Info Product be your MVP? See Amy Hoy process.)
- Lean Canvas (incl top-3 Sales Channel guesses from Traction Bullseye Framework)
- Solution Interview-s
Process alternative 2
(Closer to Running Lean)
Have Product idea
Make handful of Lean Canvas variations around this idea - various specific Market Segment-s, Sales Channel-s. Pick most promising-smelling. Do some interviews to refine, decide whether to switch variations.
- Do bigger batch of Problem Interview-s to refine/validate.
- Do MVP ProtoType.
- Do Solution Interview-s.
Continue as with alt1.
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