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The Startup Book Club - Three books you should be reading instead of sitting here listening to me.
Transcript of The Startup Book Club - Three books you should be reading instead of sitting here listening to me.
August 2012 The Startup Book Club The three books behind the key business concepts your startup should be laser focused on. (3 books you should be reading instead of sitting here listening to me). A startup is an organisation formed to search for a repeatable and scalable business model.
- Steve Blank It's not your business plan that you'll be refining - it's your Business Model. Customer Development You still have a boss. Steve Blank
@sgblank Brant Cooper
@brantcooper Patrick Vlaskovits
@pv "A cheat sheet to The Four Steps to the Epiphany" Apply the Scientific Method to building your startup business(es). 1. Describe an observation / phenomenon.
2. Formulate a hypothesis to explain your observation.
3. Use your hypothesis to predict a real world result.
4. Measure your hypothesis' predictive performance with clever experiments. Step 1: Customer Discovery Who actually has the problem you're solving? Clue: The answer is not "there are 7 billion people who have to eat - and who doesn't like butter?" Which market(place) are you entering? Which market segment has your early adopters? What does your product/service mean to the early adopters and what does your customer relationship with them look like ? Which identifiable group(s) of consumers (customer segments) wants your product or service (and can buy it)? How are you solving their problem in an innovative/proprietary way? What key value proposition (not feature!) will they be telling each other about? Step 2: Customer Validation Build it and they probably won't come. Product Development Eric Ries
@ericries Business Model Development "Most startups fail.
But many of those failures are preventable." Get out of the building Your Learnings Engine http://theleanstartup.com/ "The unit of progress for Lean Startups is validated learning." Minimum Viable Product Version of a new product which allows you to collect the maximum amount of validated learning about your customers (market) with the least effort. The Pivot "Changing your strategy without changing your vision as a result of your validated learnings."
- Eric Ries "Tune in, hook up" "flickr brought to you by Ludicorp" Podcaster Odeo dodges iTunes -> Twttr Customer
Development Business Model
Development Yves Pigneur "CS, VP, CH, CR, R$, KR, KA, KP & C$" Alexander Osterwalder
@AlexOsterwalder Crossing the Chasm (1991) - Geoffrey A. Moore Your business plan is the best place to document your early assumptions so you can look back at it in a few years and laugh heartily. The questions you must ask yourself when writing your business plan are critical - watch out for writing marketing hype to yourself! Here's the Canvas - do your best work. Document each assumption as a testable Customer-Problem-Solution statement. Design your experiments. What's the cheapest way to gain learnings around your C-P-S assumptions? We believe our customers who are ... have the problem ... which we can solve by... Engage with your segment prospects. Market insights, C-P-S insights, Product-Market fit insights (and maybe a customer). How quickly can you turn hypotheses into facts? Customer Segments Value Propositions Channels Customer Relationships Revenue Streams Key Resources Key Activities Key Partnerships Cost Structure Science got us to Mars. It can get you to a successful business.