Lean Startup Thoughts

[Davidla]

I heard about the Lean Startup a couple of months ago (here in the forum), and even after I saw a couple of videos about it, I couldn't quite understand what the heck it was.
But the videos I watched provided great value, and I went on to buy "The Lean Startup" book by Eric Ries (by the way Eric is a little annoying in the videos, but no problems with the book). I'm about 2/3 through and so far it is proving to be a great read.

I think The Fastlane and Lean Startup have a lot in common - thinking out of the box, quality vs quantity in work, consumer driven business decisions instead of ego driven, and providing a "scientific" approach for success in business. However, I think that The Fastlane is more of a personal approach, while Lean Startup is more of a startup management approach. I recommend this book for anyone in business, and especially for someone launching a startup or managing a company.

The book is full of real life examples of how real startups use these principles and the success they have as a result. The videos also feature CEOs showing how their companies (fortune 500 as well as small startups) use the lean model in their operations & strategic planning.

What are your thoughts about it?

Anyone had any personal experience implementing the methods?


https://www.thefastlaneforum.com/ge...start-up-video-series-watch-regret-later.html

The Lean Startup | The Movement That Is Transforming How New Products Are Built And Launched

 

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[77startup]

I think it's a great way to build a business and that everyone who reads the millionaire fastlane should also read The Lean Start Up.

 

[hrishikesh]

Lean Startup = Bootstrapping?

 

[Davidla]

Lean Startup = Bootstrapping?

No, it is a method you can use when executing a new idea to test your assumptions regarding the idea, and measure the effectiveness of your efforts.

In a nutshell:

Assumption - people want a cheap snow shoveling service in my neighborhood (when it is snowing like crazy in Minnestoa)

Test - Create a minimum viable product: Buy a shovel for 10$ (before investing 10,000$ in a snow shoveling car) and give out fliers to every house in your neighborhood offering cheap and fast snow shoveling.

How many calls did you get?

If you got a lot of calls you were probably right.

If you didn't there are two options:

a) Your assumption was wrong. People dont want snow shoveling services in your area.

b) People want your service, but something in your "product" or the way it has been advertised is preventing them from calling. Price too high or low? Flyer looks ugly? wrong number printed on the flyer?

Now its time to split test: Create 3 new versions of flyers. Put a lower price on one, on the other put a higher price, and on the third only change the design.
Now distribute new flyers by location (area a first type, area b second type etc).

See if there are any calls coming, and measure what flyer type is responsible for the calls.
If you played with the important parts, and after a couple of split tests and a large enough flyer volume nobody calls..they just dont want your service and it is time to move on to the next idea

 

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[hrishikesh]

Thanks! Buying now..

 

[Mike.B]

Thanks for reposting the video series link. Really good material!

 

[BeachBoy]

I am almost done reading "Nail it then Scale it" book.

IMO it's the logical next step to MJ's book. It goes into greater details on how to nail the solution. It's worth the read.

 

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