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The Lean Startup. Part Two: Steer (Leap (Analogies (basing strategy on…
The Lean Startup. Part Two: Steer
Leap
startups
role of strategy
help to figure out the right questions to ask
determine what techniques will work in their unique circumstances
strategy is based on assumptions
every business plan begins with assumptions
test them as quickly as possible
earliest strategic plan
likely hunch- or intuition-guided
translate those into data
get out of the building!
first challenge entrepreneur
build an organization that can test these assumptions systematically
second challenge entrepreneur
perform that rigorous testing without losing sight of the company's overall vision
assumptions
mundane details: many assumptions in a typical business plan are unexceptional - well-establishes facts
leaps of faith - hidden among mundane details: a handful of assumptions that require more courage to state. Acting as if these assumptions are true is a classic entrepreneur superpower
succes of entire venture rests on them
basic strategic decisions
understanding of customers
genchi gembutsu (Japanese)
important in lean manufacturing vocabulary
"go and see for yourself"
business decisions made on deep firsthand knowledge
startups' early contact with potential customers
reveals what assumptions require the most urgent testing
succesfull entrepreneurs
foresight, ability and tools to discover which parts of their plans were working brilliantly and which were misguided
adapt strategies accordingly
Analogies
their problem: obscure the true leap of faith
their goal: make the business seem less risky
do empirical testing first: make sure that here are really hungry customers
basing strategy on comparisons
can help discover assumptions that are not really leaps of faith
framework to plot strategy: analogs and antilogs
leaps of faith
yet unique, unanswered questions
value
product
value-creating or value-destroying
growth
understand the reasons behind startup's growth
difference between false startups (success theater) and true innovators
innovation accounting
have and maintain quantitative financial model
used to evaluate progress rigorously