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The Lean Startup (Part 1: VISION (Start, Define, Learn, Experiment), Part…

- - - - Customer Archetype
        
        Hypothesis until validated
  - - - Prototype/Concept/Video
      - High quality MVP
        
        Test & Learn
        
        Brand
        
        Create test brand
  - - - 3 Milestones
        
        Baseline
        
        Engine
        
        Pivot/ Persevere
    - - Profitability/ per Customer
      - CPA: Cost/per Acquisition
      - Repeat purchase rate
  - - - Zoom-in-pivot: A single feature becomes the whole product
      - Zoom-out-pivot: The reverse, when a whole product becomes a single feature.
      - Customer Segment Pivot: Solution for a problem that is not the correct customer originally planned to serve
      - Customer Need Pivot: Discovery of other problems that are important to customers and can be solved by our team
      - Business Architecture Pivot: High margin/ low volume (complex systems model) or Low margin/ high volume (volume operations model)
      - Platform Pivot: A change from an application to a platform. Or one platform to another. (i.e. Woocommerce to Shopify)
      - Value Capture Pivot: Monetization or revenue models. Value capture is an intrinsic part of the product hypothesis
      - Engine Growth Pivot: 3 primary growth engines - Viral, Sticky, and Paid growth models. A change in growth strategy to seek faster or more profitable growth. May require a change in the way value is captured
      - Channel Pivot: A mechanism by which a company delivers its products is called sales channel or distribution channel. A channel pivot is a recognition that the same basic solution could be delivered through a different channel with greater effectiveness
      - Technology Pivot: A way to achieve the same solution by using a completely different technology -superior price and/or performance compared to existing technology
    - - Failure is a prerequisite to learning
      - Startup runway is the # of pivots the company can make without running out of capital