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Why the lean start-up changes everything by Steve Blank (2013) - Coggle…

- - - - 1) Founders summarize their hypotheses
        in a framework called a business model canvas. Essentially, this is a diagram of how a company creates value for itself and its customers.
      - 2) Lean start-ups use a "get out of the build-
        ing" approach called customer development to test their hypotheses. They go out and ask potential users, purchasers, and partners for feedback on all elements of the business model, including product features, pricing, distribution channels, and affordable customer acquisition strategies. The emphasis is on nimbleness and speed: New ventures rapidly assemble minimum viable products and immediately elicit customer feedback. Then, using customers' input to revise their assumptions, they start the cycle over again, testing redesigned offerings and making further small adjustments (iterations) or more substantive ones (pivots) to ideas that aren't working.
      - 3) Agile development, which originated in the software industry. Agile development works hand-in-hand with customer development.agile development eliminates wasted time and resources by developing the product iteratively and incrementally. It's the process by which startups create the minimum viable products they test.
- - - - Only after building and launching the product does the venture get substantial feedback from customers - Business plans rarely survive first contact with customers
      - No one besides venture capitalists and the late Soviet Union requires five-year plans to forecast complete unknowns. These plans are generally fiction, and dreaming them up is almost always a waste of time.
    - - The lean start-up methodology makes those concepts obsolete because it holds that in most industries customer feedback matters more than secrecy and that constant feedback yields better results than ca- denced unveilings.