How to build a startup?
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Transcript of How to build a startup?
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Plan Build Wait and Pray
Spend a lot in marketing
1 2 3
Launch
Time3-4 months
Business Plan
9-12 months
Things we used to do Things we used to do
Keep it a secret
Things we used to do
Refuse to change
Things we used to do
Old School method
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The NEW Startup schoolSteve Blank Eric Ries Alex Osterwalder
The four steps to the epiphany The lean startup Business Model Generation
The Startup Owner’s Manual
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Plan Build Wait and Pray1 2 3
Build
Test and Measure
Learn and pivot
The old School method
The NEW school method
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Build
Test and Measure
Learn and pivot
A continues process
Fake Product phase MVP phase
Final Product phase
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Three phases
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Fake Product MVP Final Product1 2 3
Is a non functional product:- A prototype - A landing page- A video- A drawing- Power point slides- A drawn story
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Fake Product MVP Final Product1 2 3
MVP = Minimum Viable Product
MVP has just those features that allow the product to be functional, and no more.
You should be embarrassed to show it to people
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Fake Product MVP Final Product1 2 3
Final product
Is your beautiful product that you want everyone to see and you are very proud of
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Fly or Die Cycle
$$
Time1 week – 4 months
0 - US$5,000
0 - US$1,000
1 week to 4 weeks
US$10,000 - ∞
Die Die
Fly
Die$$
3 months - ∞
FakeProduct Phase
MVP phase Final Product Phase
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How to build it?
Build it yourself or get help from a friend
Avoid spending money as much as
you can
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Step 2: Create a landing page using Wix.com, Unbounce.com, or power point!!
How to test?
Choose a country
Choose a country:
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Step 3: Buy Adwords from google (Fishing in Spain, Fishing boatsFishing Trips…etc) Will cost ≈ US$0.3 per click
How to test?
Set your daily budget at $5 or $10Wait and enjoy the show!!
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Step 4: Track and measure using Google Analytics, Google adwords or unbounce.com to check the results
How to test?
• I got 30 clicks everyday• I learned how many people are searching for fishing boats
around the world• I learned that people in UK are searching for fishing trips in
Spain
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How to make decision?
One advice, Never give up
Use what you learned to modify your idea and to build a better MVP
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What is an MVP again?
MVP has just those features that allow the product to be functional, and no more
MVP Phase Real Product Phase
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Why we need an MVP?
You need MVP to test if people are willing to pay for your
product and everything else
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What is everything else?
Who’s your customers?
How you are going to make?And your pricing?
How much it will cost you?
How are your partners?
What should you have to deliver?
What you should you be good at?
What is the value to your customers?
What are you going to use to reach your customers?
How you should manage your clients?
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How to build it?
If not, then go there and find yourself a programmer (try Odesk.com)
If you are a programmer then you are lucky, build it yourself
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Step 1: Write your assumptions
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Step 4: Test your assumptions
Begging for feedback
Meeting your clients
Always be ready to change (Pivot)
Getting out of the office
Understanding their needs
By….
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Step 5: Measure your numbers
Using Google Analytics, your mind and your calculator
Is there a market for my product?
How much it costs to acquire one customer?What is the conversion rates?
How much I should charge my customers?
Is there enough value in my product?
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Step 6: Revisit your canvas
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Until you reach this
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