Running Lean
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Transcript of Running Lean
RUNNING LE
AN:
ITER
ATE F
ROM PLA
N
A TO
A P
LAN T
HAT
WORKS
BY: ASH
MAU
RYA
Lauren ByrdJ7100Entrepreneurial JournalismMarch 25, 2015
LIFE’S TOO SHORT TO BUILD
SOMETHING NOBODY WANTS.
- ASH MAURYA
WHAT IS RUNNING LEAN?
• A process for iterating from Plan A to a plan that works, BEFORE running out of resources.
• Being lean = eliminating waste or being efficient with resources.
INNOVATION
• Innovation is occurring all around us.
• Cost of building new products is at an all time LOW.
• However, most startups still FAIL.
(John Mullins and Randy Komisar, Getting to Plan B (Boston, MA: Harvard Business Review Press, 2009)
RUNNING LEAN IS ABOUT…
Speed
Learning
Focus
LISTEN TO CUSTOMERS
Listening to customers is key, but you have to know
how.
You can’t ask customers what they want, you have
to listen to them.
LISTEN TO CUSTOMERS
If I had asked people what they wanted, they would have said faster horses. - Henry Ford
It is not your customer’s job to know what they want. - Steve Jobs
THE #1 REASON WHY PRODUCTS FAIL
We waste time, money, and
effort building the wrong product.
(because we didn’t listen)
KILLER IDEA OR SOLUTIONWhen entrepreneurs, come up with an idea, they fall in love with the solution.
TOO UNIQUE?
We are often told to build something unique or
different, so we purposely define the solution in such a manner that when we look
around, we find no competition.
WHAT ABOUT “FIRST TO MARKET”?
ToyotaFord
Apple Microsoft
GoogleFacebook
THEY WERE NOT FIRST!
They were all “fast followers”.
WHEN WE PITCH ONLY OUR SOLUTIONWe are given a...
NO
WHAT INVESTORS LOOK FOR
CUSTOMERS….
Don’t care about your
solution
WHAT DO CUSTOMERS CARE ABOUT?
TRUE JOB OF ENTREPRENEUR: DE-RISKING YOUR BUSINESS MODEL
RUNNING LEAN META PRINCIPLES① Document your Plan A
② Identify the riskiest parts of your plan
③ Systematically test your plan
LEAN CANVAS
IDENTIFYING RISKIEST PARTS OF YOUR PLANFor most products, solution is not
what is riskiest
SYSTEMATICALLY TEST YOUR PLANExperiments, Learning feedback
loop