The Business Model Canvas is becoming a de facto standard for brainstorming new business ideas. Also, there is no clear path to go from a Business Model to a Financial plan.
Build, Measure, Learn sounds pretty simple. Repeat, learning whether to iterate, pivot or restart until you have something that customers love. Waterfall Development While it sounds simple, the Build Measure Learn approach to product development is a radical improvement over the traditional Waterfall model used throughout the 20th century to build and ship products.
Back then, an entrepreneur used a serial product development process that proceeded step-by-step with little if any customer feedback. Waterfall Development was all about execution of the requirements document.
Only after shipping and attempting to sell business plan canvas app hcpss product would a startup hear any substantive feedback from customers. And too often, after months or even years of development, entrepreneurs learned the hard way that customers were not buying their product because they did not need or want most of its features.
This methodology improved on waterfall by building software iteratively and involving the customer. With Agile you could end up satisfying every feature a customer asked for and still go out of business. Then came the Build-Measure-learn focus of the Lean Startup. Build-Measure-Learn The goal of Build-Measure-Learn is not to build a final product to ship or even to build a prototype of a product, but to maximize learning through incremental and iterative engineering.
Learning could be about product features, customer needs, the right pricing and distribution channel, etc. Rather it is the simplest thing that you can show to customers to get the most learning at that point in time.
Early on in a startup, an MVP could simply be a PowerPoint slide, wireframe, clay model, sample data set, etc. A major improvement over Waterfall development, Build Measure Learn lets startups be fast, agile and efficient.
The three-circle diagram of Build Measure Learn is good approximation of the process.
The diagram does seem to imply build stuff and throw it out of the building. A more detailed version of the Build Measure Learn diagram helps to clarify the meaning by adding three more elements: And the new learning will influence our next ideas.
The focus on testing specific ideas counters the concern that build-measure-learn is just throwing things against the wall and see if they work. We can now do better.
In contrast, a hypothesis means we have an educated guess that requires experimentation and data to validate or invalidate. That the Lean Startup begins with acknowledging that your idea is simply a series of untested hypotheses is a big idea. And all of these hypotheses and minimal viable products change over time as you learn more.
A startup is a temporary organization designed to search for a repeatable and scalable business model. Testing Hypotheses And once these hypotheses fill the Business Model Canvas, how does an entrepreneur go about testing them? The same is true in a Lean Startup.
The Customer Development process is a simple methodology for taking new venture hypotheses and getting out of the building to test them. Then it develops a series of experiments to test customer reactions to those hypotheses and turn them into facts. The experiments can be a series of questions you ask customers but most often a minimal viable product to help potential customers understand your solution accompanies the questions.
So another big idea here is startups are not building minimal viable products to build a prototype. They are building minimal viable products to learn the most they can. Finally, the goal of designing these experiments and minimal viable products is not to get data.
The data is not the endpoint. Anyone can collect data. Focus groups collect data. This is not a focus group. The goal is to get insight.Business Model Fiddle is a playground creating and sharing business models with templates for Business Model Generation, Business Model You, Lean Canvas, SWOT, User Experience UX Canvas or create your own.
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