If you don’t have time to read the whole book, we have prepared for you a short overview of the Lean Startup book by Eric Ries.
The Lean Startup is a lean manufacturing concept. This technique helps you use a scientific approach to build a growing business and avoid unnecessary costs. Highly recommended book for entrepreneurs and anyone involved in innovations and product launches.
Despite serious business plans, well-thought-out business models, detailed go-to-market strategies, and large investments, most startups fail.
Why is this so? Eric Ries, the author of the Lean Startup Methodology, is sure that the traditional approach to…
A lot of people are dreaming about starting their own business. Somebody lefts a job and starts working on himself, building his own business. Somebody starts side projects, parallelly working on a full-time job, building side hustle after work.
Startups’ success stories are everywhere nowadays. Airbnb, DoorDash, Slack, and Uber tell us that you need to solve real problems for your users. And everybody who doesn’t follow this rule goes to the 42% club (42% of startups die because of no market need). …
Questions. We answer hundreds of questions every day. Some of them are minor and have no special meaning, some require us to make decisions, and some make us think carefully. If you are running a startup, you should make decisions and answer questions much more than anybody else — to employees, clients, partners, investors, and it’s just at work.
If you lost in your daily routines, if operations take all your time, try to stop and ask yourself the right questions. You know, sometimes answering the right questions can help you clarify what are you doing and where are you…
Let’s talk today about MVP and the types of MVPs.
MVP (Minimum Viable Product) is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. There are also different conceptions, like MWP (Minimum Wowable Product) or MLP (Minimum Lovable Product), but let’s stick to a classical MVP meaning.
How many types of MVP do you know?
To be honest, there are a lot of variations. But we prefer these five main types:
How early-stage entrepreneurs can build a proof of concept to get customer feedback and attract investors. One of the most effective ways to check that your product will resonate with the intended audience is to create a proof of concept.
You have a bright idea about HUGE service that will be definitely AWESOME.
But you don’t have the time to go out and build the app / produce a hardware / shoot all the content, and HOPE people paid you for it. That’d take months and probably a good amount of money.
Instead of pausing here to invest weeks or…
The world of startups is specific. Constantly changing conditions, highly competitive markets, an eternal state of uncertainty — all this imposes many restrictions. For all this, you need to manage processes highly efficiently, to achieve your goals and objectives. And to make it possible some old tools can’t help, because they were invented when such conditions did not even exist.
As an example of such an evolution, you can look at software development. In the past, the Waterfall model was enough for successful development, but now, when the market conditions have changed a lot, the industry invented new efficient tools…
Before you start building a new product, make sure that it is not useless.
Imagine that you are a novice entrepreneur. Yesterday you had a brilliant idea — to make an application that offers a random movie for the evening. You wrote on the paper the advantages of the product, drew a mockup, and received support from friends: “Great idea! I would love to use such an app.” Your mother says to relatives that this is the best idea she has ever heard.
You subscribe to popular blogs that explain how to build products, hire a developer, a designer, and…
The Chicken and Egg problem it’s a problem of marketplace-type businesses. When you are launching a two-sided platform, you need supply and demand. And it makes a big problem for founders, putting a high barrier for entry. You need to find not just users, but two different types of users (what is x2 times harder). Users on one side of the business model find the platform useful only if the other side also exists. For example, people buy video game consoles only if there are games they can play. …
Before you start your validation strategy, you need to have at least simple but intelligible landing page with clear call-to-actions, email grabbing forms with saving to google spreadsheets. Don’t forget to setup Facebook Pixel for fb retargeting. And don’t forget to integrate analytics (we recommend Google Analytics + Mixpanel or Amplitude or Heap). And double check the load speed, it dramatically affects conversions.
This landing page gives you the opportunity to capture the name and email address of any readers who are interested in learning more about what you’re planning on building — based on a brief description written on…
When it comes to the Growth stage, the questions are getting harder. Almost all founders ask “How to identify the best channels for my business?”
SMM? Facebook ads? Hold on! There is no silver bullet.
80% of all digital agencies can prepare for you a perfect presentation, how SMM will solve all your problems: generating you leads, closing all deals, growing the loyalty to the brand, and curing cancer.
But let’s be honest, there are so much different markets, business models, target audiences, etc. And believing that only one tool can be a universal solution for everything is not right.
Reasonable MVPs for your business