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Lean start up bootcamp 1   introduction
Lean start up bootcamp 1   introduction
Why do they fail?
Because they build something that no one wants
The goals of the Bootcamp
• At the end of the six months to
have worked through the
principles of the book
• To apply many of them to real
world situations that apply to
our own businesses
• To embed some functions into
your activity that give you a
cutting edge
This book is for:
• Those looking to start a business
• Existing businesses that are seeking
alternative revenue streams through
innovation
• Existing businesses struggling with
growing pains
• Anyone who wants to learn about how
to develop their business
Introduction
My own experience of failure
Non-Validated Learning
Not enough
• Did not set out to fail so did
not set out to learn
• Learning was an excuse for poor
execution
• It took far too long to learn
• Not enough assured success
My search for an answer
My beliefs are:
• Entrepreneurship is not a gift
of genetics it can be learned
therefore it can be taught
• Hard work and dedication do not
automatically create success
• Business is hard and failure is
not unlikely so we should LEARN
effectively and fail fast
Clearly there has to be a
better way
Lean
A brief history
• 1911 - Taylor created the science of
management
• 1913 – Henry Ford bought in the
production line
• 1930 – Toyota Production System (TPS)
created
• 1940 – Ford oversaw ‘A Bomber a Day’
mantra at Willow Run factory
• Post War – Toyota created Just In
Time production process
Lean and Six Sigma were created as
signs of manufacturing excellence
And now?
• 1980’s to date - Service sector
dominance has created the need
for lean manufacturing to be
applied to the service sector
• 2011 – Eric Reis wrote is #1
Best seller – the Lean Startup
Startup definition
“A human institution designed to
create new products and services
under conditions of extreme
uncertainty.”
Thoughts on Traditional
Business Planning
• I wrote extensive business
plans for my business- I still
failed
• People are fearful of the
planning process- see it as a
work of fiction
• A plan is a research exercise
written in isolation before a
product is built
Lean start up bootcamp 1   introduction
Lean Startup Method
“Teaches you how to drive
a startup; how to steer,
when to persevere and grow
a business with maximum
acceleration”
Lean Startup Principles
Entrepreneurs
are everywhere
Entrepreneurship
is Management
Build-Measure-
Learn
Validated Learning
Innovation Accounting
The Book is split up into
3 parts
As in a ‘Grand statement of what must happen’
to a ‘vague sense of what will happen’
Part 1 - VISION
Vision consists of:
Entrepreneurial Management
A NEW PARADIGM
Entrepreneurial management
• Streamline processes
• Create rigour
• Avoid the ‘just do-it’ model
of activity
• Bring in the word ‘pivot’
• Tap into ‘the engine of
growth’
Build what people want
Product –
constantly
optimising
Strategy – a
product
roadmap
Vision – Your True
North
Why
How
What
Every setback is an
opportunity
Product
Strategy
Vision
Optimisation
Pivot
Learn
Measure
Build
A startup is a portfolio
activities
• Engine running
• Customer acquisition
• Looking after existing customers
• Product / service improvement
• Marketing
• Financial control
New Product Development
In traditional management failure to deliver is a failure of
planning and execution – it is penalised
New Product Development
Learn
Lean Startup – Validated
Learning
“The process of
demonstrating
empirically that a team
has discovered valuable
truths about a
startups’ present and
future business
prospects”
The value of validated
learning
Concrete results
Accuracy
Speed of results
“learning is the essential
unit of progress for
startups” ER
In Lean Startup
Every activity is an experiment
Questions
• Should this product be built?
• Can we build a sustainable
business around this service?
• What have we learned from this
activity?
Experiment
• Create a clear hypothesis to test
• What predictions can be made and then
substantiated?
• Let the startup experiment be governed by
the vision
Two hypotheses
Value hypothesis - “To test if a
product or service really
delivers value to customers once
they are using it”- ER
Growth hypothesis – “To test how
new customers will discover the
product or service” - ER
An experiment is a product
1.Find early adopters
2.Gain customers to be
advocates ahead of wider
distribution
3.Create a specification
rooted in feedback
What we seek to discover
1.Do consumers recognise that
they have the problem that you
are trying to solve?
2.Would they pay for the
solution?
3.Would they buy this from you?
4.Can we build a solution for
that problem?
To come
09 Aug 2016 – The Minimum Viable
Product
13 Sep 2016 – The Feedback Loop
11 Oct 2016 – Pivot or persist
08 Nov 2016 – Root cause
analysis – The 5-Whys
13 Dec 2016 – The accelerate
through innovation
Any Questions?
Back on the 9th of August

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Lean start up bootcamp 1 introduction

  • 3. Why do they fail? Because they build something that no one wants
  • 4. The goals of the Bootcamp • At the end of the six months to have worked through the principles of the book • To apply many of them to real world situations that apply to our own businesses • To embed some functions into your activity that give you a cutting edge
  • 5. This book is for: • Those looking to start a business • Existing businesses that are seeking alternative revenue streams through innovation • Existing businesses struggling with growing pains • Anyone who wants to learn about how to develop their business
  • 8. Not enough • Did not set out to fail so did not set out to learn • Learning was an excuse for poor execution • It took far too long to learn • Not enough assured success
  • 9. My search for an answer My beliefs are: • Entrepreneurship is not a gift of genetics it can be learned therefore it can be taught • Hard work and dedication do not automatically create success • Business is hard and failure is not unlikely so we should LEARN effectively and fail fast
  • 10. Clearly there has to be a better way
  • 11. Lean A brief history • 1911 - Taylor created the science of management • 1913 – Henry Ford bought in the production line • 1930 – Toyota Production System (TPS) created • 1940 – Ford oversaw ‘A Bomber a Day’ mantra at Willow Run factory • Post War – Toyota created Just In Time production process Lean and Six Sigma were created as signs of manufacturing excellence
  • 12. And now? • 1980’s to date - Service sector dominance has created the need for lean manufacturing to be applied to the service sector • 2011 – Eric Reis wrote is #1 Best seller – the Lean Startup
  • 13. Startup definition “A human institution designed to create new products and services under conditions of extreme uncertainty.”
  • 14. Thoughts on Traditional Business Planning • I wrote extensive business plans for my business- I still failed • People are fearful of the planning process- see it as a work of fiction • A plan is a research exercise written in isolation before a product is built
  • 16. Lean Startup Method “Teaches you how to drive a startup; how to steer, when to persevere and grow a business with maximum acceleration”
  • 17. Lean Startup Principles Entrepreneurs are everywhere Entrepreneurship is Management Build-Measure- Learn Validated Learning Innovation Accounting
  • 18. The Book is split up into 3 parts As in a ‘Grand statement of what must happen’ to a ‘vague sense of what will happen’ Part 1 - VISION
  • 19. Vision consists of: Entrepreneurial Management A NEW PARADIGM
  • 20. Entrepreneurial management • Streamline processes • Create rigour • Avoid the ‘just do-it’ model of activity • Bring in the word ‘pivot’ • Tap into ‘the engine of growth’
  • 21. Build what people want Product – constantly optimising Strategy – a product roadmap Vision – Your True North Why How What
  • 22. Every setback is an opportunity Product Strategy Vision Optimisation Pivot Learn Measure Build
  • 23. A startup is a portfolio activities • Engine running • Customer acquisition • Looking after existing customers • Product / service improvement • Marketing • Financial control
  • 24. New Product Development In traditional management failure to deliver is a failure of planning and execution – it is penalised
  • 26. Learn
  • 27. Lean Startup – Validated Learning “The process of demonstrating empirically that a team has discovered valuable truths about a startups’ present and future business prospects”
  • 28. The value of validated learning Concrete results Accuracy Speed of results “learning is the essential unit of progress for startups” ER
  • 29. In Lean Startup Every activity is an experiment Questions • Should this product be built? • Can we build a sustainable business around this service? • What have we learned from this activity?
  • 30. Experiment • Create a clear hypothesis to test • What predictions can be made and then substantiated? • Let the startup experiment be governed by the vision
  • 31. Two hypotheses Value hypothesis - “To test if a product or service really delivers value to customers once they are using it”- ER Growth hypothesis – “To test how new customers will discover the product or service” - ER
  • 32. An experiment is a product 1.Find early adopters 2.Gain customers to be advocates ahead of wider distribution 3.Create a specification rooted in feedback
  • 33. What we seek to discover 1.Do consumers recognise that they have the problem that you are trying to solve? 2.Would they pay for the solution? 3.Would they buy this from you? 4.Can we build a solution for that problem?
  • 34. To come 09 Aug 2016 – The Minimum Viable Product 13 Sep 2016 – The Feedback Loop 11 Oct 2016 – Pivot or persist 08 Nov 2016 – Root cause analysis – The 5-Whys 13 Dec 2016 – The accelerate through innovation
  • 35. Any Questions? Back on the 9th of August