When we have a great new idea, we want to move fast with it. But we also want impact, and to get that, we need to make sure that we don’t accelerate before we’ve gotten the idea nailed first.
If we wait for something to be perfect before we launch it, we’ll never launch.
The best way to think of a Minimum Viable Product is as an object for learning. Here’s an example of a great one, along with resources to help you build your own.
Every time we build a business model for a new idea, it is based on many different assumptions. To increase our chances of success, we need to test these assumptions systematically.
If you’re doing a lean startup, you need to do two things. Identify the potential users in your market that are currently experiencing the most pain, and start with them. Once you’ve identified this first niche, then you can plan your expansion route.
Most new ventures fail because they don’t have enough customers. Unfortunately, entrepreneurs often fail to address this problem, and focus more on getting the product right first. This is a mistake. Lean Startup tools can help you avoid this mistake.
Part 1 in a series reflecting on what we’ve learned after doing a bunch of lean startup work over the past year. First issue – how to use customer development interviews to build a business model.
The hype around innovation right now seems overwhelming. Does this mean that we’ve hit Peak Innovation? No – we’ve hit Peak Innovation Hype. To avoid the hype, we need to understand what is already known about the substance of innovation.
When we make something new, we often don’t give as much thought to building a business model to go with the great new thing. This is a mistake.
Big new ideas and big target markets are important to innovation. However, if we want to win big, we have to start out incredibly small. New ideas grow by dominating a small niche, and then spiralling out.
If we want to change the world, it’s not enough to have great ideas. We also have to have the managerial skills needed to execute our ideas. The baby incubator from Design that Matters is a great case study showing the obstacles we face.
When you’re attacking a large competitor, you can’t go at them head-on if you’re just starting out. The best way to win is to innovate your business model.