Concepts
Build-Measure-Learn Loop
Engine to build a startup
Define
Startup
- source: The Lean Startup (Private)
A startup is an organization that is building something in environments of extreme uncertainty. It is a catalyst that "transforms ideas into products"
Learn
Validated Learning
Discovery truth about current and future prospects
Experiment
Growth Hypothesis
- source: The Lean Startup (Private)
How do new customers discover the product or service
Value Hypothesis
- source: The Lean Startup (Private)
Does product deliver value to customer when they are using it
Leap
Learning Milestones
Alternative to business milestones when practicing Innovation Accounting (Private)
Leap of Faith Assumption
Riskiest part of startup plan. Consists of:
Innovation Accounting
Measuring progress through validated learnings
Pivot or Preserve
Keep doing the same thing or do something new
Analogue
Something peopel are doing and backs up the Leap of Faith Assumption (Private)
Antilogue
Something that goes against the Leap of Faith Assumption (Private)
Value Creating vs Value Destroying Growth
Growth needs to create actual value. Value destroying worth - signing on more customers but churning them in an unsustainable way
Genchi Gembutsu
Japanese saying, "go see for yourself"
Test
Minimal Viable Product
- alias: MVP
A product that helps founders start the process of learning
Video MVP
Show video of the product (eg. Dropbox)
Concierge MVP
Manually curated MVP
Measure
Cohort Based Metrics
Split Testing
Vanity Metrics
Metrics that feel good but don't actually indicate progress
Batch
Single Piece Flow
Doing things one item at a time
Batch Size
How much work moves from one stage to the next
Large Batch Death Spiral
Adapt
Proportional Investment
Invest proportional amount of effort into problem as severity of said problem
Unsorted
Engine of Growth
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