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RUNNING LEAN: IT ERATE FROM PLA A TO A PLA N THAT WORKS BY: ASH MAURYA Lauren Byrd J7100 Entrepreneurial Journalism March 25, 2015

Running Lean

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Page 1: Running Lean

RUNNING LE

AN:

ITER

ATE F

ROM PLA

N

A TO

A P

LAN T

HAT

WORKS

BY: ASH

MAU

RYA

Lauren ByrdJ7100Entrepreneurial JournalismMarch 25, 2015

Page 2: Running Lean

LIFE’S TOO SHORT TO BUILD

SOMETHING NOBODY WANTS.

- ASH MAURYA

Page 3: Running Lean

WHAT IS RUNNING LEAN?

• A process for iterating from Plan A to a plan that works, BEFORE running out of resources.

• Being lean = eliminating waste or being efficient with resources.

Page 4: Running Lean

INNOVATION

• Innovation is occurring all around us.

• Cost of building new products is at an all time LOW.

• However, most startups still FAIL.

(John Mullins and Randy Komisar, Getting to Plan B (Boston, MA: Harvard Business Review Press, 2009)

Page 5: Running Lean

RUNNING LEAN IS ABOUT…

Speed

Learning

Focus

Page 6: Running Lean

LISTEN TO CUSTOMERS

Listening to customers is key, but you have to know

how.

You can’t ask customers what they want, you have

to listen to them.

Page 7: Running Lean

LISTEN TO CUSTOMERS

If I had asked people what they wanted, they would have said faster horses. - Henry Ford

It is not your customer’s job to know what they want. - Steve Jobs

Page 8: Running Lean

THE #1 REASON WHY PRODUCTS FAIL

We waste time, money, and

effort building the wrong product.

(because we didn’t listen)

Page 9: Running Lean

KILLER IDEA OR SOLUTIONWhen entrepreneurs, come up with an idea, they fall in love with the solution.

Page 10: Running Lean

TOO UNIQUE?

We are often told to build something unique or

different, so we purposely define the solution in such a manner that when we look

around, we find no competition.

Page 11: Running Lean

WHAT ABOUT “FIRST TO MARKET”?

ToyotaFord

Apple Microsoft

GoogleFacebook

Page 12: Running Lean

THEY WERE NOT FIRST!

They were all “fast followers”.

Page 13: Running Lean

WHEN WE PITCH ONLY OUR SOLUTIONWe are given a...

NO

Page 14: Running Lean

WHAT INVESTORS LOOK FOR

Page 15: Running Lean

CUSTOMERS….

Don’t care about your

solution

Page 16: Running Lean

WHAT DO CUSTOMERS CARE ABOUT?

Page 17: Running Lean

TRUE JOB OF ENTREPRENEUR: DE-RISKING YOUR BUSINESS MODEL

Page 18: Running Lean

RUNNING LEAN META PRINCIPLES① Document your Plan A

② Identify the riskiest parts of your plan

③ Systematically test your plan

Page 19: Running Lean

LEAN CANVAS

Page 20: Running Lean

IDENTIFYING RISKIEST PARTS OF YOUR PLANFor most products, solution is not

what is riskiest

Page 21: Running Lean

SYSTEMATICALLY TEST YOUR PLANExperiments, Learning feedback

loop