Small numbers pour cold water on that hope. As long as nothing has been released and no data have been collected, it is still possible to imagine overnight success in the future. Everyone knows (or thinks he or she knows) stories of products that achieved breakthrough success overnight. Zero in vites imagination, but small numbers invite questions about whether large numbers will ever materialize. The irony is that it is often easier to raise money or acquire other resources when you have zero revenue, zero customers, and zero traction than when you have a small amount.
I realized that as a startup, we needed a new definition of value.
But in a startup, who the customer is and what the customer might find valuable are unknown, part of the very uncertainty that is an essential part of the definition of a startup. In a manufacturing business, customers don't care how the product is assembled, only that it works correctly. Lean thinking defines value as providing benefit to the customer any thing else is waste. It is the principal antidote to the lethal problem of achieving failure: successfully executing a plan that leads nowhere. It is more concrete, more accurate, and faster than market forecasting or classical business planning. Validated learning is the process of demonstrating empirically that a team has discovered valuable truths about a startup's present and future business prospects.
It is a rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty in which startups grow. Validated learning is not after-the-fact rationalization or a good story designed to hide failure. 🎧 Listen for free on Scribd (plus 1+ million other books) Startup DefinitionĪ startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. A must read for any entrepreneur, tech or not. It teaches you not only how to start a tech company, but most importantly it teaches you how to think. The book that changed the entrepreneurial world.
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