Lean Cycle Evolution Flashcards
(33 cards)
The build-measure-learn cycle involves…
Building a project, then measuring interest, learning from their mistakes for use in the next iteration
The build-measure-learn cycle is flawed because…
It requires us to build a project before understanding how much effort/cost that would entail
The learn-measure-build cycle involves…
Learning about the project, measuring interest via some customer survey, then building it
The learn-measure-build cycle improves on the build-measure-learn cycle as…
You can observe findings about your idea before building it, saving monetary or time investments spent in implementation
In the learn phase, an enterprise…
Formulates a hypothesis about the market, using empirical data analysis to validate the hypothesis
In the measure phase, an enterprise…
Collects empirical data to test its hypothesis, for example via customer survey
In the build phase, an enterprise…
Builds a minimum viable product if the empirical data looks good
A minimum viable product (MVP) is…
The absolute minimum amount of effort you could put into a representation of your hypothesis
A concierge MVP involves…
A real human being working with the customer to simulate and refine how the final product will work, with the customer knowing they are human
A Wizard of Oz MVP involves…
A real human being simulating how the product will work, with the customer not knowing they are human
A landing page MVP involves…
A landing page allows users to sign up for the product, measuring interest without yet having a product
A video MVP involves…
A video that demonstrates how the product will work, prompting users to sign up for it when it releases
Landing page MVPs can also trick the user, for example by…
Allowing a user to purchase an item without it actually being ready for purchase
Dropbox was created when the founder forgot his USB stick at home, prompting him to hypothesise Dropbox, creating a video which simulated how it would work and posting it to YouTube, intriguing investors. This was an example of a [concierge/WoO/video/landing page] MVP!
Video
Airbnb was created when the two founders realised they had enough space in their apartment to fit a few extra mattresses, so they built website where they advertised accommodation, handling bookings by hand. This was an example of a [concierge/WoO/video/landing page] MVP!
Concierge
A startup is defined as…
An experiment where you have a hypothesis you want to test
The “biggest waste that product development faces today”, as stated by Eric Ries, is…
Building efficient tools that nobody actually wants
The “universal constant of all successful startups”, as stated by Eric Ries, is…
Pivoting
Validated learning, according to Eric Ries, is…
Learning how to build a sustainable business using quantitative data
The “primary heuristic for any kind of startup”, as stated by Eric Ries, should be…
How quickly we can go through each cycle and discover an answer to our hypothesis
Actionable metrics, according to Eric Ries, are…
Metrics about per-customer behaviours that can be measured in some way
Agile development is considered inaccurate for a startup, because…
Agile development necessitates a known customer, and therefore a feedback phase
Pivoting is a path a company may take wherein they…
Change the product based on the market’s needs
YouTube, before video streaming, was actually a dating site! However, users found that sharing videos was more fun, so the founders pivoted into a social video sharing website. This is called a [technology/zoom-out/zoom-in/customer segment/customer need] pivot.
Customer segment, as the original product solved a problem, just not the intended one
