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The Startup Game: Inside the Partnership between Venture Capitalists and The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to. READ|Download [PDF] The Startup Game: Inside the Partnership between Venture Capitalists and Entrepreneurs Download by - William H. Review The Startup Game: Inside The Partnership Between Venture. Capitalists And Entrepreneurs By William H. Draper Iii [KINDLE PDF.
The Fallacy of the Perfect Business Plan According to conventional wisdom, the first thing every founder must do is create a business plan—a static document that describes the size of an opportunity, the problem to be solved, and the solution that the new venture will provide. Typically it includes a five-year forecast for income, profits, and cash flow. A business plan is essentially a research exercise written in isolation at a desk before an entrepreneur has even begun to build a product. Once an entrepreneur with a convincing business plan obtains money from investors, he or she begins developing the product in a similarly insular fashion. Developers invest thousands of man-hours to get it ready for launch, with little if any customer input. Only after building and launching the product does the venture get substantial feedback from customers—when the sales force attempts to sell it.
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No notes for slide. Draper III 1. Draper III 2. Book details Author: Draper III Pages: Palgrave Macmillan Language: English ISBN Description this book Entrepreneurs drive the future, and the last several decades have been a thrilling ride of astounding, far-reaching innovation.
Start-ups are not smaller versions of large companies. They do not unfold in accordance with master plans. The ones that ultimately succeed go quickly from failure to failure, all the while adapting, iterating on, and improving their initial ideas as they continually learn from customers. One of the critical differences is that while existing companies execute a business model, start-ups look for one.
This distinction is at the heart of the lean start-up approach. It shapes the lean definition of a start-up: a temporary organization designed to search for a repeatable and scalable business model.
The lean method has three key principles: First, rather than engaging in months of planning and research, entrepreneurs accept that all they have on day one is a series of untested hypotheses—basically, good guesses.
So instead of writing an intricate business plan, founders summarize their hypotheses in a framework called a business model canvas. Essentially, this is a diagram of how a company creates value for itself and its customers. They go out and ask potential users, downloadrs, and partners for feedback on all elements of the business model, including product features, pricing, distribution channels, and affordable customer acquisition strategies.
The emphasis is on nimbleness and speed: New ventures rapidly assemble minimum viable products and immediately elicit customer feedback. Once a model is proven, the start-up starts executing, building a formal organization.
Each stage of customer development is iterative: A start-up will probably fail several times before finding the right approach. The product is refined enough to sell. Using its proven hypotheses, the start-up builds demand by rapidly ramping up marketing and sales spending, and scales up the business. Business transitions from start-up mode, with a customer development team searching for answers, to functional departments executing its model.
Third, lean start-ups practice something called agile development, which originated in the software industry. Agile development works hand-in-hand with customer development. They had a vision of building robotic lawn mowers for commercial spaces. But then they began to talk to farmers and found a huge demand for an automated way to kill weeds without chemicals. Filling it became their new product focus, and within 10 weeks Blue River had built and tested a prototype.
The team expected to have a commercial product ready just nine months after that. Quick, Responsive Development In contrast to traditional product development, in which each stage occurs in linear order and lasts for months, agile development builds products in short, repeated cycles.
The lean start-up methodology makes those concepts obsolete because it holds that in most industries customer feedback matters more than secrecy and that constant feedback yields better results than cadenced unveilings.
Those two fundamental precepts crystallized for me during my career as an entrepreneur. When I shifted into teaching, a decade ago, I came up with the formula for customer development described earlier.
In , I invested in a start-up founded by Eric Ries and Will Harvey and, as a condition of my investment, insisted that they take my course. In , I wrote The Four Steps to the Epiphany, articulating for the first time that start-ups were not smaller versions of large companies and laying out the customer development process in detail.
In , Alexander Osterwalder and Yves Pigneur gave entrepreneurs the standard framework for business model canvases in Business Model Generation. In Eric published an overview in The Lean Startup. The lean start-up method is now being taught at more than 25 universities and through a popular online course at Udacity.
At such gatherings a roomful of start-up teams can cycle through half a dozen potential product ideas in a matter of hours. Creating an Entrepreneurial, Innovation-Based Economy While some adherents claim that the lean process can make individual start-ups more successful, I believe that claim is too grandiose. Success is predicated on too many factors for one methodology to guarantee that any single start-up will be a winner.
A lower start-up failure rate could have profound economic consequences.
Today the forces of disruption, globalization, and regulation are buffeting the economies of every country. Established industries are rapidly shedding jobs, many of which will never return. Employment growth in the 21st century will have to come from new ventures, so we all have a vested interest in fostering an environment that helps them succeed, grow, and hire more workers.