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LeanStartup  
Updated Jun 25, 2015 by luis.d.c...@gmail.com

value hypothesis - More than half of Facebook users come back everyday making if valuable growth hypothesis - by the end of the first month 3/4 of Harvard students are using Facebook which validates growth GENCHI GEMBUTSU - “go and see for yourself” ex.) calling people in phone book or being in the streets to ask for customer validation leap of faith assumptions when not tested will cause wasted effort so always release Minimum viable product to be tested innovation accounting - establish the baseline (current vs ideal), tune the engine (hypothesis), and make a decision to pivot or persevere. kanban - backlog, in progress, built, split testing (A/B) or customer interview (set a limit of task for each column) begin to measure productivity according to validated learning, not in terms of the production of new features. metrics: actionable (clear cause and effect), accessible (understood by managers and employees), and auditable (data is credible) “Metrics are people, too.” Build-Measure-Learn feedback loop Only 5 percent of entrepreneurship is the big idea, the business model, the whiteboard strategizing, and the splitting up of the spoils. The other 95 percent is the gritty work that is measured by innovation accounting: product prioritization decisions, deciding which customers to target or listen to, and having the courage to subject a grand vision to constant testing and feedback. pitfall : vanity metrics ex.) total website hits, unclear hypothesis, afraid of failure because it will harm the morale of the entire company the telltale signs of the need to pivot: the decreasing effectiveness of product experiments and the general feeling that product development should be more productive. This is also common with pivots; it is not necessary to throw out everything that came before and start over. Instead, it’s about repurposing what has been built and what has been learned to find a more positive direction. A pivot is better understood as a new strategic hypothesis that will require a new minimum viable product to test. engines of growth : sticky (high retention ex.) database where switching cost is high), viral (Facebook coefficient > 1 ex.) one person will influence more than one friend), paid (lifetime value - cost of acquisition through sales) 5 whys (most problem can have a root cause in insufficient training) - have a 5 why master or facilitator chronic problems are caused by bad process not bad people “If our production process is so fragile that you can break it on your very first day of work, shame on us for making it so easy to do so.” make sure all people knowledgeable about the problem be there in the 5 why meeting and make sure to focus on one segment of the problem not all at the same time ground rules for experiment - short within a few weeks, one team from start to end, limited number of customers, have a single standard report of 5 to 10 actionable metrics; the team should monitor the progress and abort if there is a catastrophy It does not matter how fast we can build. It does not matter how fast we can measure. What matters is how fast we can get through the entire loop.

My interpretation : its not about hiring briliant people on a team; its developing a faster learning and experimentation cycle that will outdo brilliance

fascinating..... entreprenuerial research labs long term stock exchange

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