In this 45 second PAREable, learn how to develop a sustainable business model through rapid prototyping and feedback.
- Focus the whole team at finding a sustainable business model. The faster the model is found, the likelier the start-up is to succeed.
- Do learn through a scientific approach, constant validate your learnings.
- Validate your hypotheses by speaking with real customers.
- Move from believing to knowing by testing the value and growth hypotheses of your product.
- Test the demand of your product by building a minimal viable product.
- Build-measure-learn cycle as fast as possible will get you to your sustainable business model as soon as possible.
- Split-test all your features to distinguish what would be valuable to your customers and what would be a waste of time.
- Pick an engine of growth(sticky, viral, or paid) and focus.
- Must examine the right metric, not superficial metrics that doesn’t help you towards your goal.
- Start-ups cannot be managed by traditional strategies due to its lack of a past.
- Don’t be afraid of pivoting your fundemental core assumptions.
- The main goal for a start-up is to find and build a sustainable business model.
- Value hypothesis assumes a product will be accepted by early adopters.
- Growth hypothesis assumes a product will appeal to a larger group of people later.
Live and apply these ideas with the FREE Mindmory app!
Don’t just take my words, check out Eric Ries’ The Lean Startup.
Until the next PAREable..