Start up Success Formula for building your own business.
Start up Success Formula for building your own business.
Hey there! I'm Clint Day. In order to establish an immediate and profitable business that produces immediate income possibilites, I've developed the SSF formula, Based on the ABS Platform for creating that initial state of the art All -In-One website for subsequent use of the SSF Formula
The Lean Startup Process
The Lean Startup Process
The internet has changed the world. Looking back, it’s hard to believe Steve Jobs introduced the smartphone as recently as 2006. Over 70% of websites are now viewed by cellphone. Silicon Valley, using the new medium of the internet, created a better way to start a new business. Because it was easy to test ideas online, they were able to design an evidence-based process “to build a better mousetrap”.
Since ideas were simplified, it was named after Toyota’s just-in-time lean production system. In 2013 Steve Blank, founder of several tech startups and father of lean startup, wrote his book about customer development, Four Steps to the Epiphany. It described the use of the end-user or future market as a design partner. Through detailed questioning this target market guides the progress. A tool known as the business model canvas (BMC), a 9-component single page diagram shown below was chosen to design activities common to successful businesses.
The Business Model Canvas (BMC) Key canvas components, the value proposition and the customer segment, makeup what is called the product-market fit, the essence of a startup. The process can start with either the value proposition or the customer segment, depending on whether it is a new idea or a problem needing solution. The entrepreneur then fills-in component details clockwise so the backend of a business comes last.
The Lean Process was developed by Silicon Valley to take advantage of the new internet medium, and quickly replaced the old fashioned business plan. Instead of basing plans on SWAGs or wild guesses, new ventures are designed on facts gleaned from end-users, those folks who will pay money for a new product or service.
Usage: Fill each of its nine components out clockwise focusing most one the relationship between the value proposition and the customer segment known as the product-market fit.
Understanding Lean Startup book below is complemented by the Lean Entrepreneurship Guide, the only publication containing all 14 methods of evidenced-based planning.
BMC, The Primary Lean Start Up Tool
BMC, The Primary Lean Start Up Tool
Lean startup was an outgrowth of Steve Blank’s customer development process explained in his book Four Steps to the Epiphany published in 2013. In order to organize a new venture Steve chose Alexander Osterwalder’s one-page diagram, the Business Model Canvas or BMC. Its nine component blocks when fully completed comprise all the elements required to build a successful business. The degree of accuracy and its detail is determined by the questioning of the target market or end-user, the persons who will actually pay money for the product or service. Their input becomes essential to creating a value proposition since it they who have a problem to be solved or a need to be filled. We try to make the target end-user our partner in the design, and the better an understanding of their circumstances or persona the more successful is the startup’s value.
Key canvas components, the value proposition and the customer segment, makeup what is called the product-market fit, the essence of a startup. The process can start with either the value proposition or the customer segment, depending on whether it is a new idea or a problem needing solution. The entrepreneur then fills-in component details clockwise so the backend of a business comes last.
The most important skill becomes choosing the right target market who has the problem or fits the need, and then using proper questioning to extract details of so-called “pains and gains”. What are the things the customer is trying to get done in their work? What are the benefits and problems experienced trying to get the job done? It takes role playing and practice to learn how to use the customer development process correctly.
A good entrepreneur knows his goal is to give the customer what he wants. Pains and gains are ways of looking at customer needs based on how a product or service can solve an existing customer problem (pain) and how a customer's life stands to benefit from a product or service (gain). The purpose of the value proposition statement is to summarize exactly how your product benefits your customer. In other words, it's a short explanation of what pain and/or gain the product addresses and how that provides value to the customer.
