6 mistakes lean startup entrepreneurs make when validating ideas

Download 6 mistakes lean startup entrepreneurs make when validating ideas

Post on 26-Aug-2014

2.511 views

Embed Size (px)

DESCRIPTION

Last month I mentored the second Lean Startup event is Israel. After 3 intense days of working with 10-12 groups, I saw patterns of what caused their experiments to fail. These are 6 recurring mistakes I saw in those 3 days and how to fix them. To learn more about growth hacks and lean startup visit: http://roy.roypovarchik.com

TRANSCRIPT

  • Last month, I mentored the second Lean Startup Machine event in Israel (and even wrote a post about it).
  • Lean Startup Machine (LSM) is a three-day workshop on building a successful business. Participants come into the workshops with ideas for products and in 3 days they validate or pivot from their original ideas, based on the tests andexperiments they run. You can read more about it here If youre not familiar with the Lean Startup Machine
  • Mentoring 10-12 teams trying to validate their ideas for 3 intense days can give you some powerful insights into the process they go through and the mistakes they make.
  • Probably mistakes we all make when validating our ideas. In a startup or in real life.
  • Assumptions are stories we tell ourselves. We believe certain people will act in a certain way in a certain situation. The problem is that we sometimes persuade ourselves into believing in our assumption so much, that even when it doesnt validate we make excuses instead of learning from it. 1. Falling in love with your assumptions:
  • 2. Interview with intention, not an opinion Interviews are an important part of validating your ideas. If done right. Make sure you are asking the right question to learn what you want to learn and not asking questions to hear what you want to hear. Ask questions about their needs and past experiences regarding that need, not your product and how much they will love it.
  • 3. Dont judge, iterate Being wrong more than once a day isnt fun. Failure , despite its signicance, it isnt fun. Progressing and evolving feels great. Always remind yourself that validating ideas is a process and your are not failing but evolving. Embrace a positive approach about your learning process. Dont judge your ideas, test them and iterate them.
  • 4. Dont settle. Interview your real target a audience A great product serves a specic target audience. Anyone else you talk to about it for feedback is far from validating your idea, it just creates more noise that will lead to bad decisions . If you interview the wrong people about your idea, you wont be validating anything and will simply be miss-informed.
  • 5. Always be honest with your team If you dont think the assumption or idea your team is testing is good, if you dont believe in the method youre testing, say it. Dont be grumpy or passive aggressive throughout the process it wont get you anywhere. If youre not really into the idea you might be trying as hard to de-validate an idea as much as your team mates are trying to validate it. Even if you sometimes dont even know thats what youre doing.
  • Henry Ford once said: If I had asked people what they wanted, they would have said faster horses. The one thing you can take from Fords quote in terms of validation, is that in both cases people wanted to get places faster. He validated the why, not the how. You should too. 6. At rst, validate an assumption, not a product
  • To summarize:
  • Dont fall in-love with your assumptions Interview to test ideas not opinions Iterate on your ideas Interview only your real target audience Validate an assumption, not a product
  • Want to get growth hacks straight to your inbox? Visit http://roy.roypovarchik.com Think your followers will enjoy this slide deck? Tweet it
  • +972 528387405 roy@roypovarchik.com roypovarchik.com

Recommended

View more >