The first step is to write down your initial vision, and share it with at least one other person.
Too many entrepreneurs keep their hypothesis in their head alone, rather than documenting, which makes it hard to systematically build and test a business.
Since plan A’s are likely to be proven wrong, it’s important to use a format that’s flexible, and quick to create, such as a Lean Canvas (based on Alex Osterwalder’s Business Model Canvas).
These notes are based on the second section of “Running Lean” - Document your plan A
Most entrepreneurs start with a strong initial vision, and a Plan A for realising that vision. Unfortunately, most Plan A’s don’t work.
Reasonably smart people can rationalize anything, but entrepreneurs are especially gifted at this.
It’s important to realise that your initial vision is built largely on untested assumptions.
Lean methodologies can help you systematically test and refine that initial vision.
Running Lean can be distilled down to three steps:
- Document your Plan A
- Identify the riskiest parts of your plan
- Systematically test your plan.
These notes are based on the first section of “Running Lean” - The Three Stages of a Startup
Forming user habits is an important aspect in ensuring the success of a new company.
- Why do some products capture widespread attention, while others flop?
- What makes us engage with certain products out of sheer habit?
- Is there a pattern underlying how technologies hook us?
This book refers to products in the context of businesses that require ongoing, unprompted user engagement, and therefore need to build user habits.
This book does not cover business models for delivering customer value, or methods for profitable customer acquisition.
These are my personal notes, which I hope others will find useful.