Summary of Lean Startup Machine in Singapore #leansgp

Lean Startup Machine

Lean Startup Machine came back to Singapore at the end of March. Lean Startup Machine is an intensive educational workshop where entrepreneurs learn how to build what their customers want.

All businesses, be it startup or an enterprise, need to adopt a “lean approach”.

Everyone is talking about “lean”, “minimum viable product” or “pivot”. But what do those terms actually mean?

What is Lean?

Lean has to do with speed and experimentation. Lean entrepreneurs reach the state of “product market fit” faster because they are more rigorous and methodical in the process they use.

What is a Minimum Viable Product?

As defined by Eric Ries, a Minimum Viable Product (MVP) is: “The minimum amount of effort you have to do complete exactly one turn of the Build-Measure-Learn feedback loop”.

What is a Pivot?

A pivot is a restatement of a business model. It is a high-level change in strategy or execution that impacts the whole business model. There are different types of pivots.

Pivots

Now that we have defined the buzz words everyone talks about, here are some of the takeaways of the workshop:

  • Identify your target customers, what they spend hours on, who they are (demographics), locate their pain, ask open questions. Once your customers have started to discuss the pain, dive deeper.

  • When you interview people, don’t mention your solution. Don’t bias the data with your “vision”

  • To find customers for your interviews, use social networks, cold call, referrals etc. Also interview people in the street.

  • When you interview people, look for a pattern. Don’t stop until you find one. The more interviews the better, even if you find it uncomfortable.

  • Don’t try to validate a specific problem. Instead, try to find out about the process and the pains people face while doing a task.

  • Start questions by who, why, what, when, how. Don’t ask hypothetical questions (would you…). Ask about past or present behaviors.

  • When you create a landing page, solicit one call to action that tests your riskiest assumption. Your landing page should have a headline, large image, key benefits, social proof, call to action.

  • Don’t be lazy about the page design. Your copy is your credibility. Keep copy clear and simple, use bullet points.

  • The colors you use are very important. Use contrast. Very obvious images and text. Clear message.
  • The best way to experience Lean Startup Machine is to attend a workshop. You can find out the dates here