Storyboard of the lean startup
The reality is most startups
Fail
Which leading companies use the canvas to manage strategy or create new growth engine
GE, P&G, Nestle
A tool that helps you map, discuss, design, and invent new business models
what is a business model canvas
The lean start up is an approach by
Erick Reese
Diana Kander compares traditional business training to this martial art, highlighting the difference between controlled training and real-world application
What is taekwondo
Startups success can be engineered by following
The right process
How many channels does Nespresso have
Four;4
Show which assets are indispensable in your business model
What are key resources
The company takes the MVP feedback and decides whether to
Build, Tweak, or Pivot
In the marshmallow challenge this group outperformed MBA students by focusing on rapid prototyping rather than extensive planning
Who are kinder garden students
A startup exists to learn how to
Build a sustainable business
Once you have machine in household you can only use Nespresso pods
Switching Cost
An organization’s business model can be described with
9 basic building blocks
Test hypothesis about product, strategy, or engine of growth
What is pivot
Kander suggests that innovators should adopt this investigative role, focusing on real-world feedback rather than attempting to predict the future
What is detective
Running frequent experiments allow
Entrepreneurs to test each element of their vision
Earning money from repetitive pod sales
What is recurring revenue
Can help you leverage your business model
key partnerships
What is the lean startup approach goal
Shortens product development cycles & Builds products that meet customer needs
Kander uses this famous boxer's quote to emphasize that plans often fail when confronted with unforeseen challenges
Mike Tyson
The build-measure-learn feedback loop concludes whether to
Pivot or persevere
Nespresso gets people around the world to pay more money
for the same amount of coffee
Name all 9 basic building blocks
customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, & cost structure
What does the lean start up approach eliminate
In her own entrepreneurial experience, Kander's team spent this amount of funding on a project that ultimately failed due to a flawed plan
What is $500,000