Status Updates From 精實創業: 用小實驗玩出大事業

I've learn some materials about scrum and agile, hope this one would gain new perspective for me.

I've learn some materials about scrum and agile, hope this one would gain new perspective for me.

to pivot or persevere?

Am really enjoying this read!

The book is filled with some interesting use cases that will lay a good foundation for any one who wants to start building a startup.

Learning a lot of things that can help me with freelancing - however, not as accessible as he seems to think. He says 'use all of these start-up tricks in your small business!', but a minimum viable product isn't really a reality when it comes to being a freelance writer - or maybe I'm not being creative enough.

Either way, I'm pausing this audiobook for now until I'm done writing my board exams.

A fucking eye opener. Should have read this before I started my own journey 😮

vision - strategy (pivot) - product (optimization)! = CHANGE

Part 2 ended with the repercussions of failing to pivot and the different type of pivots. Businesses will often break principles once they begin to taste success. This leads to value-destruction.

It's important to think of a pivot structured change designed to test a new fundamental hypothesis about a product, business model, and engine of growth. Pivots are the key to resilience and business strategy.

This chapters covers when to pivot or persevere. A pivot is a drastic change in your business fundamentals/strategy to avoid stagnant or value-destroying growth. Failure is a prerequisite for a pivot. To pivot, you first must analyze your data objectively for actionable metrics. If your growth and value hypotheses doesn't produce results intended, it's time for a pivot. (Presents case studies of successful pivots)

Discussed the Kanban Diagram and Agile Methodology, which are strategy prioritization tools for new ideas, and productivity with a focus on actionable metrics vs. vanity metrics. The Measure chapter also covers the three A's of analyzing data: actionable, accessible, and audible. Data is crucial to how you drive decisions. If not read correctly the team will suffer from unproductivity. Decisions turn into guesses.

Startups often times get stuck in the vanity metrics to determine if they're making progress. A good strategy is to make cohort analysis, which is testing groups of people and taking note of KPIs that actually will move the needle for the business. Launch your MVP, fine tune the engine, then decide to pivot or persevere base on the data collected and metrics clearly aligned. This is the idea of Innovation Accounting.

The book goes deeper into the minimum viable product. The MVP serves the purpose to achieve validated learning.

Two types: Video, Concierge

Video - in a market where features don't run seamlessly, a how to guide can offer amazing feedback

Concierge - don't serve the masses. Serve one without building anything. Only focus on the concept, no software needed. Then build after you know what the customer wants.

38 pages read in 1 h 41 min, via @leioapp (http://leio.co).

Part 2 of the book focuses on the Build, Measure, Learn feedback loop. As a startup, you're going to have leap-of-faith assumptions. Determine whether these assumptions are value creating or destroying, then immediately start to experiment to get data.

Value can come in many forms. The early stages of FB were not profitable, but the speedy growth and retention of it's users made it worth $500,000 in VC funding.

The Lean Startup Principle is not about a series of tactics that blindly lead to success. It is applying the Scientific Method to entrepreneurship.

Start with questions: growth and value hypothesis, then test them establishing KPIs. Shoot for progress, not vanity metrics, and figure out how you will collect data. Data will bring you synthesis between your vision for product and customer needs. Build Measure Learn.

Strive for disruptive innovation, features that evolve at the speed your company experiments with products.

Realize which efforts will bring value and which ones are wasted. You'll never know what a customer will like/dislike. Don't build features that people won't notice. Typically your assumptions about what others will like are wrong, which can destroy plans. Learn from your customers, then innovate.

Entrepreneurship is management. Most efforts for start-ups is to launch like a rocket, which in any small error will result in a catastrophic crash. Rather, a start-up should be like driving a car, tuning the engine and adjusting the steering whenever a wrong turn is made. Learn from your customers and decide whether to take a detour (pivot) or stay the course (persevere). Build, Measure, and Learn.

I got this book in my swag pack from my next company, and so far I'm really digging this new way of looking at innovation and experimentation.

14 pages read in 42 min, via @leioapp (http://leio.co).

Rereading after 8-9 years. Still relevant, still comprehensive. Great text for my team.

Good for startup’s

Igazolt tapasztalat mérése az egyéni hatékonyság helyett.

The book is good so far

Great !

not that much wow so far !

Se me hace difícil entender si el capítulo 12 "Innovar" habla sobre startups en empresas ya establecidas pero hasta ahora dice que la innovación disruptiva se nutre de tres requisitos estructurales en los equipos (1) Recursos escasos pero seguros, (2) Autoridad independiente en el desarrollo, y (3) Una participación personal en el resultado. También habla sobre el pensamiento de cartera y "construir un sandbox".

Lo que resta del cap sobre los five whys, habla sobre cómo esta técnica puede revelar verdades desagradables. La sección de los 5 whys in action ilustra las inversiones que prosiguen a las respuestas de cada why. Luego, la sección de small batches ilustra un proceso de tres años que todavía no entiendo, pero sí está el highlight sobre que se consiguió feedback.

El capítulo 11 "adaptar" menciona el sistema de los cinco porqués que sirve para (1) hacer inversiones incrementales y (2) lograr que evolucionen los procesos de una startup de forma gradual. La idea central de esta técnica es relacionar directamente las inversiones con la prevención de los síntomas más problemáticos./ Los five whys vinculan la tasa de progreso al aprendizaje, no solo a la ejecución.

El cap 10 "Crecer" ofrece en overview de los tres growth engines y las métricas que los rigen, namely: [Sticky: Taza de capitalizacion (acquisition vs attrition), [Viral: Viral loop, viral coefficient] [Paid: CPA, LTV]. Menciona que el contacto directo con los consumidores revelará el motor que funcionará, y al final del capítulo demuestra con ejemplo las diferencias entre los tres motores.

Hasta ahora he visto que la death spiral de los grandes lotes proviene de que no hay limites de tamaño y eso puede llevar a un crecimiento infinito de estos. También, la pull technique, donde cada paso en la linea de producción tira las partes que necesita de la parte anterior (remember the holes left by this!)//WIP//feedback loop inverso//CAPITULO 10: CRECIMIENTO !!SOS TE NI BLE!!.