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Build, Measure, Learn sounds pretty simple. Repeat, learning whether to iterate, pivot or restart until you have something that customers love. Waterfall Development While it sounds simple, the Build Measure Learn approach to product development is a radical improvement over the traditional Waterfall model used throughout the 20th century to build and ship products.
Back then, an entrepreneur used a serial product development process that proceeded step-by-step with little if any customer feedback. Waterfall Development was all about execution of the requirements document. Only after shipping and attempting to sell the product would a startup hear any substantive feedback from customers.
And too often, after months or even years of development, entrepreneurs learned the hard way that customers were not buying their product because they did not need or want most of its features.
This methodology improved on waterfall by building software iteratively and involving the customer. With Agile you could end up satisfying every feature a customer asked for and still go out of business.
Then came the Build-Measure-learn focus of the Lean Startup. Build-Measure-Learn The goal of Build-Measure-Learn is not to build a final product to ship or even to build a prototype of a product, but to maximize learning through incremental and iterative engineering.
Learning could be about product features, customer needs, the right pricing and distribution channel, etc. Rather it is the simplest thing that you can show to customers to get the most learning at that point in time.
Early on in a startup, an MVP could simply be a PowerPoint slide, wireframe, clay model, sample data set, etc.
A major improvement over Waterfall development, Build Measure Learn lets startups be fast, agile and efficient. The three-circle diagram of Build Measure Learn is good approximation of the process.
The diagram does seem to imply build stuff and throw it out of the building. A more detailed version of the Build Measure Learn diagram helps to clarify the meaning by adding three more elements: And the new learning will influence our next ideas.
The focus on testing specific ideas counters the concern that build-measure-learn is just throwing things against the wall and see if they work. We can now do better.
In contrast, a hypothesis means we have an educated guess that requires experimentation and data to validate or invalidate. That the Lean Startup begins with acknowledging that your idea is simply a series of untested hypotheses is a big idea.
And all of these hypotheses and minimal viable products change over time as you learn more. A startup is a temporary organization designed to search for a repeatable and scalable business model. Testing Hypotheses And once these hypotheses fill the Business Model Canvas, how does an entrepreneur go about testing them?The business case is a lengthy "text" document that is used to "sell" a business idea to an investor ot a manager.
It may contain a lot of data . Filed under: Business Model versus Business Plan, Corporate/Gov't Innovation, Customer Development, Lean LaunchPad, Teaching | 23 Comments» Fear of Failure and Lack of Speed In a Large Corporation Posted on March 11, by steveblank.
A business model is quite different from a business plan. A business plan is a goal with a series of steps to achieving that particular goal. As an early stage company your goal might be to uncover or refine your business model.
The foundation, or business model, is the original idea for your business and a general description of how it functions. The structure, or business plan, elaborates on the details of your business. A Business Model Canvas is a more visual, dynamic, action focused and activity driven tool for business owners than the traditional business plan.
Difference between business plan and business model The business model is the mechanism through which the company generates its profit while the business plan is a document presenting the company's strategy and .