Running Lean: Iterate from Plan A to a Plan That Works, 3rd Edition
- Length: 240 pages
- Edition: 3
- Language: English
- Publisher: O'Reilly Media
- Publication Date: 2022-04-12
- ISBN-10: 1098108779
- ISBN-13: 9781098108779
- Sales Rank: #131216 (See Top 100 Books)
We’re building more products today than ever before, but most of them fail–not because we can’t complete what we want to build but because we waste time, money, and effort building the wrong product. What we need is a systematic process for quickly vetting product ideas and raising our odds of success. That’s the promise of Running Lean.
In this inspiring book, Ash Maurya takes you through an exacting strategy for achieving product/market fit for your fledgling venture. You’ll learn ideas and concepts from several innovative methodologies, including the Lean Startup, business model design, design thinking, and Jobs-to-be-Done. This new edition introduces the continuous innovation framework and follows one entrepreneur’s journey from initial vision to a business model that works.
- Deconstruct your idea using a one-page Lean Canvas
- Stress-test your idea for desirability, viability, and feasibility
- Define key milestones charted on a traction roadmap
- Maximize your team’s efforts for speed, learning, and focus
- Prioritize the right actions at the right time
- Learn how to conduct effective customer interviews
- Engage your customers throughout the development cycle
- Continually test your product with smaller, faster iterations
- Find a repeatable and scalable business model
Foreword Preface O’Reilly Online Learning How to Contact Us Acknowledgments Introduction A Tale of Two Entrepreneurs One Year Ago… Off to the Races Six Months Later Catch-22 A Traction-First Approach Is the New Way Forward What Determines Success Isn’t Differing Skill Sets But Differing Mindsets The Stakes Are Much Higher This Time Speed of Learning Is the New Unfair Advantage Succeeding in the New World Requires New Mindsets You Can’t Afford to Wait for an Idea Whose Time Has Come Steve Learns About Minimum Viable Products Don’t Start with an MVP There Is a Systematic Approach to Entrepreneurship About Me How This Book Is Organized Part I: Design Part II: Validation Part III: Growth Is This Book for You? Does It Work for Services and Physical Products? Practice Trumps Theory I. Design 1. Deconstruct Your Idea on a Lean Canvas Sketching Your First Lean Canvas Customer Segments Problem Unique Value Proposition Solution Channels Revenue Streams and Cost Structure Key Metrics Unfair Advantage Refining Your Lean Canvas So, How Do You Avoid the Goldilocks Problem? How Do You Know When to Split Your Lean Canvas? Steve Splits His Big Idea Canvas into Specific Variants What’s Next? 2. Stress Test Your Idea for Desirability Defining Better Our Innovator’s Bias Gets in the Way Meet the Innovator’s Gift Unpacking the Innovator’s Gift Steve Challenges the Innovator’s Gift Using the Innovator’s Gift to Stress Test Your Idea for Desirability Customer Segments: Keep It Simple Early Adopters: Forget Personas Existing Alternatives: Transcend Category Problems: What’s Broken with the Old Way? UVP: How Will You Cause a Switch? Steve Realizes He Has a Hammer Problem 3. Stress Test Your Idea for Viability Don’t Create a Financial Forecast; Use a Fermi Estimate Instead What Is Traction? Welcome to the Customer Factory Testing the Viability of Your Idea Using a Fermi Estimate Define a Target Throughput Goal Test Whether Your Idea Can Deliver Your Target Throughput Goal Revise Your Goal or Fix Your Business Model Running a Fermi Estimate on Your Idea Steve Reviews His Business Models with Mary 4. Stress Test Your Idea for Feasibility Charting a Traction Ramp Steve Charts His Traction Roadmap Formulating a Now-Next-Later Rollout Plan Stage 1: Now—Problem/Solution Fit Stage 2: Next—Product/Market Fit Stage 3: Later—Scale Steve Gets a Lesson on Right Action, Right Time Steve Learns About Wizard-of-Oz MVPs Steve Formulates His Now-Next-Later Rollout Plan 5. Communicate Your Idea Clearly and Concisely What’s Your Elevator Pitch? Outlining Your Elevator Pitch The Different Worldviews of an Idea The Investor Worldview The Customer Worldview The Advisor Worldview Delivering Your Business Model Pitch The 10-Slide Business Model Pitch Deck Desirability Viability Feasibility Steve Shares His Business Model Pitch with Others II. Validation 6. Validate Your Idea Using 90-Day Cycles The 90-Day Cycle A Typical 90-Day Cycle Getting Ready for Your First 90-Day Cycle Assemble the Right Team Establish a Regular Reporting Cadence Seven Habits for Highly Effective Experiments 1. Declare Your Expected Outcomes Upfront 2. Make Declaring Outcomes a Team Sport 3. Emphasize Estimation, Not Precision 4. Measure Actions, Not Words 5. Turn Your Assumptions into Falsifiable Hypotheses 6. Time-Box Your Experiments 7. Always Use a Control Group Steve Establishes an External Accountability Structure 7. Kick Off Your First 90-Day Cycle Steve Calls a 90-Day Cycle Kickoff Meeting The Problem/Solution Fit Playbook Customers Don’t Buy Products, They Buy a Promise of Something Better How to Make a Promise of Better When Are You Done with Problem/Solution Fit? Steve Calls a 90-Day Cycle Planning Meeting The Mafia Offer Campaign Building a Mafia Offer Running a Mafia Offer Campaign When to Use a Mafia Offer Campaign Steve Tries Taking a Shortcut Mary Bursts Steve’s Bubble (Again) No Surveys or Focus Groups, Please Are Surveys Good for Anything? Preemptive Strikes and Other Objections (or Why I Don’t Need to Interview Customers) 8. Understand Your Customers Better Than They Do The Problem with Problems Case Study: Using Problem Discovery Interviews to Drive New Home Sales Focus on the Bigger Context: The Job-to-be-Done Case Study: Using Problem Discovery Interviews to Build Better Drill Bits Finding the Bigger Context Scoping the Bigger Context Diving Deeper into a Bigger, More Specific Context Running a Problem Discovery Sprint Broad-Match Versus Narrow-Match Problem Discovery Sprints Finding Prospects Steve Kicks Off the First Problem Discovery Sprint Conducting Interviews Steve Creates a Meta-Script for His Interviews Capturing Insights Steve Reviews the Results of the Broad-Match Problem Discovery Sprint When Are You Done with Problem Discovery? The Altverse Team Uncovers Several Additional Jobs-to-be-Done 9. Design Your Solution to Cause a Switch Steve Learns About the Concierge MVP Running a Solution Design Sprint Addressing Desirability Addressing Viability Addressing Feasibility The 5 P’s of MVP Steve Takes a Stab at the 5 P’s of MVP 10. Deliver a Mafia Offer Your Customers Cannot Refuse Case Study: The iPad Mafia Offer Running an Offer Delivery Sprint Assembling Your Offer Define the Characters in Your Customer Story Pitch Outline the Structure of Your Customer Story Pitch Steve Shares His Customer Story Pitch Outline with the Team Delivering Your Offer Optimizing Your Offer Measure Your Customer Factory Metrics Weekly Identify Your Key Constraint Formulate Ways of Breaking the Constraint Steve Meets with the Team to Review the Results of Their First Offer Delivery Sprint When Are You Done with Offer Delivery? 11. Run a 90-Day Cycle Review Steve Calls a Pre-Review Meeting Just with Mary Preparing for the Meeting Collect/Update Artifacts Assemble a Progress Report Pitch Deck Running the Meeting Steve Calls a 90-Day Cycle Review Meeting III. Growth 12. Get Ready to Launch The Altverse Team Prepare for Launch Keep Your Customer Factory Running Look for Ways to Automate Your Customer Factory Race to Value Delivery Extend Your Customer Factory Metrics Dashboard Roll Out Your MVP in Batches The Altverse Team Launch Their Concierge MVP 13. Make Happy Customers The Altverse Team Learns About Behavior Design The Happy Customer Loop Don’t Be a Feature Pusher Implement an 80/20 Rule Prevent a Switch Outlearn the Competition Reduce Friction Learn the Science of Habits Chart a Customer Progress Roadmap Trigger Your Customers Help Your Customers Make Progress Reinforce Progress The Altverse Team Calls a 90-Day Cycle Review Meeting 14. Find Your Growth Rocket The Altverse Team Learns About Growth Rockets The Rocket Ship Growth Model Launching Rocket Ships The Three Types of Growth Loops The Revenue Growth Loop The Retention Growth Loop The Referral Growth Loop Can You Have Multiple Growth Rockets? Finding Your Primary Growth Rocket Short-Listing Growth Rocket Candidates Validating Your Growth Rocket Optimizing Your Growth Rocket Steve Makes Mary an Offer She Can’t Refuse 15. Epilogue The BOOTSTART Manifesto 1. Entrepreneurs Are Everywhere 2. The Persona of the Garage Entrepreneur Has Changed 3. There Is No Better Time to Start 4. Most Products Still Fail 5. A Dozen Reasons Why Products Fail 6. The Number One Reason Why Products Fail 7. The Number Two Reason Why Products Fail 8. You Don’t Need Permission to Start 9. Love the Problem, Not Your Solution 10. Don’t Write a Business Plan 11. Your Business Model Is the Product 12. Focus on Time, Not Timing 13. Not Acceleration, but Deceleration 14. Not Faux Validation, but Traction 15. Remove Failure from Your Vocabulary 16. It’s Time to Act on Your Big Idea References and Further Reading Index About the Author
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