If you ever need to really understand if you have a viable idea for a product, service or business then the Lean Start-up tools will let you know if it’s a winner in the shortest amount of time. Using a rapid experimental approach to understand customer’s reactions to your ideas, it allows you to proceed, pivot or pull the plug depending on the results. Here is a bit of information on thse tools and some great online resources to get you started.
Lean Start-up tools
By Stephen Cox
Lean Customer Value Proposition (CVP)
The Lean CVP is a simple way of mapping the Needs, Fears and Wants of your customers into the Features, Benefits and Brand positioning for your product or service. You populate your CVP with what you know about the customers and then get out of the building to verify any assumptions you have about them.
Lean Business Model Canvas
The Lean Business Model Canvas provides a way of creating a business case in under 15 minutes. It forces you to write down the key elements of your product or service, how you will make money, who your customers are, their problems and the solutions you will build to solve those problems. This tool helps you to see if you have any gaps in creating a successful product or service. Once you have filled this in, you need to get out of the building to verify your assumptions.
Test your assumptions - Get out of the building
A key element of the lean start-up methodology is finding the simplest way to verify your hypothesis and assumptions about your customers (the CVP) and Business Model. To do this, you can use a Javelin Board or Validation Board to track your assumptions including your key “Leap of Faith” assumption (which is the assumption you are betting most of your business success on whilst having the least evidence for).