To increase the chance of success at times of uncertainty.

‘The Experiment’LEAN STARTUP -Workshop 2

The goals of the Bootcamp

• At the end of the six months to have worked through the principles of the book

• To apply many of them to real world situations that apply to our own businesses

• To embed some functions into your activity that give you a cutting edge

This book is for:• Start-ups• Stale businesses seeking alternative revenue streams

• Existing businesses struggling with growing pains

• Anyone who wants to learn about how to develop their business

Fail fast & Learn faster

Refresh ourselves on the Lean Startup Principles

Entrepreneurs are everywhere

Entrepreneurship is Management

Build-Measure-Learn

Validated Learning

Innovation Accounting

Startup definition“A human institution designed to create new products and services

under conditions of extreme uncertainty.”

Let’s make it real!

How Vision leads to Steering

Vision

A Long-Term Vision for the business

VisionTo be a small but active business

networking group renowned for being relaxed, friendly and socially active. Consisting of 30 members who share the values of ‘trust’ and ‘camaraderie’; we are first and foremost a ‘team’. By working together to find causes which connect us to our local communities in a socially responsible way we further foster trust between us and promote a positive representation of business.

What’s Yours?

My Process

Set a timescale – 5 years?

What do you want

your life to

be?

Picture you and your

business together

Then quantify

it

Full of Assumptions

Testing

Two most important assumptions

Value hypothesis “To test if a product or

service really delivers value to customers once they are using it”- ER

Growth hypothesis “To test how new customers will discover the product or

service” - ER

Essex Networking Vision

• What is a good indicator that local businesses want a group like this?

Minimum Viable Product

Metrics to measure‘value’

• Participation rates – at social events, in projects?

• Retention rates – how long do members stay?

• Average attendance of meetings?• How invested members are in the group?

Metrics to measure ‘growth’

• How many of the members invite guests?

• How many members put on their websites or social media profiles that they are a member?

• What is the ratio of leavers to new members?

Re-VisionA pan-Essex Networking group operating in 10 regions of the County with 30 members per group. Renowned for being relaxed, friendly and socially active the groups share the values of ‘trust’ and ‘camaraderie’ whilst each group is first and foremost a ‘team’ we work together to find Essex based social causes which we work together to help. Through our social responsibility for small business approach we further foster trust between us and promote a positive representation of business across the County.

Now we can see Colchester as a MVP

A MVP is an experiment on the road to excellence

Key Points• It is not a ‘sloppy’ idea • It is the first or second steps towards the thing your customer really needs

• They fit into the Build-Measure-Learn loop

• They remind us that we are building something of value

• They are a response to – can’t be done

Focus on ‘Rapid Testing’

Validated Learning is the key output of experimentation

Look at your vision and take one assumption – how might you

create an experiment to test it for its value and growth?

An experiment is a product with a purpose

1. It can help find early adopters – customers who love it

2. Gain customers to be advocates ahead of wider distribution – pre-open the shop

3. Build something that people want and that is rooted in feedback

To come13 Sep 2016 – The Feedback Loop 11 Oct 2016 – Pivot or persist08 Nov 2016 – Root cause analysis – The 5-Whys13 Dec 2016 – The accelerate through innovation

Any Questions?

Back on the 13th of September