MBA note - Business Foundations - Customer Discovery
How to use the customer discovery process to build and refine business models
How to assess market opportunities
How to develop an MVP
+ Definition of Startup:
A startup is a temporary organization in search of a scalable, repeatable, profitable business model. - Steve Blank -
Primary goal of a startup is to find a business model not execute one.
+ Customer Development Method
Customer Discovery -> Customer Validation -> Customer Creation -> Company Building
-- The first two is to search and test the business model, and the second two execute and scale the business.
+ Build-Measure-Learn loop
It uses iterative method to develop MVP (Minimum viable product: the simplest possible customer-ready product).
+ Important traits for startup: Passion, Curiosity, Comfort with failure, Quick & reversible decision-making. Pivot
+ Total Addressable Market (TAM)
The maximum market demand for a product service in the assumption of no competition. It is to estimate the size of the market opportunity.
+ Served Addressable Market (SAM)
The portion of the TAM targeted by the product feasibly reachable.
+ Target market
Target market is the same or smaller than SAM. Usually small since it is a particular group of consumers really aimed. To figure out the target market, there are top-down and bottom-up analyses.
+ Market strategy
-- entering an existing market;
-- creating a new market;
-- re-segmenting an existing market;
-- recreating a successful model in another region
+ Business model canvas (BMC)
Template summarizing the nine key components of a business model
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Modified version of BMC less about logistics and more about customer's problem and its solution
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| Lean canvas from Quantic MBA |
+ Validating the problem
Step 1 - See if customers have the problem I think they do
Step 2 - Find out how much customers want a solution
Step 3 - Test if my solution is better than the current ones
-- Perform pass/fail tests
-- Reach out to customers in-person and online and do Problem Presentation. After meeting customers, it is helpful to keep a customer discover scorecard.
+ Proof of concept: Can we build it?: Non-user friendly, internal test to see if the product can even be built.
+ Prototype: How do we build it?: Working model that approximates the final product, but isn't quite ready for customers.
+ Minimum viable product: Will people buy it?: Simplest possible customer-ready version of the product. It doesn't have to have all the final features but should be enough to get customer feedbacks.
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