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

BMC from Quantic MBA



+ Lean canvas 

Modified version of BMC less about logistics and more about customer's problem and its solution

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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