8. Better Funded and Inauthentic, Loses
Lean startups must often defeat
established competitors which are better
funded and have established customer
bases. Superior products, economically
delivered to an appropriate target market
are effective weapons against such
incumbents.
#BetterBroker
9. Experts Are
Wrong
Lean startups often need to ignore
the wisdom of industry experts. In
many cases, an expert’s legacy
knowledge makes it difficult for them
to accurately assess an innovative
technology’s potential impact.
#BetterBroker
10. Realize People Use the Web
Differently Than You
Work hard to close the information
gap and people will love you for it.
Test for interaction and simplicity
before adding design.
#BetterBroker
11. Get Out Of The Building
You can’t learn what customers
want simply by sitting behind your
desk. You must “get out of the
building” and talk to your
customers, and your customers’
customers.
#BetterBroker
12. Fast and Economical
Lean startups must rapidly and
cheaply develop minimally viable
products and quickly assess the
merit of their underlying value
propositions.
#BetterBroker
13. Minimum Viable Product
The goal of an MVP is to test fundamental
business hypothesis (or leap-of-faith
assumptions) and to help entrepreneurs begin
the learning process as quickly as possible.
#BetterBroker
14. Ship
You can’t judge what you do not deliver
to consumer. Indecision is often the
worst decision.
#BetterBroker
15. A/B Testing
Different versions of a product are offered to
customers at the same time. The goal of a split
test is to observe changes in behavior between
the two groups and to measure the impact of
each version on an actionable metric.
#BetterBroker
16. Enable Simple Questions Be Asked
Obsess about user feedback. Use social,
surveys and software to get smarter AND
make changes.
#BetterBroker
17. Pivot
The points where you decide to continue or rejig the offer (but keep some core
fundamentals).Too many businesses stay
wedded to old decisions and poor
assumptions.
#BetterBroker
18. Buzz
Lean startups must leverage free promotion,
as they seldom have adequate capital to
outspend their competitors and cut through
the ever-present market “noise.”
#BetterBroker