Lesson Details:
February 14, 2020
Video Transcription: In this video we're gonna talk about business idea evolution I'm going to give you two industry standards one created by Eric Ries another by Steve Blank and one that you're gonna have to do sort of continuously so we're gonna talk about three strategies really and two of them are industry standards I'm gonna talk about the first one is customer development essentially before you build or create anything you want to go out and talk to customers obviously you want to talk to more than customers but this idea by Steve Blank who's Stanford Business School professor and it's a very successful three-time entrepreneur when I say successful three-time entrepreneur I mean like billion come billion dollar companies so he is really one of the most respected people in the industry Steve Blank and he got he has this concept customer development and it's all about talking to in his concept it's all about talking to specific people who would be your customers you can of course get feedback from friends and family and friends and everybody else but his idea specifically about getting feedback from customers from potential future customers and this prevents you from building stuff that maybe they'll tell you hey that's not what we need but instead we need this and that and if you talk to a lot of potential future customers and they voice the same things.
They don't need and the same things they do need aha that just saved you have a lot of time and money and pointed you to a better direction now on the other hand of that once you do build something there is the Lean Startup because when you build something no any well anything it's first version of anything it's probably the worst version of just about anything most things and it becomes better with improvements so that's the idea of the Lean Startup methodology by Eric Ries and he's also one of the most respected people in the industry and this is all about having a tightly knit continuous feedback loop where you make a little bit of a launch with a you know Minimum Viable Product and you quickly put it in to potential customers hands and get feedback and you quickly take the feedback make incremental small improvements and put that product right back into customers hands so that it's very cheap for you to iterate and it's oh you're always getting feedback and so the next things you iterate and improve our spot on things that customers need not things that you assume because assuming can be incorrect so you're actually gathering a lot of data so these are two industry standards do not sway from this always use these this really is the way to go today if you're building a business now the only other thing is I'm going to give you my idea is that real evolution of your idea whatever your idea might be is going to come from a tinkering and doing so whatever the next step is take it don't sit there and procrastinate because some ideas they don't evolve with theory only so you have to balance the doing and the theory the doing and the theory a little bit of doing a little bit of theory a little bit of doing a little bit of theory and that way you'll have a greater perspective on everything about the idea and the idea will evolve that way best I always see that so great ideas aren't conceptualized theoretically they're tested you play around with it and and it just grows and grows and grows and morphs into it can even eventually morph into something else and have multiple and multiple multiple iterations but you'll only get there if you if you eventually tinker but tinker cheaply tinkly resourcefully so that the tinkering doesn't waste all your resources so this is really how you evolve your business idea ask potential customers give it to the he put it in your hands of your customers and continuously tinker .
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