Grow Thy Business: 60 Min. Validation Exercise
Entrepreneurs, brand managers, product managers and CEO’s tend to think that their product is “revolutionary” and will spread like wildfire. However, it’s no secret that the vast majority of new products launched every year will fail. It is also clear that the #1 reason for failure is that it is a product that no one wants or cares about.
So, how do you find out if people want your product’s feature set? Apply Lean Startup!
After working with hundreds of entrepreneurs and corporate innovators around the world with Lean Startup Machine, I have seen firsthand how effective the methodology can be. I believe the key benefit is removing the guesswork about whether or not your new idea will succeed. This process, however, is not as intuitive as you would think. It’s like a muscle in that it requires practice in order to get stronger.
Want to flex those muscles? Try the exercise below.
Here’s What You’ll Need:
- Sticky Notes
- BIG energy
Step 1: Gather your team to brainstorm a product or feature idea that would make a significant impact. (10 min.)
Step 3: Create your first experiment in the experiment board. (20 min.)
Step 4: Get out of the building and talk to customers. (20 min.)
Step 5: You did it! You’re now done with your first experiment. How did it go? Did you persevere out of the gate or did you need to pivot? Let us know on Twitter by using the hashtag #GrowThyBusiness or tag us @Informulate.