Lean Startup Canvas

What is the Lean Startup?

The lean startup method is for developing businesses and its products. The aim is to establish a company and launch its products faster, while being in line with what the customers want.

Where does the Lean Startup model come from?

The lean startup method was first proposed by Eric Ries in 2008, where he applied lean management principles to catapult high tech startup companies. Since then, the Lean startup method has gone beyond its application. It can now be applied to individuals, teams and companies aiming to introduce their product/service into the market.

What does the lean startup spirit do?

The lean startup method’s objective is to shorten a product development cycle. This translates into the potentially lagging timeframe a startup may experience as they invest too much time in perfecting their product or service. This in many cases may not turn out to be what attracts its customers, and in turn, risks the lifetime of the startup. This is exactly what the lean startup model aims to avoid.

How do we apply the Lean startup method?

Businesses should aim to work in a feedback loop of “build, measure and learn”. The team will create a version of its product, the “Minimum viable product”. The minimum viable product (MVP) is a not-yet -finalized product that is enough to satisfy early customers to get their necessary feedback.

The customers then get to test out the MVP, give their feedback and the team works to implement that feedback into their product. After consecutive rounds, the product or service can further be tailored into what the customer really desires.

How does consumer feedback work with the lean startup tool?

Businesses can use key performance indicators (KPIs). The KPIs will enable individuals to keep track of their figures and study the performance of the firm in different time periods given the activity of the customers. Then by using those indicators, the continued deployment process will work as the feedback is implemented and improvements are made.

How do we make improvements in the lean startup method?

By tweaking, building, or pivoting. Tweaking would be small changes made to the product itself, whereas building would mean implementing further elements onto the product. However, pivoting is key; It pushes us to test the initial hypothesis of the product, strategy or the engine of growth.

What are the benefits of the Lean startup model?

The lean startup method validated way of learning will enable quicker building of companies and launching of products. Individuals can assess the specific demands of consumers and learn how to meet that demand using the least amount of resources possible, where long development times are cut, which is then followed by a decreased need of funds.

Consequently, the market risks and launch failures are diminished and more confidence can be invested in the start-up with the Lean startup canvas.

TikVah has a variety of resources that can help you employ the lean startup canvas. By sending us a email to nevillesol@icloud.com with a subject header "Lean Startup Canvas", we will send you more information. To learn more about TikVah Business Coaching visit our page at https://mailchi.mp/12cd7f616222/tikvah

 

 

Startup Life: Expectations vs. Reality - Part 1

Owning a small business is exciting and rewarding. But it’s challenging. 
You must consider specifics such as a business plan, finances, legal matters, marketing, branding, etc., to help your small business thrive. These things take time. Many people start a business expecting that it will make them rich fast.
But you must work hard, respect your limitations, learn new skills, take risks, and overcome many challenges before building a successful and sustainable
business. Many aspiring small business owners and entrepreneurs have shared expectations of what it takes to succeed with a new business. Unfortunately,
many of those expectations are wrong. Here are seven common mistaken assumptions most small business owners have when starting their businesses:

1. Getting rich quickly vs. becoming profitable

Many people who start their businesses assume that they can get rich quickly.
Your startup will likely take at least three years to become profitable.
This is true even for the most successful companies. For example, the famous electric sports car brand Tesla took a decade to see actual profits.
Companies making new products take more time to become profitable than
home-based online businesses. That’s because it costs more to manufacture, transport, and sell products. On the other hand, you can start an online business with little to no money.

2. Burnout vs. delegating and working smarter

Small business owners and entrepreneurs typically try to do everything 

themselves to save money. But this can be counter productive and burn 

you out. It’s essential to watch your spending, especially as a new business. 

But you can’t do everything yourself. For example, most small business 

owners and entrepreneurs are not marketing experts. And it’s not always 

easy or cheap to hire marketers when you first start your business. 

Thankfully, there are many alternatives today to address this. Software 

apps help business owners be more efficient and productive and work 

smarter, not harder. Apps like Hootsuite and Buffer can help you manage 

your social media content marketing efforts. Other apps, like Notion and 

Calendly, can help you increase productivity. As soon as you have the 

budget to expand your team, do so. You can hire people directly or hire contractors to help with everyday tasks. The sooner you learn to delegate, the faster your business will grow.

3. Startup life vs. work-life balance

People assume that business owners have a lot of free time to relax and pursue hobbies. This is rarely true, especially for a new small business. You can only expect this freedom once you’ve built a successful and sustainable business or if you’re superhuman and can juggle everything simultaneously. But none of us are superhuman, and as we mentioned above, it’s challenging to build a successful 

and sustainable business. Expect to work most days of the week to help your startup thrive in its beginning stages. But this doesn’t mean you should ignore other aspects of your life such as recreation and health. Remember that you are your most significant investment. If you’re😊 not healthy, neither is your business. Find ways to manage your time efficiently and experiment with improving productivity. Use free tools such as Google Calendar or note apps to set your schedule and reminders and plan your day.

4. Virality vs. strong branding

Many inexperienced entrepreneurs and small business owners think a viral video or ads on Facebook can help them reach profitability quickly. This is rarely true. Small business owners waste billions of dollars advertising on social media. And while viral videos can create buzz, they don’t always lead to sales. And more importantly, it’s typically impossible to create virality without spending a substantial amount of money. Instead of gambling on virality or expensive ads, invest in strong branding. Branding can make or break your business. Strong branding will build brand awareness and increase brand equity. Weak branding will make your company forgettable. Entrepreneurs sometimes assume that their company’s brand identity and overall brand will take shape over time, even if they do nothing proactive to shape that identity. And in some ways, this is true. But your identity is chaotic and confusing when you don’t take proactive steps. It will only hurt your business. Brand identity is what people see when they engage with your business. Brand identity includes your business name, company logo, website, business cards, marketing materials, social media presence, and more.You should never leave these critical branding elements to chance. The most successful brands, including Airbnb, Uber, Apple, and many others, carefully craft their brand identity to support their brands.

 

Questions for Success When Embracing the Entrepreneurial Journey - Part 2

Have I considered the potential impact on my personal life and relationships?

This question recognizes the interplay between professional pursuits and personal well-being,
emphasizing the need for a holistic perspective. Entrepreneurship demands significant dedication,
sacrifices, and time commitment, often encroaching upon personal life and relationships. By introspectively evaluating this aspect, entrepreneurs can assess their readiness to navigate the potential challenges and maintain a healthy work-life balance. It involves considering factors such as time management, emotional support systems, and communication with loved ones.
Balancing personal and professional obligations is crucial to avoid burnout, sustain meaningful relationships, and foster overall well-being. By considering the potential impact on personal life and relationships, entrepreneurs can proactively take steps to nurture and maintain a harmonious integration of their professional and personal spheres, setting the stage for long-term success and fulfillment.

Am I willing and able to commit the time and effort required to make the business a success?

Running a successful business requires a significant investment of time, energy, and resources. Entrepreneurs must be prepared to work long hours, make sacrifices, and weather challenges with resilience. By honestly assessing their commitment level, entrepreneurs can align their expectations, set realistic goals, and ensure they have the necessary drive to overcome obstacles and seize opportunities. A steadfast commitment to the business not only propels growth but also inspires confidence in team members, investors, and stakeholders.

Ultimately, asking oneself if they are willing and able to commit the required time and effort is a critical step towards embarking on a path that leads to the realization of their entrepreneurial vision and long-term success.

To learn more about TikVah Business Consulting visit: TikVah Profile

Have I identified potential partners or team members to help support the business?

No entrepreneur can navigate the intricate business landscape alone. By identifying potential partners or team members, entrepreneurs can tap into a pool of talent and resources that complement their own capabilities. Strategic partnerships and a well-rounded team can bring fresh perspectives, specialized knowledge, and expanded networks to the table, strengthening the business's foundation and enhancing its growth potential.

Assembling a team of dedicated individuals who share a common vision and are aligned with the company's values also fosters a culture of collaboration and innovation. Ultimately, asking oneself if potential partners or team members have been identified is a crucial step towards creating a dynamic and capable support system, propelling the business towards long-term success and competitive advantage.

Am I prepared to adapt and overcome challenges that may arise during the course of running the business?

This inquiry highlights the need for resilience and flexibility in the face of uncertainty. Running a business is fraught with obstacles, including market fluctuations, changing consumer demands, technological advancements, and unforeseen crises. Entrepreneurs must be mentally and emotionally prepared to navigate these challenges, embracing change as an opportunity for growth rather than a setback. Adapting to new circumstances, reevaluating strategies, and innovating solutions are essential ingredients for success in a dynamic business environment.

By asking themselves if they are prepared to tackle challenges head-on, entrepreneurs can cultivate a mindset that embraces change, fortifying their ability to overcome obstacles and thrive amidst adversity. Ultimately, being prepared to adapt and overcome challenges is a fundamental pillar of entrepreneurial success in an ever-changing world.

The main takeaway

In the dynamic landscape of entrepreneurship, success hinges upon asking the right questions and taking proactive steps to address them. From evaluating the clarity and viability of a business plan to considering the potential impact on personal life and relationships, each question discussed in this article holds immense importance in shaping the trajectory of an entrepreneurial venture. By thoroughly researching the market, securing adequate funding, seeking guidance from experienced mentors, assembling a capable team, and being prepared to adapt to challenges, entrepreneurs position themselves for sustainable growth and long-term success. The entrepreneurial journey is not without its challenges, but by asking these crucial questions and taking action based on the insights gained, entrepreneurs can navigate the business landscape with confidence and seize opportunities that lead to extraordinary achievements. So, ask yourself these questions, formulate strategies, and embark on a path that propels you toward entrepreneurial greatness.

To learn more about TikVah Business Consulting visit: https://mailchi.mp/12cd7f616222/tikvah

 

Questions for Success When Embracing the Entrepreneurial Journey - Part 1

For those contemplating the entrepreneurial pursuits, careful introspection and strategic planning are essential. The decision to leave a stable job in pursuit of business ownership requires a unique set of considerations. Before making a significant shift, take a moment to reflect on your goals and carefully plan to ensure a successful transition. Experience has shown that many entrepreneurs first start their business idea and then they get stuck because of lack of the following;

• Lack of resources

• Lack of strategic planning

• Lack of strategic market research

• Lack of clear direction

In this article, we delve into the essential questions entrepreneurs should ask themselves before resigning from their positions or deciding to embark on their entrepreneurial venture. By considering these questions, they can navigate the transition more effectively and maximize their chances of success.

Questions for entrepreneurial success

Do I have a clear and viable business CANVAS?

This question serves as the cornerstone of any entrepreneurial endeavor, as it sets the stage for defining objectives, strategies, and potential growth opportunities. A robust business CANVAS not only outlines the purpose and mission of the company but also serves as an eagle’s view, guiding the entrepreneur through various challenges and uncertainties. By evaluating the viability of a business CANVAS, entrepreneurs can identify potential flaws, address them promptly, and increase their chances of securing funding, attracting investors, and ultimately achieving long-term success. Thus, in the competitive and ever-evolving business landscape, asking oneself if the business CANVAS is clear and viable is an indispensable step toward building a solid foundation for sustainable growth and profitability.

Have I thoroughly researched and understood the market for my product or service?

In the dynamic and fast-paced business world, entrepreneurs face numerous challenges in bringing their products or services to market. Among these hurdles, one question reigns supreme: "Have I thoroughly researched and understood the market for my product or service?" This question is paramount as it serves as a litmus test for an entrepreneur's ability to identify and capitalize on market opportunities. We cannot stress this question enough as it is one of the questions entrepreneurs, either consciously or unconsciously chooses to address.

By conducting comprehensive market research, entrepreneurs gain invaluable insights into customer needs, preferences, and trends, enabling them to tailor their offerings to meet the demands of the target audience effectively. Moreover, a deep understanding of the market landscape empowers entrepreneurs to identify potential competitors, evaluate market saturation, and devise competitive strategies to gain a competitive edge.

Do I have the necessary skills and experience to run a successful business?

In the ever-evolving realm of entrepreneurship, the question of whether one possesses the requisite skills and experience to run a successful business looms large. This question holds immense significance as it underscores the fundamental pillars upon which entrepreneurial success is built. Running a business demands a diverse skill set encompassing leadership, strategic thinking, financial acumen, marketing prowess, and adaptability, among others. By introspectively evaluating their skill set, aspiring entrepreneurs can identify areas of strength and weakness, allowing them to proactively seek learning opportunities or partner with individuals who complement their skill gaps.

Additionally, prior experience in relevant industries or roles equips entrepreneurs with invaluable insights, networks, and lessons that can significantly enhance their chances of success. Ultimately, the ability to honestly assess one's skills and experience is a critical step in charting a path toward a thriving and sustainable business venture.

Have I considered the potential financial risks and planned for them accordingly?

The question of whether one has considered the potential financial risks and planned for them is extremely important. This inquiry serves as a critical checkpoint for entrepreneurs, as it demonstrates their foresight and preparedness in navigating the complex landscape of financial uncertainties. By diligently assessing and mitigating potential risks, entrepreneurs can safeguard their business(es) from potential pitfalls and setbacks. It entails analyzing factors such as market volatility, cash flow fluctuations, competitive pressures, and unforeseen expenses. Implementing a robust risk management strategy, including contingency plans, emergency funds, and insurance coverage, is crucial in mitigating potential financial risks.

Moreover, having a well-thought-out financial plan that accounts for contingencies enhances an entrepreneur's credibility in the eyes of stakeholders, such as investors and lenders, bolstering the chances of securing funding and fostering long-term sustainability. Ultimately, asking oneself if the potential financial risks have been considered and planned for is an imperative step toward building a resilient and thriving business in an unpredictable economic landscape.

Have I sought advice and guidance from an experienced Business Coach?

This question highlights the recognition of the invaluable wisdom and insights that can be gleaned from those who have trodden the path before. Seeking guidance from seasoned individuals can provide aspiring entrepreneurs with a wealth of knowledge, proven strategies, and practical tips that can significantly impact their journey toward success. Mentors, Business Coaches and experienced entrepreneurs can offer valuable perspectives, help navigate challenges, and provide invaluable networking opportunities. Their guidance can save entrepreneurs from costly mistakes and expedite their learning curve.

By embracing the expertise and mentorship of industry veterans, entrepreneurs increase their chances of making informed decisions, avoiding common pitfalls, and accelerating their business growth. Ultimately, asking oneself if advice and guidance from experienced entrepreneurs or mentors have been sought is a critical step towards building a strong support system and gaining a competitive edge in the fiercely competitive business landscape.

Have I secured enough funding or capital to sustain the business in the early stages?

This question is crucial because securing adequate financial resources is the lifeblood of any nascent venture. Insufficient funding can jeopardize a business's ability to cover operational expenses, invest in growth opportunities, and weather unforeseen challenges. By assessing their financial position and ensuring sufficient capital, entrepreneurs can proactively address cash flow needs, sustain day-to-day operations, and seize strategic opportunities that arise. Adequate funding also instills confidence in potential investors, lenders, and stakeholders, positioning the business for long-term success.

In addition, securing ample capital in the early stages mitigates financial stress, allowing entrepreneurs to focus on refining their offerings, building a customer base, and establishing a strong foundation. Ultimately, asking oneself if enough funding or capital has been secured to sustain the business in the early stages is an essential step in setting the stage for growth, resilience, and profitability in the competitive business landscape.