Cosi102

* **READING**: <a href="/content/topics/homeworks/hw_readings_102/35_hw_102_paul_graham_paper/">(R) Where to get startup ideas</a>
* **READING**: <a href="/content/topics/homeworks/hw_readings_102/40_hw_102_leanstartup_1_2_3/">Lean Startup Chapters 1, 2 and 3</a>

*Reminder: Readings are your responsibility. You will be expected to come to class prepared, having read the material, and ready to participate in the discussion*

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### Key aspects of the syllabus and Latte
* "Skills"
* Assessment
* Moodle
* Course web site - book summaries

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### We are talking about IDEAS!

* You need to have a notion of how the business would work
* You also need to evaluate the technology risk
* Remember to look for *big pains*!
* To more research, googling, talking to your friends, thinking about your own experiences, family and acquaintances!
* Did you read the article on Paul Graham's website?

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## Discussion about Paul Graham's (PG) Article

* The Objective of this discussion is to reinforce the key ideas from the article and get different perspectives
* Break into random groups of 6 for 10 minutes to discuss the article
* Each student should say up front whether they read the article
* Discuss the following questions in the group
* When we come back together each group should have decided on one student to speak and report back on the questions below.

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### Discussion Questions

* Considering PG's idea of a graph with the x-axis people who want the product; y-axis how badly they want it
* Why would google look like an immense crater, Facebook like a Deep narrow Well?
* Come up with two other well known products and discuss what their PG graph would look like.
* What does PG mean by the Schlep filter? Is it a good or bad thing?
* How about the Unsexy filter?
* Did this article make you feel more excited about trying entrepreneurship, or more intimidated?

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## Build Measure Learn

<p>One of the big ideas of <a href="/content/topics/leanstartup_book/01_ch1/">Lean Startup Chapter 1: Start</a></p>

<ol>
  <li>Decide what your goals are right now (they change over time!)</li>
  <li>Analyze them to determine metrics for growth and success</li>
  <li>Loop to tune the engine of growth:
    <ol>
      <li>Measure current metrics</li>
      <li>Conduct Experiments to try and move reality towards</li>
      <li>Rinse and repeat until you have tuned your engine</li>
    </ol>
  </li>
  <li>AKA: “Iterating”</li>
</ol>

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<h3 id="aka-validated-learning">AKA: “Validated Learning”</h3>

<ul>
  <li>Kind of like a scientific method</li>
  <li>Form a hypothesis</li>
  <li>Gather data to validate or invalidate it</li>
  <li>Update your design, beliefs, assumptions, based on data</li>
</ul>

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<h3 id="build-measure-learn">Build Measure Learn</h3>
<p><img src="/content/topics/images/build_measure_learn_diagram.jpg" class="img-thumbnail d-block mx-auto" style="height:500px;" /></p>

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<h3 id="ask-questions">Ask questions</h3>

<ul>
  <li>Are you making your product better?</li>
  <li>How do you know?</li>
  <li>Are the changes you are making affecting the measures you care about?</li>
  <li>How do you decide what measures you care about?</li>
  <li>Back to first principle: “Is this a business or a hobby?”</li>
</ul>

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<h3 id="basic-pattern">Basic pattern</h3>

<ul>
  <li>Use an <a href="/content/topics/leanstartup/mvp_summary/">Minimum Viable Product</a> to get real data to test a belief</li>
  <li>Make a series of micro changes (parallel or serial)</li>
  <li>Measure whether metrics are better or worse</li>
  <li>When you feel like you are not making real progress</li>
  <li>Perhaps pivot if micro changes are not moving the needle in the right direction</li>
  <li>Start with the highest return (cost/risk/reward) assumption</li>
</ul>

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<h2 class="shadow p-3 bg-white rounded">Thank you. Questions?<img class="img-fluid w-100" src="https://picsum.photos/800/100.jpg" /> <small> (random Image from picsum.photos)</small></h2>