Key Takeaway from Chapter 4 - Experiment
- Just Do It method doesn’t work - ship it and see what happens
- Key element of LS: formulate a hypothesis, test it, update theory
- Overall goal: How to build a sustainable growing business around a vision
- When you test one hypothesis, you often can’t help testing others
- The quantitive results of an experiment often accompanied by qualitative feedback
- See Case Studies from The Lean Startup
Key Learning from Chapter 4: Hypotheses
- Also ‘assumptions’, but I like the term hypothesis better because it emphasizes that we don’t take a side as to whether it is true or not. We specifically want to generate evidence that will either prove or disprove it.
- Testable: You need to know how you would test it
- Explicit: You need to be able to state it succinctly (on a post-it note)
Types of Hypothesis
The point is, don’t get too hung up on classifications. What is important is the idea of formulating testable hypotheses, running experiments, and updating your plans accordingly.
- Customer: Who is the customer? Where would you find them?
- Problem: What is their pain? What is the ‘job’ they are ‘hiring’ a product to do?
- Solution: What kind of solution are they seeking? What features do they need? Will this solution actually address their problem?
- Pricing: Different tiers, prices, different customer segments
- Technology: What kind of computer, connectivity, sophsitication do they have
- Habits: “They do …”
- Growth Hypothesis: what ways will new customers discover the product? Why will they keep using it?
- Value Hypothesis: Assuming use, in what ways is the idea delivering value to the customer?
Examples of Hypotheses
Some case studies