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It's not enough to have great idea! Ash teaches startup/entrepreneurs how to throughly vet your idea
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http://smokinghotcoffee.com/posts/its-not-enough-to-have-great-idea-ash-teaches-startup-entrepreneurs-how-to-throughly-vet-your-business Today we're pleased to chat with Ash Maurya, author of Running Lean and passionate startup entrepreneur. He's currently CEO of Spark59 which has created a great product to help evaluate your business model, Lean Canvas.
Segments Timeline
Introducing Lean Canvas
In this segment, Jeff introduces the Lean Canvas, a tool developed by Ash Maurya to help entrepreneurs outline their startup blueprint. The Lean Canvas encourages users to think critically about their business model, including key metrics, unique value propositions, and customer segments, providing a structured approach to startup planning.
"hello everybody my name is AO Patel you're watching the smoking hot coffee show I'm in Los Angeles I'm joined with hey guys I'm Jeff Fon down here in San Diego and today we have a really great intervi..."
Why Lean Canvas Over Business Plans?
Jeff explains the advantages of using the Lean Canvas compared to traditional business plans. He highlights that business plans are often lengthy and not valued by investors, while the Lean Canvas offers a concise overview that allows entrepreneurs to focus on essential aspects of their business model, making it a more effective tool for pitching ideas.
"not just what the problem and the solution are but you know what your key metrics will be be your unique value proposition who your uh customers are going to be the channels that you get them and all ..."
Ash's Philosophy: Build What People Want
Ash Maurya shares his philosophy that 'Life's too short to build something nobody wants.' He reflects on his early failures in entrepreneurship, emphasizing the importance of validating ideas before investing time and resources. This segment underscores the necessity of understanding customer needs and market demand.
"sort of uh people when you pitch the business plan to them they're not going to sit and look through the 60 uh page business plan they really want you to kind of give them an executive summary or just..."
The Importance of Customer Feedback
Ash discusses the critical role of customer feedback in the startup process. He recounts his experiences with early product failures and the lessons learned about the importance of listening to customers. This segment highlights the need for entrepreneurs to engage with their target audience to refine their ideas and improve product-market fit.
"it allows you to focus on the you know the interesting Parts the difficult challenging parts and and and not wasting a lot of time just talking about the uh you know the product and the solution and s..."
Navigating Startup Challenges
In this segment, Ash talks about the challenges entrepreneurs face when trying to gain traction for their startups. He emphasizes the value of using the Lean Canvas as a tool to clarify business models and identify potential pitfalls. This discussion serves as a guide for entrepreneurs looking to navigate the complexities of launching a startup.
"um I think a lot of the stuff that we may learn in business I I think startups and internet and Technology changing so rapidly and being a technologist you really need to think about how uh a customer..."
Learning from Early Ventures
Ash reflects on his journey as an entrepreneur, sharing insights from his early ventures. He discusses the evolution of his ideas and the importance of adapting to market demands. This segment provides valuable lessons for aspiring entrepreneurs about the iterative nature of building successful products.
"product uh you know you know you can throw out a landing page or try to uh determine that there's demand for it before you build it but this is really uh an all-encompassing approach that's really sma..."
The Role of Technology in Startups
Ash explains how technology influences startup success and the importance of understanding market dynamics. He discusses the balance between innovation and market needs, emphasizing that technology alone is not enough; entrepreneurs must also consider their unique value propositions and customer engagement strategies.
"it's it's I I think uh Ash is a really smart guy he's been around the block many times he knows these SAS businesses in and out uh often times it isn't even the technology it's really how to approach ..."
Ash's Entrepreneurial Journey
In this segment, Ash shares his background and the motivations behind his entrepreneurial journey. He discusses the challenges he faced and the lessons learned from his experiences, providing inspiration for other entrepreneurs. This personal narrative highlights the resilience required to succeed in the startup world.
"everyone just check out the website we've got a subscribe button where you can see you can subscribe to our iTunes audio podcast ditcher uh you can find us on Facebook Twitter Tumblr and G+ and grab o..."
Overcoming Adoption Challenges
Ash Maurya discusses the initial challenges faced when trying to get users to adopt a peer-to-peer application. He highlights the importance of addressing user requirements, such as broadband access, and the obstacles that arose during the early stages of product development.
"the users happy but for them to adopt it the other problems surface and you have to then go go address those this it became something of that sort so we were trying to build this private Network so to..."
Timing is Everything
In this segment, Ash reflects on the concept of being ahead of one's time in the tech industry. He shares insights on how the decentralized internet and private networks were not fully realized during the initial launch of his application, emphasizing that the product was not wrong, but rather the timing was off.
"unwieldy my God Ash this this sounds like quite an Innovative app back in the day man you should be like a billionaire by now well if if every yeah it's not just the initial inspiration I I think I me..."
Lessons from Competitors
Ash compares his peer-to-peer application to Skype and Kazaa, discussing the differences in user engagement and network dynamics. He explains how these competitors had advantages that his application lacked, providing valuable lessons on user coordination and incentives.
"me if I'm wrong wasn't Skype available at that time and voice they were using you know that as a Voiceover IP over peer-to-peer like didn't 2002 is 3ish I know they left Mo what was it Jeff uh that th..."
The Evolution of the App
Ash shares the evolution of his initial social networking app into a collaboration tool. He discusses how the technology was repurposed to meet the needs of groups looking to collaborate, drawing parallels to Groove Networks and the missed opportunities in the groupware trend.
"unique like if I need to reach someone I need to go through a particular path so they were there were those kinds of differences which were critical enough and and important enough that we needed the ..."
From Side Project to Startup
In this segment, Ash recounts how a random phone call from a Norwegian entrepreneur led to the transformation of his side project into a full-time venture. He explains the importance of sharing ideas and how this connection ultimately funded the development of his collaboration app.
"got some traction um and you know we we built a few uh we actually started G and generate Revenue what really happened though very early on is um the company was bootstrapped all all the way but I got..."
The Power of Blogging
Ash discusses the impact of blogging on his entrepreneurial journey. He reflects on how sharing his ideas and experiences online led to unexpected opportunities, emphasizing the importance of discipline and engagement in content creation.
"part-time thing in the evenings on the weekends was it just you did you have a couple of buddies or yeah there were three of us when we started out so it was me and then two other people from my the s..."
Finding Your Voice
In this segment, Ash talks about the challenges of maintaining a blog and the importance of having something meaningful to say. He shares tips on how to stay motivated and the role of community feedback in encouraging continued writing.
"let let's get into that a little bit why didn't you blog before I mean because Jeff and I talk about this all the time I I tried to blog I get into it a little bit then I fall off it's like going to t..."
Leveraging Influencers
Ash explains how referencing influential figures in his niche helped amplify his blog's reach. He shares strategies for connecting with industry leaders and the benefits of building a network through shared interests.
"one of the things I got good encouragement from even from people some mentors that were in in my um in my team that were advisers that were kind of reading what I was doing you know like the way that ..."
Transitioning to New Ventures
Ash discusses the sale of his collaboration app and how it funded his next venture. He shares insights on the acquisition process and the importance of being adaptable in the entrepreneurial landscape.
"a great idea y uh but Jeff and I struggle with this I have to tell you Ash and for me personally uh getting on a hangout with guys such as yourself this is a this is an absolute pleasure I mean I love..."
Lessons Learned from Early Ventures
Reflecting on his journey, Ash contrasts his first company with his current endeavors. He emphasizes the importance of focusing on solving real problems rather than just being enamored with technology.
"very well is I was referencing a lot of people like Eric Ree and Steve L and everyone has Google Alerts so they found out that I was writing about them they read what I wrote they liked what I was say..."
The Entrepreneur's Dream: Exiting Successfully
Ash Maurya shares his journey of transitioning from one startup to another, highlighting the rarity of successful exits in entrepreneurship. He recounts how a Norwegian entrepreneur, his first customer, ended up acquiring his company after years of collaboration, illustrating the importance of building relationships and understanding market needs.
"it was it was like guess it was good enough to do to basically take care of a lot of things and then also fund fund quite a bit of my next uh Venture which is 59 that's great well congrats on that man..."
From Solution to Problem: A Shift in Mindset
In this segment, Ash discusses the evolution of his entrepreneurial mindset, moving from being enamored with technology to focusing on solving real customer problems. He emphasizes the importance of validating ideas through customer feedback rather than falling into the trap of creating solutions without a clear problem to address.
"happened in two or three weeks we were done so it's pretty pretty easy very cool very cool did you take like a year off and just go to like some I was already I was already working on another on the o..."
Learning from Mistakes: The Lean Startup Approach
Ash reflects on the pitfalls of traditional product development, sharing a cautionary tale about a failed instant messaging project. He advocates for the Lean Startup methodology, which encourages entrepreneurs to test their ideas quickly and efficiently, using landing pages to gauge interest before investing significant time and resources.
"and I now try to test you know if I build this not you know can I build it or should I go should I build it and then test can if I were to build this can I will people engage with it will people buy i..."
The Birth of Lean Canvas: A New Business Model Tool
Ash introduces Lean Canvas, a one-page business model designed to streamline the planning process for startups. He contrasts it with traditional business plans, highlighting its efficiency in capturing core assumptions and focusing on the riskiest aspects of a business model, ultimately making it easier for entrepreneurs to iterate and pivot.
"this right so um with with the second company what happened is as I was building the first one as I mentioned I got into blogging I started writing about Lean Startup okay and began to get encouraged ..."
Why Lean Canvas Works: Simplifying Business Planning
In this segment, Ash explains the structure of Lean Canvas and its advantages over traditional business plans. He emphasizes the importance of concise documentation of assumptions and the need to focus on critical elements that drive business success, making it a practical tool for entrepreneurs seeking to validate their ideas.
"I uncovered through these workshops that I began to run things that entrepreneurs were running into and these products just naturally emerged and fell out of it so one of them is a is a business model..."
Understanding Business Models: The Core of Startups
Ash delves into the significance of understanding business models in startups, arguing that the real product is not just the technology but the business model itself. He discusses how identifying risks and assumptions early on can lead to more successful outcomes, encouraging entrepreneurs to prioritize customer validation over technical development.
"identify what is risky in your model and start with that first this is great I'm actually on we're we're looking at lean canvas.com right now and so yeah so this is a SAS based product right right but..."
The Art of Conciseness
Ash Maurya emphasizes the importance of being concise when presenting business ideas to investors. He argues that since investors often won't read lengthy documents, entrepreneurs should distill their ideas into clear, concise statements. This practice not only helps in communicating effectively but also forces entrepreneurs to critically evaluate their assumptions about customer segments and market size.
"just your best guess as they say right 60 words of 60 Pages your best guess yeah yeah right and so the argument is that if an investor is not going to read the whole thing and going to make you conden..."
Understanding the Lean Canvas
In this segment, Ash Maurya explains the structure of the Lean Canvas, a tool designed to help entrepreneurs document their business model assumptions. He breaks down the components of the canvas, including problem, solution, key metrics, and customer segments, highlighting how it helps entrepreneurs visualize their business model and identify critical areas to focus on.
"got um so really what this is is it's it's a it's a very fast way of of documenting your assumptions that are in your head right the format itself was I I I didn't want to um redesign this so the ques..."
The Importance of Market Understanding
Ash discusses the significance of understanding the market when developing a business model. He explains how the Lean Canvas encourages entrepreneurs to think about their customer segments and distribution channels, rather than just focusing on the product. This holistic approach helps in identifying potential risks and opportunities in the market.
"right there uh and so in that top row uh right below that top row we got two more boxes cost structure and revenue streams so am I am I here am I getting this right it's really split between cost stru..."
Sharing Your Business Model
Ash shares his experience of encouraging entrepreneurs to present their Lean Canvas to others. He highlights the value of receiving feedback from peers, which can uncover blind spots and areas of improvement. This practice not only helps refine the business model but also prepares entrepreneurs for real-world challenges.
"rambling in your brain uh what's the main output like you said you kind of are going after the riskiest things first what is the main output that you can you know someone can take away after they've f..."
Identifying Risks Early
In this segment, Ash emphasizes the importance of identifying risks early in the business planning process. He suggests that entrepreneurs should focus on potential weaknesses in their business model and seek feedback to address these risks proactively. This approach can lead to more effective strategies and a higher chance of success.
"those so what I and I started using this technique in my workshop I would make entrepreneurs come and share their canvas and then get on stage and then talk about it so wow typically when you typicall..."
The Role of Feedback in Business Planning
Ash discusses how feedback from others can significantly enhance an entrepreneur's understanding of their business model. He explains that sharing the Lean Canvas allows for constructive criticism, which can lead to valuable insights and improvements. This iterative process is crucial for refining the business strategy.
"that has to come together so when they start talking about it very quickly they realize that they're in they're in one they're they're kind of out of their comfort zone because they've only they would..."
The Challenge of Unique Value Proposition
Ash highlights the difficulty entrepreneurs face in articulating their unique value proposition. He explains that capturing attention is crucial, and the value proposition must clearly communicate how the product solves a problem for customers. This segment underscores the importance of crafting a compelling message that resonates with the target audience.
"again the technology and how great it is this you're going and tell them how you're going to build out this business model and then get the other person to tell you what they think the holes are and m..."
Understanding Unfair Advantage
In this segment, Ash discusses the concept of 'unfair advantage' in business. He explains that many entrepreneurs mistakenly believe being first to market is an advantage, while in reality, it can be a disadvantage. Ash emphasizes the need for a true competitive edge that cannot be easily replicated by others.
"can try it out and you can go online and change the order and or something like that and um the reason why I'm bringing this up is I would love if they had something like a lean canvas thing on Shark ..."
Learning from Failure
Ash shares his perspective on failure in entrepreneurship, advocating for a mindset that embraces quick failures as learning opportunities. He discusses the 'hockey stick curve' of business growth, emphasizing that early failures can lead to faster success if entrepreneurs learn from their mistakes and iterate on their business models.
"you see just want to you know if they didn't have this sort of canvas or organization would just want to solve the the solution build it you know here's here's how we're going to technically build it ..."
The Importance of Holistic Thinking
Ash stresses the need for entrepreneurs to adopt a holistic view of their business models. He explains that focusing solely on product development can lead to overlooking critical aspects of the business. This segment highlights the value of considering all elements of the business model to ensure a comprehensive strategy.
"slide decks and you get interrupted a lot like you're on slide deck three and the investor goes what problem was it can you go back two slides or how are you going to get to Market I don't want to hea..."
Testing Market Demand
In this segment, Ash discusses strategies for testing market demand before fully developing a product. He emphasizes the importance of direct sales and customer interactions to validate business ideas. This proactive approach helps entrepreneurs gauge interest and make informed decisions about their offerings.
"get their attention right but if I tell them buy my product because it solves this problem for you it helps you you know make more money or be more productive or whatever that is right all of a sudden..."
Embracing Failure: The Hockey Stick Curve
Ash Maurya discusses the importance of embracing failure in the entrepreneurial journey, explaining the hockey stick curve that many startups experience. He emphasizes that initial flat growth is not due to laziness but rather a necessary phase of tinkering and learning from small failures before achieving significant traction.
"year and then find something working that's a much better outcome so I often times so so I'll just finish one thought because this is a I'm just going to talk on on failure in general I see a lot of e..."
The Lean Approach to Risk Management
In this segment, Ash highlights how lean techniques prioritize risk management over lengthy development cycles. He explains the importance of understanding potential risks and edge cases before executing a business strategy, ensuring entrepreneurs are prepared for challenges that may arise.
"like I said there's nothing wrong with failure is just try to shorten that time and that's where again I find these lean techniques help because they prioritize risk over let's just take a lot of time..."
Beyond Landing Pages: Direct Sales Tactics
Ash shares insights on validating startup ideas beyond just creating landing pages. He stresses the importance of direct sales interactions, encouraging entrepreneurs to engage with potential customers face-to-face to gauge interest and validate their business concepts effectively.
"about that what else is there anything else Beyond just the the landing page stuff uh to quickly uh judge whether this is going to sell or not do you have any other suggestions yeah so I would say tha..."
Stages of Startup Validation
Ash outlines the three critical stages of the startup lifecycle: problem-solution fit, product-market fit, and growth hacking. He emphasizes the need for entrepreneurs to validate their ideas quickly and efficiently, aiming to find paying customers within a short timeframe to ensure their concepts are viable.
"one is problem solution fit which is I've got this great idea is this really an idea I should pursue so you can time box that usually I find within four to six weeks you can go out there and take that..."
Real-World Examples of Validation Success
In this segment, Ash shares success stories from entrepreneurs who have effectively utilized the lean canvas to identify gaps in their business models. He emphasizes that validation is crucial and that simply creating a business model is not enough; entrepreneurs must actively seek feedback and adjust their strategies.
"which is product Market fit stage which is take the take the your understanding of your customers problems build something incrementally to get them to start using your product and getting value from ..."
Overcoming the Fear of Customer Interaction
Ash reflects on his own experiences as a tech entrepreneur and the challenges of engaging with customers. He encourages others to step out of their comfort zones and emphasizes the importance of direct communication to understand customer needs and validate ideas effectively.
"ass sure uh so I've I've run many workshops that have spanned um you know people with people with a jobs who have an idea what we call entrepreneurs they want to become L those they're watching our sh..."
Detecting Genuine Customer Interest
Ash provides strategies for entrepreneurs to discern genuine customer interest from mere polite responses. He advises asking probing questions to uncover real pain points and encourages entrepreneurs to seek actionable feedback rather than relying on positive affirmations.
"tagline life is too short to build stuff nobody wants no and so for me I just had to fix that so I had to get out that comfort zone the second thing was I knew when I whenever I try to do it had even ..."
Driving Action: From Interest to Commitment
In this segment, Ash discusses the importance of driving potential customers to take action, such as making a deposit or signing up early. He shares various tactics, including crowdfunding and advanced payment strategies, to gauge real interest and commitment from customers.
"the heart of of the information very that's the first thing really explore that pain really explore the pain what you're saying yeah right and the second thing is driving people to action so it's not ..."
Continuous Customer Feedback Loops
Ash emphasizes the necessity of maintaining continuous conversations with customers throughout the product lifecycle. He discusses the importance of feedback loops and how they can lead to significant improvements and refinements in product development.
"all about these cash money tactics if you have any more cash money tactics please tell us there some good strategies yeah it great yeah yeah so I mean there's always something for in with depending on..."
Effective Customer Engagement Strategies
In this final segment, Ash shares effective strategies for engaging customers through lifecycle messaging and contextual feedback. He highlights the importance of asking targeted questions to gather valuable insights while maintaining a personal touch in communication.
"problem collect feedback I try to ask everyone uh is a product manager you know had on how are you collecting and iterating the customer input yeah so I mean I think there are there are a number of th..."
Building Relationships Through Personalized Emails
Ash shares his approach to crafting personalized welcome emails that encourage open communication with customers. He highlights the effectiveness of responding to customer inquiries personally, fostering a sense of connection and trust, which leads to higher engagement rates.
"so with the there like the contextual asking one question that is in context that's very helpful and then with the email life cycle messaging what we do is we build a relationship so right from the we..."
Coaching, Content, and Product Development
Ash outlines the three pillars of his company: tools, content, and coaching. He explains how workshops serve as a customer development lab, providing insights that inform product creation, including the Lean Canvas and User Cycle, which are designed to enhance customer engagement and analytics.
"tradeoff and I think it's it's fair wow definitely so so okay so you're doing this these workshops is that is that what you're doing now you're you're out of the software game no no no so so the compa..."
Workshops as a Soft Selling Platform
In this segment, Ash discusses how his workshops act as a platform for soft selling his products. He explains that by sharing valuable insights during workshops, attendees often express interest in his tools, leading to organic adoption without aggressive marketing tactics.
"Cycles so we're building a product to do a lot of the things that I'm even sharing with you right now right wow is this going to be like a plugin for rails like a gem or you guys think about doing som..."
Balancing Coaching and Product Development
Ash reflects on his time management strategy, dedicating 25% of his schedule to coaching while focusing the rest on product development. He shares insights on how this balance allows him to remain connected with entrepreneurs while also advancing his product offerings.
"start internet startups are all the rage these days I mean startups in general seems to be quite the trend right now uh so are you doing brisk business with your workshops like are you on a tour like ..."
Global Entrepreneurial Trends
Ash shares his observations on the global startup scene, noting that entrepreneurs everywhere share similar challenges and aspirations. He discusses the cultural differences in entrepreneurship across countries and the emerging opportunities for local impact.
"into the product so are we uh you got a workshop coming up uh later on this month or next month actually next week I'll be in Chile so yeah I'll be doing few workshops there what's what do that like m..."
Cultural Perceptions of Entrepreneurship
In this segment, Ash addresses the stigma surrounding entrepreneurship in various cultures, particularly in Europe. He contrasts the perception of entrepreneurs in different countries, highlighting the challenges they face in gaining respect and recognition.
"are you seeing out there like let's say in Europe is mobile really hot or a lot of people in Mobile and they're trying to create startups around that or yeah so I kind of see the same Trends and so th..."
The Impact of WebRTC on Collaboration
Ash discusses the potential of WebRTC as an enabling technology for collaboration. He reflects on how it could disrupt traditional communication methods and create new opportunities for innovative applications, while also acknowledging the importance of incremental adoption.
"differently over there yeah can we get an abbreviation for that by the way that word's uh it's hard to I know it is so what what are your thoughts I'm just curious this is a little bit random what are..."
Lessons from Eric Ries and the Lean Startup Movement
Ash analyzes the rapid rise of Eric Ries and the Lean Startup movement, attributing it to the resonance of his ideas with entrepreneurs. He emphasizes the importance of community engagement and sharing knowledge in fostering a successful entrepreneurial ecosystem.
"sometimes technology has to go at the pace of customer learning and customer ad adoption otherwise it's just like too far forward you can almost say the same that peer-to-peer social network was a goo..."
The Importance of Getting Out of the Building
Ash emphasizes the critical lesson from the Lean Startup philosophy: the necessity for entrepreneurs to engage with customers rather than solely focusing on product development. He discusses how this approach addresses a common challenge faced by developers and designers who prefer to work in isolation, highlighting the need for real-world feedback.
"there was there was power in this idea he began to systemize it into a movement and he did a great job I mean there's so many meetups around the world um he helped people and not not in a kind of Evil..."
Creating a Common Language for Startups
In this segment, Ash Maurya reflects on how the Lean Startup movement has established a common vocabulary among entrepreneurs globally. He discusses the significance of terms like 'pivot' and 'MVP' and how they facilitate communication across different cultures and regions, enhancing collaboration and understanding in the startup ecosystem.
"of a sudden we had meetup groups and we had Twitter we had all of these things so the idea could spread a lot faster because sometimes people say that there's nothing new Under The Lean Startup umbrel..."
From Theory to Practice
Ash shares his vision for the future of the Lean Startup methodology, focusing on practical applications rather than just theoretical concepts. He contrasts his work with Eric Ries's, emphasizing his commitment to helping entrepreneurs implement Lean Startup principles effectively through hands-on guidance and resources.
"question of like you know what is the differentiation I see myself more I I see myself more interested like less interested in kind of building the the big the big part of the funnel but more interest..."
Building a Supportive Entrepreneurial Community
Ash discusses the importance of community in supporting entrepreneurs, mentioning the creation of groups where individuals can share their experiences and learn from each other. He highlights the challenges of privacy and security in sharing business ideas while expressing his desire to foster an environment of collaboration and learning.
"nitty-gritty the details yes yes that sounds really great um you know when I go let's say I go to your you know the The Lean Startup site can I is there eventually at some point a community where I ca..."
Empowering Entrepreneurs for Change
In the closing segment, Ash Maurya expresses his commitment to empowering entrepreneurs and increasing their chances of success. He shares his long-term vision for supporting the entrepreneurial community through workshops and online courses, emphasizing the vital role entrepreneurs play in driving societal change.
"there okay great very cool very cool I have to tell you Ash I applaud you for your efforts man uh you know the change that we need in this world are only going to be made by entrepreneurs uh we can't ..."