...The Lean Startup The Lean Startup is a methodology published by Eric Ries in 2011 intended to reinvent how we build businesses today. Since publishing the book The Lean Startup, the fundamentals behind the book have become a widely used process for many technology startups and has since progressed into curriculum of renowned universities and established businesses. The comprehensive idea behind The Lean Startup is to hypothesize, test, and refine your product or service as you build your business to ensure success with the least amount of resources. Although these ideas have recently become popular after the release of Ries’ book, the ideas and concept date back much further. Many of the concepts adapted by The Lean Startup were derived from the familiar Lean Manufacturing views. Improving quality, eliminating wastes, reducing time, and reducing costs are all intricate adaptations from lean manufacturing. Ries began to formalize his knowledge of building businesses after several failed attempts at starting technology businesses. The cycle of lean startup practices were intended for businesses to reduce startup costs, test the market, and improve viability. Historically tech startups would begin with an idea, create the product or service, seek large amounts of funding, and then bank their entire company on one grand launch with hopes of instant success. With Ries’ model startups now create their minimum viable product, test various aspects of the product on a small portion...
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... Entrepreneurial Management Trying to fit square peg into round hole Many have the “Just Do It” attitude and don’t want management, that is where entrepenuers fails They need mananagement discipline of some sort Lean Startup comes from lean manufacturing at Toyota Want cross-Functional teams to work across all functions Henry ford = one of the great entrepreneurs ever and Automobile = Startup • Startups have an engine of growth: need to make adjustments to make your products better. • Feedback Loop: want immediate and automatic feedback that you don’t really think about. Steering is what must it different from other ways to get places. • Many startups are like rocket launches but they are no good. First you have to have vision, then strategy and then a product. Setbacks are a good thing and a learning experience. Who’s an entrepreneur? Internal innovators = entrepreneur • People working corporate America jobs can still be an entrepenur at their company, called intrapreneurs What’s a startup? “Startup is a humn insitiuition designed to create a new product or service under conditions of extreme uncertainty” Starts and entrepreneurs come in different sizes and forms Startups and innovation go hand & hand. Learning Validated learning: showing a team found valuuble truths about the present and the future Find a combination of your vision and what the customer wants Startup is an experiment to get validated learning IMVU...
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...Acclaim for THE LEAN STARTUP Acclaim for THE LEAN STARTUP “The Lean Startup isn’t just about how to create a more successful entrepreneurial business; it’s about what we can learn from those businesses to improve virtually everything we do. I imagine Lean Startup principles applied to government programs, to health care, and to solving the world’s great problems. It’s ultimately an answer to the question How can we learn more quickly what works and discard what doesn’t?” —Tim O’Reilly, CEO, O’Reilly Media “Eric Ries unravels the mysteries of entrepreneurship and reveals that magic and genius are not the necessary ingredients for success but instead proposes a scienti c process that can be learned and replicated. Whether you are a startup entrepreneur or corporate entrepreneur, there are important lessons here for you on your quest toward the new and unknown.” —Tim Brown, CEO, IDEO “The road map for innovation for the twenty-first century. The ideas in The Lean Startup will help create the next industrial revolution.” —Steve Blank, lecturer, Stanford University, UC Berkeley Hass Business School “Every founding team should stop for forty-eight hours and read The Lean Startup. Seriously, stop and read this book now.” —Scott Case, CEO, Startup America Partnership “The key lesson of this book is that startups happen in the present —that messy place between the past and the future where nothing happens according to PowerPoint. Ries’s ‘read and react’ approach to this sport, his...
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...Acclaim for THE LEAN STARTUP “The Lean Startup isn’t just about how to create a more successful entrepreneurial business; it’s about what we can learn from those businesses to improve virtually everything we do. I imagine Lean Startup principles applied to government programs, to health care, and to solving the world’s great problems. It’s ultimately an answer to the question How can we learn more quickly what works and discard what doesn’t?” —Tim O’Reilly, CEO, O’Reilly Media “Eric Ries unravels the mysteries of entrepreneurship and reveals that magic and genius are not the necessary ingredients for success but instead proposes a scientific process that can be learned and replicated. Whether you are a startup entrepreneur or corporate entrepreneur, there are important lessons here for you on your quest toward the new and unknown.” —Tim Brown, CEO, IDEO “The road map for innovation for the twenty-first century. The ideas in The Lean Startup will help create the next industrial revolution.” —Steve Blank, lecturer, Stanford University, UC Berkeley Hass Business School “Every founding team should stop for forty-eight hours and read The Lean Startup. Seriously, stop and read this book now.” —Scott Case, CEO, Startup America Partnership “The key lesson of this book is that startups happen in the present—that messy place between the past and the future where nothing happens according to PowerPoint. Ries’s ‘read and react’ approach to this sport, his relentless focus on validated...
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...1. Methodology customer development The five principles of the lean startup Enterpreneurs are everywhere, my denition of a startup: a human institution designed to create new products and services under conditions of extreme uncertainty. That means entrepreneurs are everywhere and the Lean Startup approach can work in any size company, even a very large enterprise, in any sector or industry. Entrepreneurship is management, A startup is an institution, not just a product, and so it requires a new kind of management specically geared to its context of extreme uncertainty lean thingking It taught the world the diference between value-creating activities and waste and showed how to build quality into products from the inside out. The innovator dilemma Innovation is a bottoms-up,decentralized, and unpredictable thing, but that doesn’t mean it cannot be managed. Validated learning is the process of demonstrating empirically that a team has discovered valuable truths about a startup’s present and future business prospects. It is more concrete, more accurate, and faster than market forecasting or classical business planning. Lean Startup : Mulai Usaha Dengan Resiko Rendah… Published on Wednesday, 24 April 2013 07:41 Oleh : Muhaimin Iqbal Entrepreneur itu bisa belajar dari siapa saja, bahkan bisa belajar dari seorang petinju seperti Mike Tyson sekalipun. Melalui ucapannya yang terkenal “semua orang bisa ber-strategi, tetapi ketika pukulan lawan mengenai muka Anda – baru Anda tahu...
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...Chain Management Workshop Series: Milk Run Delivery Nowadays, Supply Chain Management becomes a concern of many companies to success their improvement as there are several waste coming from these chains. By reducing all waste in these chains, company will get more benefit. These benefits are speed and responsiveness to customers, reducing inventories, reducing costs, improving customer satisfaction, and also Supply Chain as a competitive weapon. Supply chains that want to grow and continue to improve must adopt lean. Lean is a cooperative process for survival and for success. Lean concepts require an attitude of continuous improvement with a bias for action. A lean supply chain is proactive and plans for the unexpected by positioning all resources for effectiveness. Downturns in demand can be addressed without layoffs or significant productivity losses. A lean supply chain is one that produces just what and how much is needed, when it is needed, and where it is needed. Gaining visibility into your transportation operations all the way from raw materials vendors to your end customers will open the door for communication, process development, and management skills that can be leveraged in other areas like inventory management and procurement. A bonus is that many of the more advanced supply chain visibility tools gaining rapid acceptance in the marketplace are either part of a suite of applications that combines Warehouse Management System (WMS) and Transportation Management System...
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...work to create a curated resource for creative entrepreneurs. This book is the teaching and inspirational aid for our kbs+ Ventures Fellows – a highly select group of kbs+ staffers from all levels and areas of the agency – who go through a six-month educational program to immerse themselves in the startup and venture capital world. Share this entrepreneurial inspiration with friends using @kbspvc or #kbspvcbook. If you would like to share any inspiration, thoughts or feedback, please contact us at @kbspvc anytime – we look forward to hearing from you. Thank you for downloading our book! Darren Herman Taylor Davidson Creative Entrepreneurship Darren Herman Taylor Davidson a kbs+ partner We have received explicit permission from all authors of the works found in this book. Unless otherwise stated, we do not claim to have written or own any of this work. We are purely aggregating it into a simple book format for the education of anyone who picks up this book. The price of this book is free; if anyone tries to sell this book to you, please report them to us. Hopefully this book inspires you as much as it does us. We do not guarantee you will start the next successful startup after reading this book but we do think it will make you at least one IQ point smarter. Enjoy it and after you are done with it, hand it to someone else to read. Sharing means caring. The author and publisher have taken care in the preparation of this book, but make no expressed or implied warranty...
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...regards to innovation. Since then, I began to pay attention to domestic startups, as they are brimming with creative, innovative energy. Their successes motivated me to develop my own entrepreneurial qualities in preparation for the real world. However, I realized that in order to make more significant contributions to the field, I would need to gain...
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...“Making It Right”: A New Smashing Book on Product Management For A Startup World * By Vitaly Friedman * July 24th, 2014 * Smashing Books * 12 Comments You’ve seen this happen a thousand times. An organization struggles with a high level of internal enthusiasm and creative chaos that team leaders don’t know how to handle any more. To bring order into projects, a new product manager is appointed, under huge expectation, and with unclear responsibilities and big goals defined within a very short timeframe. That’s when things usually go south, resulting in failed projects, crushed teams and disappointed clients. That’s why we’ve teamed up with our author and friend Rian van der Merwe, a senior product manager with a sociology and UX background, to create a new practical book to help product managers in the digital space manage projects effectively — the right way, with the right strategy, in the right time, with the right team. Making It Right is a book about just that: what product management is, what it isn’t, why it’s important, and how to approach it strategically and meaningfully to get things done well. Available today. What The Book Is All About In the startup world, success is defined by the quality and reach of the product. The main purpose of this book is to help product managers who work specifically with digital projects build better — less complex, more focused, less long-winded and more intelligent — products. By featuring lessons learned and warning...
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...superior products. * Stimulate their minds (conferences, communication between staff, etc.). * Minimize hassles both on and off the job (gyms, swimming pools, hospitals and more on company’s campus). Keeping its customers satisfied * Listen and analyze feedbacks, advice etc., create conferences for customers, collaboration with a customer to invent new solutions, build long-term relationships, etc. Subscription-plan business model. * Tap into the creative talents of your customers instead of looking just to your workers for new ideas. * Nurture long-term relationships with users and employees alike. Creativity is the raw material that goes into innovation. Reading 2: Recognizing Opportunities and Generating Ideas BENCHPREP: be familiar with what the company does; how it was launched; the characteristics of the business opportunity when the BENCHPREP was launched * Company provides cross-platform apps to help students prepare for standardized tests (GMAT, SAT, MCAT, etc.). * Launched at the perfect time (not too early-not to late) when IPhone was introduced and apps were just gaining popularity. Done by two friends (ASHISH RANGNEKAR AND UJIWAL CUPTA). * Timing was perfect. The first GMAT perp app. Opportunity Evaluation Framework: be familiar with its five key characteristics as discussed in class, their meanings and the key questions behind each characteristic (source: lecture, book chapter) 1. Product: anchored in a product, service...
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...Session 1 MT5006 Jim White Introductions Product Development Overview Break Project Descriptions Team Activity 30 min 45 min 10 min 20 min 60 min PhD in Electrochemistry from UT Austin (1985) IBM: Research and Development (1985 ‐ 1992) 3M (1992 – 2011) ◦ Semiconductors for Solar Energy Conversion ◦ T J Watson Research Center ◦ ◦ ◦ ◦ DFSS Master Black Belt Electronics Business Technical Director for APAC (Shanghai) 3M Taiwan Technical Director (Taiwan) Electronic Solutions Global Technical Director (Singapore) Adjunct Professor NUS Department of Engineering & Technology Management Founded JRW Consulting (www.jrwconsulting.com.sg) (2011) Enjoy distance running, diving, hiking, photography To prepare you for making business decisions, for new businesses, products and services, by providing you with the necessary knowledge and tools. The Basics Technology &Design The Business Sessions 1‐4 Sessions 5‐8 Sessions 9‐13 NPI Systems QFD Intellectual Property Stage Gate Robust Design Business Models Lean NPD Data Analysis Finance Market Assessment Prototyping Value Chain Predictive Engineering Project Management Technology Planning Portfolio Management Customer Engagement We meet every week from 6 – 9 pm. Be on time!! Each week consists of ◦ Quiz or discussion of projects or case studies ◦ Le...
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...Discussion Board 1 “I will instruct you and teach you in the way you should go; I will counsel you with my eye upon you.” (Psalms 32:8, Amplified Bible). The Bible has a profound effect on people. To the believer, it is the word of God and is used as a blueprint as to how we should live our lives. Although the bible is full of teachings, sometimes we forget to lean on it and instead lean on our own understanding. After reviewing the decision Ramona is facing in regards to signing a contract with Next Step, it can be determined that God is displaying all of the signs of what she should decide. However, the message can become an unclear when $80,000 is the starting salary. Looking at this from a Christian’s perspective, Ramona should not sign the contract with Next Step because of the lack of ethics, honesty, and integrity from the CEO and company affiliates. Every organization or company has a purpose, a reason why, that is typically described in the mission statement. The mission statement helps to create the corporate culture, or organizational culture. “Corporate culture is a powerful way for an organization to define itself, create high morale, uniformity among its employees, brand recognition among its customers and set itself apart from its competitors” (Sadri, 2014). In order to create a corporate culture, it must first start with the leadership. “So he shepherded them according to the integrity of his heart, and guided them with his skillful hands” (Psalms...
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...Supply Chain Final cumulative balanced scorecard ending with Quarter 4 is below. Cumulative industry results for last four quarters ending in quarter: 4 | | Minimum | Maximum | Average | House Personal Computer | Total Overall | 0.00 | 749.39 | 17.00 | 0.00 | Financial Performance | -73.50 | 211.50 | 13.68 | -22.62 | Market Performance | 0.00 | 0.65 | 0.16 | 0.32 | Marketing Effectiveness | 0.00 | 0.82 | 0.33 | 0.62 | Investment in Future | 0.00 | 468.30 | 1.44 | 1.46 | Wealth | -2.12 | 5.21 | 0.67 | 0.21 | Human Resource Management | 0.00 | 0.84 | 0.35 | 0.73 | Asset Management | 0.00 | 3.59 | 0.54 | 0.57 | Manufacturing Productivity | 0.00 | 1.00 | 0.36 | 0.45 | Financial Risk | 0.00 | 1.00 | 0.45 | 0.82 | Income statement from Quarter 5 performance report, showing Quarters 1-4. Income Statement | | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | 'Gross Profit | ' Revenues | 0 | 984,606 | 1,949,789 | 2,276,192 | '- Rebates | 0 | 39,400 | 62,450 | 67,950 | '- Cost of Goods Sold | 0 | 933,305 | 1,551,810 | 1,613,631 | '= Gross Profit | 0 | 11,901 | 335,529 | 594,611 | | | | | | 'Expenses | ' Research and Development | 60,000 | 0 | 60,000 | 0 | '+ Advertising | 0 | 66,500 | 164,857 | 171,182 | '+ Sales Force Expense | 0 | 111,230 | 134,665 | 156,251 | '+ Sales Office Expense | 220,000 | 120,000 | 320,000 | 200,000 | '+ Marketing Research | 0 | 15,000 | 15,000 | 15,000 | '+ Shipping | 0 | 19,077 | 30,593...
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...JRT2: SUPPLY CHAIN – TASK 1 SIMULATION ANALYSIS TROY A. KRUMWIEDE WESTERN GOVERNORS UNIVERSITY JRT2: SUPPLY CHAIN – TASK 1 SIMULATION ANALYSIS Simulation Analysis PrimeComp is a company introducing a new line of microcomputers throughout the world market. It is PrimeComp’s mission to provide its customers, from around the world, with quality computer systems that meet specific business requirements at the best possible value. During the first quarter of operation, PrimeComp’s management reviewed market research to develop two brands in two target segments. PrimeComp’s primary brand, Champion, would be marketed to the Mercedes target market. A second brand, Globetrotter, would be designed for the secondary market, Traveler. To best reach PrimeComp’s customers, it was determined that two sales offices would be necessary. The first sales office was located in New York, North America and the second would be opened in Tokyo, Asia. These two locations revealed the most potential for the two brands and target markets. A factory was built that would create approx. 3,250 units per quarter. PrimeComp generated financing by issuing closely held stock. A total of 20,000 shares of common stock were issued at 100 per share to the owner and team members. This investment will be used for all first quarter expense and the unused balance will be carried over to quarter two. During the second quarter we will need to hire sales, services, and factory worker personnel. Compensation...
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...records. The financial allowances were budgeted for the opening of two sales offices, research and development, and fixed plant capacity. Based on a startup operating budget of $2 million, I was able to allocate a fixed plant capacity 1,625 units a quarter at cost of $600,000. Reviewing the cash flow balance sheets, the company was able to end the period with $810,000 positive balance and a negative cash flow of $590,000. Had the decision been made to increase the plant capacity the first quarter costing $1.1 million, the company would have been left with a negative cash balance, thus requiring additional funding to operate. As the company progressed through the quarters, careful analysis of the previous quarter accounting statement were undertaken to understand the current company cash flow versus total balance with combined assets and debt before allocating an operations budget plan. Using balance sheets along with pro forma statements allow the budget to be planned by projecting the impact to the cash flow in real time. Using the Pro Forma statements in conjunction with setting the cost of goods and the capacity of the manufacturing facility for quarter 2, the company was able to realize $1,810,000 in revenue, with a cost of $1,195,859, and rebates of $90,250 at producing 1,625 units; giving a gross profit of $523,891 on products sold. Using the Pro Forma allowed the company to see the impact and realize a positive profit would be generated. If a negative profit was forecasted...
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