I took the LSM weekend to learn lean methodology and how I could better test my ideas and start-up with minimal cost !
Here are my key takeaways and insights:
1. A startup is a temporary organization designed to search for a repeatable and scaleable model
Woah! I had never heard about a start-up operating or being any different from any other company. But it makes a lot of sense to approach it differently. Just like a person would plant a seed or seedling – these infant plants need extra special care and optimal conditions to grow. Later, when the seedling has matured, the plant doesn’t need as sensitive of care. It can weather climate and condition fluctuation better!
2. Don’t raise money – raise traction
3. The only way to beat the competition is to stop trying to beat the competition
4. People don’t buy what you do, they buy why you do it.
5. Define the ONE Metric that shows you your company is successful
6. Solve individual problems, not social or general problems (a key one for social entrepreneurs!)