English
5min
Module 1: The Lean Startup Mindset
Module 2: Defining Your Vision
Module 3: The Build-Measure-Learn Feedback Loop
Module 4: The Minimum Viable Product (MVP)
Module 5: Validating with Customers
Module 6: Pivoting or Persevering
5/23 Lessons
Content
Assignement
Your Business Model Canvas is filled with assumptions. To practice the Lean Startup methodology, you must identify these assumptions and turn them into testable hypotheses. These are specific predictions that, if proven true, validate a core part of your business model. We can categorize these hypotheses into three main areas.
1. Value Hypothesis
The Value Hypothesis tests whether your product or service provides real value to customers. It's about figuring out if you're solving a problem or fulfilling a need that people are willing to pay for or use. So, we will be connecting the "Value Propositions" and "Customer Segments" blocks on your canvas that you just did.
For example: "We believe that our target customers (young professionals living in the city) will pay a monthly subscription for our eco-friendly meal kit service because it saves them time and aligns with their values."
To Test: An experiment could be a simple landing page that asks for sign-ups for a beta version of the service.
2. Growth Hypothesis
The Growth Hypothesis is about how you will acquire and retain new customers. It's a prediction about how your product will spread and how you will get the word out effectively. So, we will be connecting the "Channels" and "Customer Relationships" blocks on your canvas.
For example: "We believe that the best way to reach our target customers (young professionals) is through Instagram ads, and our customers will be so satisfied that they will refer at least one friend within the first month."
To Test: An experiment could be running a small social media ad campaign to see if it drives traffic to your landing page.
3. Customer Hypothesis
The Customer Hypothesis is the most foundational. It's a statement about who your customer is and whether a significant number of them exist. You can't provide value or grow a business if you don't know your customer. So, we will be looking at the "customer Segments" block on your canvas.
For example: "We believe that there are at least 100,000 young professionals in our city who are willing to pay for a high-quality, eco-friendly meal delivery service."
To Test: An experiment could be conducting a survey to gather data on the cooking habits of your target demographic.
The Link to Your Canvas
