In Running Lean: Iterate from Plan A to a Plan That Works, Ash Maurya provides invaluable insights for entrepreneurs, startup owners, and product managers aiming to build a successful Minimum Viable Product (MVP). The following quotes encapsulate key lessons and strategies from various chapters, offering practical wisdom on how to navigate the journey from initial idea to a thriving business model.
Love the problem, not your solution.
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Without customer feedback, it’s too easy to fall prey to the ‘build trap’ where breakthrough always seems one killer feature away but remains ever-elusive.
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You Can’t Afford to Wait For An Idea Whose Time Has Come.
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An MVP is not synonymous with a half-baked or buggy product.
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Your MVP should address not only the top problems customers have identified as being important to them, but also the problems that are worth solving.
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Price is part of the product.
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Remember that customers don’t care about your solution, but their problems.
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Your minimum success criteria (MSC) is the smallest outcome that would deem your project a success 3 years from now.
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A minimum viable product is the smallest solution you can build that delivers monetizable value to your customers.
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A good story engages us and has the power to drive us to action.
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The key to crafting an effective UVP (Unique Value Proposition) is connecting it to the number-one problem you are solving for your customers.
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Spend 20% of the time (about 5 minutes) setting the context for your idea. And the remaining time soliciting feedback.
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Entrepreneurship is a journey best taken with others.
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The best way to find the next big idea is to quickly test lots of ideas.
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When you’re trying to market to everyone, you reach no one.
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Focus on building any business model around fewer high lifetime value (LTV) customers versus lots of low lifetime value customers.
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Customers today have lots of choices. If your MVP fails to resonate with them, they don’t turn into testers and patiently deliver you feedback on how to improve your product… they simply leave.
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You need to find the smallest solution that solves a big enough customer problem and deliver that.
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A minimum viable product (MVP) is the smallest solution that creates, delivers, and captures customer value.
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Speed of learning is the new unfair advantage.
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Running Lean is a treasure trove of practical advice and strategic insights for anyone looking to build a successful MVP and develop a sustainable business model. For a deeper understanding and to fully equip yourself with the tools to iterate from Plan A to a plan that works, read the entire book. It’s a must-read for aspiring entrepreneurs and seasoned business professionals alike.
Read Next
Book Review: Running Lean by Ash Maurya
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Citation: Maurya, A. (2012). Running Lean: Iterate from Plan A to a Plan That Works. O’Reilly Media.
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