The first contrast of the Lean Start-up approach regards the development of a framework. Using a template known as the Business Model Canvas developed by Alexander Osterwalder and Yves Pigneur, entrepreneurs are able to understand the building blocks to their organization, including categories such as Value Proposition, Customer Segments, Key Resources, and Key Partners. The business model canvas allows you to develop relationships within your building blocks, understanding the most successful approach to presenting your start-up. These approaches can be resource-driven, customer-driven, offer-driven or finance-driven as explained by Osterwalder.
The Lean Startup approach involves a recursive approach of customer development and continued feedback. The process of customer development followed by customer validation then circling back to customer development involves constant feedback. The process involves creating a prototype, running it by customers, understanding complaints or confusions, building customer interest, and repeating the process until you are able to present a final product from several iterations of minimum viable products. The concept of a minimum viable products is best explained from the analogy of developing a mode of transportation. In understanding customer needs, the first minimum viable product would be a skateboard. After feedback, the next iteration would be a scooter, followed by a motorcycle, and finally a car. Only the most critical features are added during each stage of the minimum viable product. This process allows users to quickly develop and improve a product without spending considerable time and financial capital. The contrasting approach to this step would involve starting with 4 wheels, adding an engine, inputting a powertrain, and providing a frame to create a pickup truck only to find out that the customer wanted a sedan.
It’s important to note that these approaches are more than applicable for companies of all sizes. Looking to customers for input and building businesses around key metrics with quick implementation of change has been how large companies such as GE have made significant headway into new industries.
So whether you are a new organization or large corporation, there are always new ways to adapt your organization for an agile entrance into the market. If you are a Northeast Ohio organization looking to implement select aspects of the Lean Start-up approach, send me a message. With the work we are doing at MAGNET thanks to our recently developed Commercialization Center, we are able to offer a wide variety of consulting and business growth services. Ranging from value proposition creation to competitive analysis and market trends, we have the resources to help you grow your business.
Want to know more? Call us at 216.391.7766 to get started!
One remarkable thing about the list is that it rarely changes. The order may change but the top cited standards typically don’t change. Top 10 Sited Safety and Health Violations: 501 - Fall Protection 1200 - Hazard Communication 451 - Scaffolding 134 - Respiratory Protection 147 - Lockout/Tagout 178 - Powered Industrial Trucks 1053 - Ladders 305 - Electrical, Wiring Methods 212 - Machine Guarding 303 - Electrical, General Requirements Three of the 10 sited standards are directed at the construction standard (1926) while other fall within the general industry (1910). It should be noted however that the general industry standard also has fall protection guidelines. Year after year, inspectors see the same on-the-job hazards, any one of which could result in a fatality or severe injury. More than 4,500 workers are killed on the job every year, and approximately 3 million are injured. By understanding these regulations you can improve your safety program and prevent injuries. Give me a call if you have any compliance doubts, or want to review OHSA regulations. Gwido Dlugopolsky at 216-391-7766 or firstname.lastname@example.org
Why does it take a NASCAR pit crew only 15 seconds to change four car tires when it takes people like you and me minutes? The answer is simple SMED. Single Minute Exchange of Dies, or SMED, is a process for reducing the time it takes to do equipment changeovers. Using the principles of SMED you should be able to perform any changeover in your facility in under 10 minutes! The SMED process is simple – convert as many changeover steps as possible to “external”, meaning they are done while your equipment is still RUNNING, while simplifying and streamlining the remaining steps. SMED is broken down into the following 3 Steps: Separate Convert Streamline We found this article to be very helping in explaining the SMED process in more detail: LEAN PRODUCTION - SMED A good first step to achieve this level of SMED efficiency would be to run a kaizen event at your facility to standardize (5S) your tools and supplies. Doing this alone will help you achieve 40% to 50% greater efficiency. Once the “low hanging fruit” is gone, you can still reduce setup times another 20% by practicing more advanced SMED principles.
The secret to closing any sale is to reduce uncertainty in the buyer and replace it with confidence in YOU, your PRODUCT/SERVICE, and your COMPANY. Step 1 – Confidence in YOU Someone buying from you wants to be able to fundamentally connect with you on a human level and feel confident that you’re an expert in what you’re selling If you’re selling paperclips, be an expert in paperclips If you’re selling design and engineering related services, be an expert in design and engineering related services Focus on addressing the problem, not the solution….MEANING you already know you have the solution, connect with the buyer by being an expert with the problem he/she is facing. Prove that you know the problem and all aspects of the problem like the back of your hand. Step 2- Confidence in the PRODUCT/SERVICE you are selling Someone buying from you needs to trust the product/service you are selling will solve their problem. It’s your responsibility to deliver a solution and the benefits associated with it. Basically you need to “Hit a Homerun” communicating this message. Tip – Use Success Stories: Share with the potential buyer examples of your product/service solving problems and delivering value for