In this episode, we play through Alex’s recent presentation on The Lean Startup at the Hult International Business School Co Creation Lab.

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[slideShare]

• 
  
• A practical guide to the lean startup by Alex McClafferty audio available at startupchat.co/57
  
• Trapped in a cubicle ?
  
• My background
  
  Invested $100,000+ on my formal education
  
  MBA from University of Tech, Sydney
  
  Last job = $700 per day consultant
  
  Love basketball and powerlifting
  
• 7 months in…
  
  211 paying customers
  
  $11,900 in monthly recurring revenue
  
  Learned more from doing than textbooks
  
  Never want another desk job
  
• Today you’ll learn…
  
  1. What lean startup buzzwords mean
  
  2. How to avoid wasting a year of your life and $80,000 on startup validation
  
  3. How you can validate your idea in a week
  
• MVP = landing page or beta app
  
• Do validation the right way
  
  Your friends and family will love your idea
  
  Cold hard cash is the only real validation you can get
  
• Pivot - Changing your mind is OK
  
• Vanity metrics – FB likes and retweets don’t pay the bills
  
• Dan landed 15 paid customers
  
• What Dan learned http://wpcurve.com/is-startup-validation-bullshit/
  
• An idea struck me on the bus ride
  
  Was a phone repair business a real business? NO!
  
• Is a 24/7 WordPress support service a real business? Yes!
  
• 3 steps to build your lean startup
  
  1. Create a landing page with a BUY NOW button
  
  2. Share it with potential customers (FB or forums)
  
  3. Profit or pivot!
  

The post Startup Chat #57 – The Lean Startup in practice appeared first on WP Curve.