Chapter 5: Leap
Chapter 6: Test
Chapter 7: Measure
Metrics should be actionable, accessible and auditable:
Chapter 8: Pivot (or Persevere)
You can see that there are many different ways to pivot, but the most important thing is the strategy behind the pivots. Every situation is different, so there are no hard and fast rules about the best strategies to adopt. Regardless of which strategy a startup selects, a pivot needs to be structured and well thought out.
Finally, multiple pivots may be needed. Budget your resources accordingly.
Chapter 9: Batch
Chapter 10: Grow
The engine of growth is how startups achieve sustainable growth. (Sustainable in this sense is everything but one-time sources of growth that don’t have a long-term impact.) There are a handful of ways to build sustainable growth. For example, past customers drive sustainable growth through word of mouth, when they talk about the product and give friends positive impressions of it. Sustainable growth also results when people see others using the product. When someone else looks good in the latest fashion, we’re more inclined to buy it ourselves. Traditional advertising can also spur growth, as long as the advertising costs are less than the profit gained by additional sales. Finally, growth can be sustained through repeat purchasing. If you’re selling light bulbs or toilet paper, repeat business will be an important part of your business model; if you’re selling luxury yachts, not so much.
These dynamics can be harnessed to power engines of growth. There are several kinds of growth engines of growth, each providing frameworks with specific metrics on which to focus:
Established companies can have more than one engine of growth working at any given time. Startups, on the other hand, should probably just stick to one at a time. It will be easier to test things and to make decisions.
Chapter 11: Adapt
Chapter 12: Innovate
Chapter 13: Epilogue
11 videos|16 docs|10 tests
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11 videos|16 docs|10 tests
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