About

Hi, I'm Trevor. Here I write about startups, leadership, and personal development.

I'm the founder of Lean Startup Machine, an intensive workshop that teaches founders how to build products people want. This year we'll host over 50 workshops around the world.

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1. Fred Wilson on Lean Startup Methodology

   http://bostonvcblog.typepad.com/vc/2011/02/fred-wilson-comes-to-harvard-business-school.html
   

   • Early on in a start-up, entrepreneurs should be hunch-driven more than data-driven.  If you are only data-driven, the risk is that you will move too slowly.  It’s more important to have a hypothesis about what might work and what might not work and then see what happens in the marketplace to prove or disprove that hypothesis. -the last sentence contradicts the first, data-driven is all about testing in the marketplace
   • Lean start-up as a methodology or approach is very useful, but isn’t a guarantee for success by any stretch.  Think of the methodology as a machine.  If you have garbage inputs, you will still have garbage outputs.  There’s no substitute for good strategy, great entrepreneurs and a very large market opportunity.
   • When considering when to monetize your new product/service, think carefully about whether the monetization strategy actually improves the service or is a distraction.  Banner ads on Facebook are a distraction (as Zuckerburg supposedly said in the movie Social Network, “No ads. Ads aren’t cool.”)  But, for example, on Etsy if someone pays for a product, it inspires producers to create more products.  Thus, the monetization is harmonious with building the service. -Very insightful
   • If you are going to fail, and certainly with more start-ups being created and seeded we will see more failure, be sure to fail gracefully.  How you handle yourself as you unwind / seek a soft landing will reflect heavily on you and will cement your reputation. -failure is not an option!
   • Don’t worry about whether you are building a feature, a product or a company.  Build something great, have huge passion for it, engender affection with a large customer base, and let the rest follow.
   • If you get traction, transform your company into a platform.  The most valuable companies are those where third parties help you grow by plugging into your services like a utility.
1 year ago 


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