Mastering The Key Metrics of StartUp Growth
Life is Too Short to Build Something Nobody Wants
One day Ash Maurya had an epiphany, “I realised that my cycle time from idea to building a successful product was too long, it was taking around 1.5 to 2 years doing it”. Based on this epiphany Ash crafted his own mantra, life is too short to build something that nobody wants. This mantra provided a new sense of direction and from then on Ash dedicated his work to creating faster and more reliable methods for building products.
The Innovators Bias
About a decade ago Ash started out with what he now calls the innovators bias. “It’s the idea that if you build something unique and original and put it out there, customers will start using it. A kind of build it and they will comementality”. Although this approach doesn’t often pay off, Ash was lucky that he built a product related to social media, back when it was becoming a hot topic.
Healthy Daily Habits and Practices
“Focus on doing the Right Action at the Right Time. At any given point there is only one or two key actions that will move your business or product towards success. By focussing on these it’s amazing what you can do. You can move mountains.”
The Key Metric for Scaling Lean
If you have a system, optimising everything in the system will not improve the throughput of your system. But if you identify the key area of bottleneck it can make the big impact. It’s instrumental to growth.
Instead of going fast on everything, slow down but establish repeatability on what you’re doing. If you don’t know how you get the next 10 customers, you haven’t created a repeatable process. Do this by identifying why people bought your product but also what they are using it for today, often these are different things.
(c) Peter Loving, 2017