Can you write a reflection paper to this, with introduction, 2 body paragraphs and conclusion.

Most startups fail because they waste too long to do that, waste a lot of money doing that features that nobody wants much time and money building the wrong and waste a lot of money on sales and "The MVP is a controversial idea because it product before realising too late what the right marketing trying to sell that wrong product," can be perceived as something thrown together product should have been says H8S says Tom Eisenmann, a professor in the with shoestring and bubblegum," Eisenmann entrepreneurial management professor Thomas Entrepreneurial Management Unit at Harvard says. "But through a series of MVPs, a lean R. Elem. In his new MBA course, Business School "It takes a lot of time, time Startup can validate specific and Launching Technology Ventures, Elsenmann equals money, the money runs out, and the comprehensive set of hypotheses about what the introducer students to the idea of the lean startup fails painfully business is where it's going, and what it has to startup a methodology that has proven do." successful for many young Nigh-och "Lean Startups don't try to In the LTV course, Eisenmann teaches cases companies ke concepts include: on cloud storage company Dropbox and the Rather than spending months sealth scale up the business until social search service Aardvark Both firms mode, a lean startup launches as quickly as they have product founders were carly practitioners of the lean possible with a minimum viable product startup method (AVP), a bare-bones product that includes marketing fit, a magical The Dropbox team initially announced just enough features to allow us event-more harebones version of its service on the website feedback from early adopters. The company easily Hacker News. The company collected reams of then continues hypothesis resting with recognised in retrospect immediate feedback from site readers and succession of incrementally refined product continued to corporate feedback into several version than in the moment when successive product launches-cach of which - Lean sartup cecu do momentin they finally have a solution added only a couple of new features. While the scaling the company they how feature additions were gradual, they were rapid uchieved product marketing fir (PMFthat that matches the problem." as a company growth Dropbox increased its the knowledge that they have developed a chase from 100.000 to 4 million in the ohition that matches the problem Essenmaan las developed a new MBA cou of 15 month elective course called Launching Technology In leon storingene for Aardvark whichbles users to game major change com tired Ventures (TV offered as a Half-courie at the and questions van extended network hasa fack beining of the tem with some students friends friends sod Windon chow mercan continuing on to work on a field-based project Wizard of Odised method in its early days we do the won while will have during the scored all the course focuses on Rather than building out the technology the flexibility to per the can startup codology, created by TSS masture to make their des reality the Wir Entrepreneurin Residence line lies and serial cam launched the service with routing wally chce that trepreneur and Stanford UC Berkeley lecturer e questions behind the curtaista iw w w w law Steve Blank The law lean stars Core This them workable pricht, which on roots in the Production System in obore and what wind hich can thie aupt nichodology all who ha od was of both the hachd bhd my u don't tryca up the Adeyemed litto Hondarts D until they used to the 00 10:40 workable product, such as clean-tech or biotech companies A dozen years ago, it seemed like all it took to launch a successful technology company was a vague idea, a PowerPoint presentation, a trade show booth with a sexy spokesmodel, and a URL Then the dol-com bubble burst and investors got wiser and warier Gone are the days when entrepreneurs could spend years burning through venture capital while they figured out their strategy. These are the days of the lean startup "Most startups fail not because they can't build the product they set out to build, but because they build the wrong product, take to roots in the Toyota Production System; hence, observe how and what users were asking-and the lean Startup methodology is all about then spend time and money on a technology avoiding waste, in terms of both time and backbone that would best meet their needs money "Lean startups don't try to scale up the For starters, it nixes the traditional idea of a business until they have product marketing fit company spending several months in stealth (PMF). magical event--more easily mode while perfecting a full-featured product recognized in retrospect than in the and planning an expensive launch party at a Las moment--when they finally have a solution that Vegas trade show. Rather, the lean startup matches the problem." Eisenmann says. "And launches as quickly as possible with what Ries after you have that solution you can step on the calls a "minimum viable product" (MVP). gas pedal." product that includes just enough features to allow useful feedback from early adopters. This "What we're learning in the makes it easier for the company to speed to market with subsequent customer-driven course is that pivoting is versions of the product And it mitigate the really hard." likelihood of a company wasting time on COPYRIGHT 2010 PRESIDENT AND FELLOWS OF HARVARD COLLEGE Of course, in carving a path to the PMF, startups may find that they have to shift the company in a completely new direction. In lean startup lingo, it's a process known as "pivoting. "Pivoting simply means making a major change of some sort," Eisenmann explains. "In lean startup logic, it's something you do ideally, after you've run some decisive test to disprove a hypothesis. It can be changing the target customer segments by narrowing or broadening them. It can be changing the product itsell, either by adding features or by taking features away. It can be a dramatic change We were going business-to-consumer but we should be going business-to-business Or it can be a change in business model "We were doing transaction-based pricing, but we've realized we should be doing subscription-based pricing The notion of a pivot is to make a change, and ideally, after you pivot, you have a new set of assumptions and hypotheses that you're going to test And what we're learning in the course is that pivoting is really hard There's a core problem inherent in pivoting the risk of looking disloyal to the company startup's founders have worked so hard to sell employees. love customers and partner on and that switching as can feel most like a rayal So mach or what to do is talk pople in this fear you have aku ople away from what wild them on the hard Alainting to the students done the oil do that with the the next pivot? Eisenmann was surprised by students' fascination with this issue, and modified class discussions accordingly "In many ways I'm using the lean startup strategy A lot of the course is cobbled together it's an MVP in itsell," he says "When you teach a case for the first time you're otten surprised at what does and doesn't work So this issue of the tension between vision and feedback is something I had thought about a little. But the students really seized on the question. When is the product shaped by the founder's vision, and when it shaped by market feedback Eisenmann acknowledges that the loan Startup methodology is easier to apply in the field of web-based startups than in the clean tech and biotech elds, both of which ofen require a great deal of time and capital to create any workable product. The same is true or the transportation industry inventor Dean Kamen Segway for example of startup Termaugiaflying car is the nature of some products that you have to spend a whole loto money before you know if the product is on to work.hu To the end. Eenmann Sanches the cases "Predictive Baciences and quien en Instudy receive aventure-backed cancer tastest company students those whether on Laupie replicable at all with on the tall the clochall enough money to fund the bench science, but not enough money to build a workable prototype Eisenmann hopes to sell students on the idea of first working as high-tech product managers before jumping into CEO roles "I would love Harvard Business School to crank out a 100 high-tech product managers per year," he says "Nobody reports to the product manager, so there's very little direct authority But there's lots of responsibility. It's their job to figure out what the product should look like It's their job to persuade the engineers that this is what they need to build, and to persuade the sales team that this is what they need to sell it's a wonderful job perfect for an MBA who wants an early general management role" About the author Carmen Nobel is nie editor of HBS Working knowledge Post a New Comment Name Position: Organization: Email: I would prefer Rom anonymous lly himne Submit are that your common, ( 11 14 4 4 4 4 | | | | | | | | | | | | | | sed on me. Com ceny danyat will