Strategy - How to Build a Startup Udacity English English (auto-generated)

Strategy - How to Build a StartupYouTube↗ IA↗(long shot)
Education 20.5K views 64 likes 4 dislikes 23 Feb 2015

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What we used to believe for strategy

so what we used to believe for strategy

is that you start any company with an operating plan and a financial model.

is that you start any company with an operating plan and a financial model

What's an operating plan? Well, it's the business plan.

what's an operating plan well it's the business plan and the belief was all I

And the belief was all I need to do is spend a lot of time writing this plan,

need to do is spend a lot of time writing this plan and then all I need to

and then all I need to do is execute it and somehow magical thinking said if I thought hard enough

do is execute it and somehow magically magical thinking said if I thought hard

and if I was smart enough to do all the great market research in the library and looking up all the data

enough and if I was smart enough to do all the great market research in the librarian and looking up all the data

and then put together a forecast the magic 5-year plan in the back of the business plan

and then put together a forecast the magic 5-year plan in the back of the

somehow magically all I needed to do is hire the people to execute that plan.

business plan somehow magically all I needed to do is hire the people to execute that plan if that doesn't sound

If that doesn't sound silly to you now, don't worry because it didn't sound silly for 40 years,

silly to you now don't worry because it didn't sound silly for 40 years but we

but what we now know that's kind of ridiculous.

now know that's kind of ridiculous what

What we now know is that no business plan survives first contact with customers.

we now know is that no business plan survives first contact with customers

The first years on a startup is completely unpredictable.

the first years on a startup is completely unpredictable now what you

What you think you're doing on Monday turns out to be completely wrong on Tuesday,

think you're doing on Monday turns out to be completely wrong on Tuesday and on

and on Wednesday, you discover something new, and on Friday, you're almost out of business,

Wednesday you discover something new and on Friday you're almost out of business

but on Monday you gets next Monday you get sold for a billion dollars.

but on Monday you gets next Monday you get sold for a billion dollars I start

A startup is an incredible roller coaster unpredictable series of advance

up as an incredible rollercoaster unpredictable series of events that

that there's no way you could put together in a 5-year plan. Yet somehow investors and educators thought that maybe we could just teach you

there's no way you could put together in a five-year plan yet somehow investors and educators thought that maybe we

how to put this all together in a nice spreadsheet.

could just teach you how to put this all together in a nice spreadsheet

No one ever noticed that the only other people to do 5-year plans were these guys,

no one ever noticed that the only other people to do 5-year plans were these

the Soviet Union, and we kind of know how well that turned out as well.

guys the Soviet Union and we kind of know how well that turned out as well

Though much like the fallacy about business plans and financial forecast that lasted for about 80 years.

though much like the fallacy about business plans and financial forecasts that lasted for about 80 years the good

The good news is that we now know that business plans and financial forecast

news is and we now know that business plans and financial forecasts first are

first are just as silly as it was in the Soviet Union.

just as silly as it was in the Soviet

No business plan survives first contact with customers.

Union so no business plan survives first

This doesn't mean we shouldn't have any planning but it actually means

contact with customers this doesn't mean we shouldn't have any planning but it

what we need is planning before the plan and what that really mean is

actually means what we need is planning before the plan and what that really

you need to figure out how to actually do some planning

means is you need to figure out how to actually do some planning and then you

and then you get to write the business plan.

get to write the business plan so

So I'll be clear, I'm not suggesting we never want to do an operating plan

be clear I'm not suggesting we never want to do an operating plan and I'm not

and I'm not suggesting we never want forecast but you need some real facts before you could do that

suggesting we never want forecasts but you need some real facts before you

and one of the ways we're going to organize our facts

could do them and one of the ways we're going to organize our facts is with

is with Alexander Oscar Walters' Business Model Canvas.

Alexander Osterwalder z' business model

We'll talk about this canvas in some excruciating detail in the following lectures

canvas will talk about this canvas in some excruciating detail in the

but you should know we used to canvas for two things.

following lectures but you should know we use the canvas for two things one is

One is initially we're going to use it organize our thinking

initially we're going to use it to organize our thinking about all the

about all the hypothesis about every part of our business.

hypotheses about every part of our

But second is we're going to get out of the building and actually turn those hypothesis into fact as we'll

business but second is we're going to get out of the building and actually turn those hypotheses into facts as

find out how to do later and then as we turn those hypothesis into facts,

we'll find out how to do later and then as we turn those hypotheses into facts

we'll be updating the canvas on a regular basis and it will become a scorecard--

we'll be updating the canvas on a regular basis and it will become a

a way to keep score for our progress of how much we've learned.

scorecard a way to keep score for our progress of how much we've learned so

So what this means is instead of writing the operating plan and financial forecast first,

what this means is instead of writing the operating plan and financial forecast first we're going to use the

we're going to use the Business Model Canvas to actually capture all our hypothesis first.

business model canvas to actually capture our hypotheses first for the

For the search for the business model, we're going to start with the model first

search for the business model we're going to start with a model first and

and then after we find the model, we get to write it up.

then after we find the model we get to write it up

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