Lean Startup: This is the most basic term in our dictionary. It is the word we use to describe lean methodology in building up new businesses or starting a new venture within an established company. The term was popularised by Eric Ries.
Validated learning: This is what you learn in the early stages of your company about what your customers want or need and how you could provide it to them. During this process many failures and changes of direction are anticipated.
Pivot: Abrupt change of direction when an aspect of your business is not working.
Lean Canvas: The lean canvas is a way to write down your business model. This is not a business plan! I repeat. This is not a business plan! In a piece of paper you give basic information on the problem you will resolve, the way you will do that, the payment methods, your customers, the ways they will come to you etc.
MVP: Or otherwise called Minimum Viable Product. This is the a fraction of the product or service you would like to offer to your customers. It may have only one feature, or it may be just a landing page, or a short ebook or a blog.
UVP: or otherwise called Unique Value Proposition. This is the value an entrepreneur is offering to the community through his/ her business. The value proposition needs to be unique in order to be noticed and accepted.
AARRR: Acquisition, Activation, Retention, Revenue, Referral. These are the steps a customer should follow in the website through a well crafted funnel. All of these steps are essential in customer development and none of them should be avoided. The absence of one of these actions would mean the failure of the business.
Customer development: This is the process of finding customers, keeping them happy and getting referrals after they buy your products or services. The term was coined by Steve Blank.
For more information on lean startup methodology, you could take a look at my other blog posts.
Lean Coach: That is me! You can find more about me and my company HERE.