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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

So you talk there about the sort of lean development model than the lean start up as it was popularised by recent Steve Blank. And a big and as you said, a big part of that is. Discovering things about your business in the market quickly and making changes quickly to to move to match what’s going on in the market. I saw another tweet, which is from a guy called James Clear, who’s the author of Atomic HABIT’s. We’ve talked about him and some of his tweets before. And I know on the Spanish version of podcasts on our channel, we’ve got a video. They’re going through his Atomic HABIT’s book. That’s a very good book. And he tweets about he’s not coming from a perspective necessarily of specifically business. He tends to talk about more general kind of topics, but he is again talking. He put this tweet out about five step process for everything, which I think, again, sort of reiterates and talks about that the speed of going through that loop of Observe, Orient, Decide Act, which is the sort of kick core underlying process that underlies, like the lead development model originally developed by a guy called Colonel John Boyd, who was one of the developers of the F-16 American fighter jet many moons ago. And that was his kind of underlying thing for like dog fighting when you’re in fighter jets. It’s like the pilot who comes out victorious in dog fights tends to be the one who can go through that understanding and decision making loop quicker than the other pilot. And so James Clares got a tweet, which kind of is a variation of that kind of loop, but something that’s more applicable, both the business, but in life in general. And his tweet is here’s a five step process for nearly anything. Number one, explore widely. Find out what’s possible. Number two, test cheaply run small quick experiments, sample things. Number three, edit ruthlessly focus on the best. Everything else. Number four. Repeat what works. Don’t quit on a good idea. Number five. Return to one. So he has audiences of why just business and you know, this this is something that’s true. This can be a personal development. This can be in personal finance. This can be in your business life. Can be in your romantic life. Who knows? You know, you could probably apply this kind of thing anywhere. And he is suggesting, you know, first of all, you want to start out by spreading your net as wide as possible and trying to work out where the edges, the bounds of this thing might be and try and go beyond the bounds, see if there is an angle on this thing which you hadn’t even considered if you hadn’t looked in deeply. Exactly. Like you said earlier on in a previous discussion test, cheaply run small, quick experiments. You’re talking about advertising, spending, little bit of advertising or Google AdWords to see if something’s going on. He’s, you know, in general is you can always come up with a cheap test. A quick test, a quick experiment that you can do to see if some idea that you have about the world is true or not. You think that there are people out there who will buy this thing for X amount of money, given this argument? You can test that. As you said, Google AdWords spend a little bit money, try try a headline, whatever it might be. He’s then saying, OK, once you got lots of little experiments out there, you can then say, which are the winners? Bush are the losers. Find the stuff that is working. Where are you? Where were you? Correct. Where is there actually traction? Be quick to drop stuff that isn’t working. If you’ve got enough stuff and experiments out there. Be quick to drop the ones that are working and double down on the stuff that does work you like just fine where the limits of that is. Like if you doubled the budget, triple the job budget, 10x the budget. What are the impacts there? Does that sort of drive the necessary growth, etc.? If something is working. Keep driving on that thing. Don’t get too distracted by shiny things on either side of the road. If you found something that works like really sort of grind it until it stops working or until you sort of reach the diminishing returns on that thing and then just loop back through. What are your thoughts on that process?

I agree 100 percent on there is, though, that, you know, the counter argument would be the philosophy of Steve Jobs, for example, saying the customer doesn’t know what they want because they have never seen it, something like that. And it’s tempting for entrepreneurs to think about it that they know, you know, this is completely new. So I can compare to anything else. So people won’t understand until they don’t see it. Therefore, we need to build it first. So I think that can happen, but it’s very exceptional that extremeness deception and you will need a lot of money. I’m not I’m not talking about hundreds of thousands or millions because you need to spend a lot of money, but you want it to go at a loss to build something great, paying people to build it. And then you will need a lot of money to advertise it or just communicate it out there and with a big risk of failure. So it’s not for everyone and I wouldn’t recommend it. So if you think you have something that people have never seen before and they will like it, you it still applies there. Lean Start-Up, because you got of course, you can test that because building such product will cost one hundred thousand plus. So yourself spending that money to see if it works. You can do like take the most important feature that you think will work. But that’s the core feature of that project and how a small group with the demographics or the type of audience that you think will be the target audience as well. And just go pay them to see if they can use it or if and gather feedback. And maybe they don’t they don’t use it. They don’t even want to get paid. So to use it. So just from very small experiments, a little. That will feed you some nuggets of information. You can make very important conclusions on how to move forward. So if your core feature, even on a narrowly stage, is not well adopted, why will the overall product be so adding more features? It’s not going to make it more appealing if the underlying solution is not working or down the line. You know, asset or quality, whatever you want. Functionality is not appealing. So the Lean Start-Up will work for any business model. Any company award. And I think it’s not only recommended. It’s almost mandatory, especially for start-ups.

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