| 00:00 - 00:03 | Steve, Prep Engine feels that they have put in a lot of effort with little results this week. |
| 00:04 - 00:05 | They said that they tried at all these places |
| 00:05 - 00:07 | for customers with no luck |
| 00:08 - 00:12 | They want to do a focus group and then come up with their MVP |
| 00:12 - 00:15 | Also, they said that with 7000 customers their product doesn't need much validation |
| 00:17 - 00:19 | How many customers did they speak to |
| 00:19 - 00:21 | this week? |
| 00:24 - 00:26 | Steve........ |
| 00:27 - 00:28 | they spoke to...... |
| 00:31 - 00:33 | They spoke to 5 customers, Steve |
| 00:34 - 00:36 | Of which 2 were phone interviews of important people in the company |
| 00:53 - 00:58 | Everyone who had at least 10 interviews this week and who have pivoted please leave the room |
| 01:13 - 01:15 | What is the point of taking this class |
| 01:15 - 01:17 | if you don't want to step outside the building |
| 01:18 - 01:23 | You think talking to 10 customers a week is tough |
| 01:25 - 01:28 | then try doing this for real. |
| 01:29 - 01:31 | Efforts in this class are 1% of what it would take to do this for real. |
| 01:31 - 01:34 | We are not an incubator. |
| 01:34 - 01:37 | 4 team members together talking to 5 customers? |
| 01:37 - 01:40 | And what is point of talking to customers if you can't see their pupils dilate |
| 01:40 - 01:42 | But these people were the CXOs |
| 01:42 - 01:46 | What is the point of targeting CXOs |
| 01:46 - 01:48 | They feel they will get the most information from them |
| 01:48 - 01:52 | They are not even the users, what information can they get |
| 01:53 - 01:54 | from them that they can't get from the users |
| 01:56 - 01:57 | They haven't even validated or invalidated on entry on their business model canvas |
| 01:57 - 02:00 | The left side of their canvas is incomplete |
| 02:00 - 02:03 | If they keep harping about the 7000 customers they will learn nothing in this class |
| 02:04 - 02:08 | Success in this class is not determined by how many users you acquire |
| 02:08 - 02:13 | It is defined by how much you learn from you customers |
| 02:14 - 02:16 | how honestly you can take user feedback, |
| 02:17 - 02:21 | and use that for transforming your idea |
| 02:27 - 02:29 | Entrepreneurship is not easy. |
| 02:30 - 02:34 | Entrepreneurship is an art |
| 02:34 - 02:36 | An art that needs a lot of perseverence and determination |
| 02:41 - 02:42 | Customer discovery is a process |
| 02:43 - 02:47 | Ask Anne or John how many entrepreneurs think "We will build, they will come" |
| 02:48 - 02:53 | All they need is a wire frame, |
| 02:54 - 02:56 | hypothesis that need validation, |
| 02:56 - 02:59 | then go out and talk to real users, |
| 03:00 - 03:02 | listen carefully and learn |
| 03:04 - 03:07 | Retail Link - Don't worry, we'll tell Steve that ours' is a B2B model |
| 03:14 - 03:16 | As long as all of them are passionate about the idea |
| 03:19 - 03:23 | and put in effort, they should be able to get more interviews, |
| 03:25 - 03:26 | and hopefully validate their hypothesis, |
| 03:31 - 03:33 | not the other way round. |
| 03:40 - 03:46 | You do not go out of the building without any hypothesis to go get ideas |
| 03:46 - 03:49 | that is the exact opposite of customer discovery |
| 03:53 - 03:56 | Teaching team, Anne, John...........comments?? |
