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how to compile a lean canvas

How to compile a Lean Canvas, the business plan in one page

how to compile a lean canvas
To compile a Lean Canvas is the very first step for evaluating a business idea and for identifying the riskiest assumptions to be tested. A Lean Canvas is also the perfect companion along the journey from initial idea to Product-Market fit.

The whole concept behind a Lean Canvas is to briefly and concisely explain a business model to a person who does not know anything about what the company is doing and why.
It just takes a few minutes to create a first draft and it’s so powerful that
the simple act of preparing it will help anyone with a business idea to get more clarity on their thoughts.
A Lean Canvas template is available from LeanStack.com, together with some guidance on how to proceed. I encourage you to use LeanStack, as it keeps track of the different versions you will prepare and you can easily share the canvas either with the rest of your team or with advisors/coaches. Moreover, it’s free.

THREE KEY RULES TO COMPILE THE PERFECT LEAN CANVAS

Although the Lean Canvas has been designed to be simple and straightforward, it might present some challenges to first timers. There are three key rules to keep in mind:
– write statements that are specific and concise. No “but”, “however” or even subordinate sentences. Keep them simple, straight to the point, short (maximum 10 words each) and meaningful.
– after you have prepared a draft, go through each step, telling this story to yourself: we will help these people (customer segments) to solve (problem) by providing them (solution). They will know about us through (channels) and they will be convinced to join us because (value proposition) and because we already (unfair advantage). We will charge them by (revenue) and we believe this will cover our (costs). We will measure our performance by tracking (key metrics). It should all flow and make sense, like it is a story where everything is linked. If it doesn’t, the Lean Canvas needs more work.
– prepare a Lean Canvas for each customer segment of your business idea. This is because each customer segment may have different problems, solutions, channels, revenue, costs, etc.

A LEAN CANVAS EXAMPLE: UBER LONDON

To get an idea of what we are talking about, let’s see an example of how a Lean Canvas would look like for a well known company: Uber in London.

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customer centric competitive analysis

How to compile a customer centric competitive analysis?

customer centric competitive analysis

The two most important elements to define a powerful Unique Value Proposition statement are to communicate why a business is different from what is already available on the market, and to make sure that the difference matters to the target customers. And this is where a customer-centric competitive analysis comes to rescue.

A competitive analysis is a tool that shows where a new business idea or a new product is positioned against competitors. It is able to highlight strengths and weaknesses, and helps establish what makes a new product unique.
However, the key thing is: unique is the eyes of who?

One of the ways to compile a competitive analysis able to inform an effective Unique Value Proposition (or UVP) statement is to use the validated customers needs that the new business or new product is willing to solve as a foundation. As Ash Maurya puts it, “the key to unlocking what’s different about your product is deriving your UVP directly from the number-one problem you are solving. If that problem is indeed worth solving, you’re more than halfway there already“.

So these are the eight steps I recommend to follow to compile a meaningful customer centric competitive analysis:

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