Learn more about entrepreneurship with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
Here’s an example of a Level 1 dashboard looking at the first experiment done by a team building a lemonade stand and hoping for hypergrowth through the use of drone delivery and premium ingredients down the road:
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“To truly transform our organizations and our way of working, we need to change our accounting systems, too.”
Innovation Accounting is a way of evaluating progress when all the metrics typically used in an established company (revenue, customers, ROI, market share) are effectively zero.
Innovation Accounting is not only a way for individual teams to report their progress and communicate in financi...
Use the dashboard to hold your team accountable. Simply ask this question: Which metrics are improving over time?
For example, a team that’s trying to prove they can charge a price premium for a new product might do an initial version where nobody is willing to buy, so revenue per customer ...
1. Come up with some initial metrics. These should be simple and actionable and should not have to be related to one another.
For example, a number of customers interviewed and their rating on identified struggles might be two starting metrics.
2. If you’re stuck on metrics, ask the...
36 yr old product guy. Interested in meditation, product design and the future.
Recently learned about Innovation Accounting that's been recommended as the practice to adopt until thinking about metrics relevant to product-market fit.
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Instead of just paying a visit and stealing the idea, the more honest plunked down a $950 franchise fee for the formula. The first in line wanted to use McDonald's name of the stand he intended to build, saying he thought their name "lucky." He got an operating manual for his mon...
Great leaders use inspiration and resilience together by inspiring resilience in their teams. They do this by:
1. Sympathising with their team members - Letting their team know they have been through it.
2. Being open when they are strugglin...
Don't use the same list for each day; it might end up looking like a mess of mixed things (done, undone, unimportant, critical etc). Create a fresh list each day so that visually also, you get a feeling of starting with a clean slate. It can have tasks undone from previous day but writing them on...
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