00:05 Talk topic: Going from zero users to many users. You've got an idea and now you're thinking about the next step. 1:20 Prerequisites for starting a startup. 3:30 Describe the problem your idea is solving. Verify others have it. 5:22 Q: Now, where do you start? What is your solution? 8:40 A1: Become an expert in your space. 9:54 A2: Identify your customer segment and focus on them. 10:31 A3: Before you even create the product you should storyboard the solution out. 11:46 You've done these. What next? Start building your product. Your MVP. 14:00 How do you get your first few users to start trying it? 17:34 You've got some users. Now what? Customer feedback. 28:00 You have a product ready to ship. Now what? Just launch already. 29:45 How to handle getting lots of users. Learn & iterate on channels. 33:00 The 3 types of growth: sticky=existing users, viral=talked about, paid 50:05 Q&A: "How do you get your users to switch from another product?"

@andrewvu712

6 жыл бұрын

Thanks

@andrewvu712

6 жыл бұрын

I mean a lot

@markaaronbarrett

6 жыл бұрын

Andrew = good samaritan. Thank you.

@Buderus69

6 жыл бұрын

Verynice job... You know?

@nikoltes263

4 ай бұрын

thanks man

Good material. Be sure to read about how Homejoy failed about 9 months after this was recorded.

@randyjhones976

7 жыл бұрын

Lol

@ArielCamino

6 жыл бұрын

www.wired.com/2015/10/why-homejoy-failed/

@gl683

6 жыл бұрын

one of the best ways to learn is reading about other failures lol

@adamlee9347

5 жыл бұрын

lol that was direct

@jakobvaldma7475

5 жыл бұрын

thanks! that seems to be the problem in the siliconvalley startup world - growthgrowthgrowth - with any means necessary just to get the higher valuation for the next round. Basic profitability gets overlooked. I'd rather grow slowly but self-sustainingly

Great talk from a company that shut down one year later

watching this lecture with increased speed really helps to focus on the important parts and notice less of the ' you know's '

@paulalbertlanglois

11 ай бұрын

true

This is really important lesson from this class: *Users give different feedback depending upon whether the product/service is paid or free.* see @21:10.

@Nesamag

11 ай бұрын

My thoughts exactly!

@ooker777

6 ай бұрын

this video is delivered for free. Is there a possibility that you would leave a different feedback if it's behind a paid wall?

@TheForthemankind

4 ай бұрын

Brilliant

The degrees of honesty graph is probably one of the biggest "golden nuggets" from this lecture!👌

great talk and helpful. Just cos Homejoy failed does not mean you cannot learn from Ms. Cheung here.

@lp4969

4 жыл бұрын

@Crebs Park definitely not koreanese hahahah

@nuwandakoh

3 жыл бұрын

it is korean not koreanese

At 28:00 min. mark - I like Adora's take on competition. As an old boss I had used to say "Paranoia is merely a heightened sense of reality."

@simtu251

9 ай бұрын

Okay, stealing your quote.

Some of the best, most useable points in this video. Awesome stuff.

Very good lecture! You are an amazing entrepreneur and an inspiration to all. It's rare to see someone willing to sell to strangers, clean houses and learn to code all an effort to ensure their own success.

44:10 "some one in national tennessee is going to be much larger than [...] lifetime value of someone in Czechoslovakia "... yeah since there is no Czechoslovakia since 1993 :D

@JCGlancy

9 жыл бұрын

I was laughing at this thinking the same thing

@IvanTurkovic

9 жыл бұрын

That is really bad since I doubt she ever learned about it in school so it is weird how come it can be in her mind.

@stefanvrskovy

8 жыл бұрын

At that point I closed the video. I don't know if it because of the school system in US. But when you don't know about something than DON'T TALK ABOUT IT. that easy

@VitSouralMusic

7 жыл бұрын

I just wanted to post the same comment now... :D Díky Vojto! :D

@ahorizontallychallengedora5262

7 жыл бұрын

Was going to make that comment and earn likes of it ):

So glad I signed up for this class

What I would ask her today is, what would you have done differently to keep your startup from running out of money and shutting doors for good? And then go on to ask her what the aftermath was like dealing with all the implications that came with all the stake holders

"Homejoy shut down in 2015 due to poor customer retention rates, high customer acquisition costs" Irony 😂

@sahilramteke2132

7 ай бұрын

they prefer growth over revenue.. that's why! Nothing like irony... they are best people to learn from!

@HungrysitesRu

25 күн бұрын

@@sahilramteke2132 she failed. End of story. She cannot teach us how to do business.

This is such a great series. This is my fave so far! Nice job Adora!

@sahhill1910

8 жыл бұрын

+Heather Burns You favorite lecture is the one that's most boring? Interesting. Did you even watch Paul Graham knock it out of the park?

Private Assisted Suicide - a possible successful business with "really bad" retention curve.

So amazing these lectures. All these insights for free. It's insane.

I am doing a 10 week course within my study about lean startups. I am going to try and make a summary for this video to increase my understanding, thanks for making these videos!

@rutvikpaikine8222

10 ай бұрын

do you still have the summary

Informative and practical advice. Delivery was dry but the content was very engaging.

she did a great job!!!!!...i loved this

so objective, practical and clear

This is the lean startup framework. It's incredible

if you like this video I can really recommend reading The Lean Startup by Eric Ries.

@vithalgoel3937

2 жыл бұрын

read the book in may. Absolute gold. Its shocking how so many startups fail just because they dont validate their theories and products.

Good lecture, worth listening back multiple times. also worth adding that this is eight years old not all the information is still relevant

@simtu251

9 ай бұрын

Which part do you think is not relevant anymore?

The section with LTV and CAC is so valuable

too many "you know.." :(

Mistakes are fundamental and it is the heart and core of startups.

nearly falling asleep. emotionless speach. however good material.

@DLSMauu

7 жыл бұрын

same, way too thirsty for money with almost 0 passion stereotype

@WallaceBMcClure

6 жыл бұрын

Yeah. She talks like an engineer and someone that is highly technical. Same problem I have.

Great stuff I'm learning a lot

So far the best speak.

44:10 - Czechoslovakia is not a country anymore.

@jayschmitt3627

7 жыл бұрын

Which is why a customer there has a low CLV

Good points + nice presentation

noob approach 1. build product in secret 2. exclusive press launch 3. wait for users 4. buy users 5. give up

This was very useful. Thank you.

Great lecture, wish she used less "you know"

@JuanDavidPastasRivera

9 жыл бұрын

yep, too much... but great advice anyway

Abiut which Project/Startup is she speaking around 04:00 ??

It is a wonderful session

I was doubtful regarding her principles from the start of the lecture, I was wondering how she created such a successful start-up. Then I looked about it on Wikipedia and was ooh.

Good points at 45:30, 49:47, & 52:00

The amount of money PPl return back to u is that more than your cac ? (Customer acquisition cost ) CLV - CAC = 0 then it's okay / if more than 0 ur gaining profit

Tooo uch information in one lecture. So many questions and so many points,terms that i couldn't understand.

There are many positive feedback here. One of the lesson from it is: **Users give different feedback depending upon whether the product/service is paid or free** (@21:10). Note that this video is delivered for free. Is there a possibility that they leave those positive feedback because it's free?

Just awesome

EN Lecture 4 - Building Product, Talking to Users, and Growing: Mistakes, Immersion, MVPs, User Feedback, and Sustainable Growth Strategies (Adora Cheung) 📝 The speaker discusses the mistakes made in starting a startup and emphasizes the importance of validating the problem and being passionate about it before building a product. 00:23 The speaker shares their experience of going through YC and making mistakes in previous startups. 00:23 The novice approach of not seeking feedback and launching without user validation leads to failure. 02:27 The importance of understanding the problem the idea is solving and verifying if others have the same problem. 03:32 The mistake of building a product for a problem the founders were not passionate about. 04:06 The speaker advises to think about the problem and validate it before investing time in building a product. 05:14 🔑 To start solving a problem in an industry, immerse yourself in that industry, learn the details, and exploit inefficiencies. 05:40 Immerse yourself in the industry to understand the little bits and pieces and identify inefficiencies. 05:40 Become a cog in the industry to gain insights and exploit inefficiencies. 05:55 Learn from professionals and get hands-on experience in the industry. 06:21 Be obsessively knowledgeable about the industry and its competitors. 08:55 Establish yourself as an expert in the industry to gain trust. 09:48 Identify and focus on specific customer segments to optimize for their needs. 10:00 Storyboard the ideal user experience before creating the product. 10:27 💡 The process of building a minimum viable product (MVP) and acquiring initial users 12:01 Building an MVP involves identifying the smallest feature set to solve the problem at hand and talking to potential users for feedback 12:01 Having a clear and concise product positioning is important to attract users 12:47 Initial users can be friends, family, and local communities, as well as online platforms like Hacker News 14:26 Homejoy used street fairs to approach potential users and convince them to book a cleaning service 15:40 💡 The founder discusses the early stages of Homejoy, including how they attracted users and gathered feedback. 16:11 They guilt-tripped people into booking cleanings by handing out free bottles of cold water. 16:11 They found that most people who booked cleanings did not cancel afterwards. 16:35 To gather feedback, they provided a way for users to contact them and went out to meet users in person. 17:46 They emphasized the importance of making users feel comfortable and having a conversation rather than interrogating them. 19:16 Tracking customer retention and collecting reviews and ratings were key metrics they used to assess their progress. 20:03 They cautioned about the honesty curve and the need to account for people who may lie in feedback. 21:23 📝 The importance of user feedback and optimizing for growth stages. 21:37 User feedback is valuable, with honest feedback coming from friends and paying users. 21:37 Paid users provide the best feedback as they have invested money in the product. 22:30 Optimize features for the current stage of growth, not future stages. 24:07 Manual processes and data collection are important before automating. 24:59 Temporary brokenness is better than permanent paralysis, focus on the core user. 26:30 Avoid the Frankenstein approach and build for future edge cases. 27:01 🚀 When building a product, it is important to listen to user feedback, but also understand the underlying problem they are trying to solve before implementing features. Launching a product early is crucial to gather user feedback and iterate on growth strategies. 27:09 Understand the reason behind user feature requests before building them. 27:09 Launching a product early allows for gathering user feedback and iterating on growth strategies. 28:40 Focus on one growth channel at a time and iterate on it. 30:02 Continuously optimize and iterate on successful growth channels. 30:52 Revisit failed channels in the future as circumstances may change. 31:24 Creativity is key in finding unique and effective growth strategies. 32:28 📈 There are three types of growth: sticky, viral, and paid. Sticky growth focuses on getting existing users to use the product more, viral growth relies on users spreading the word about the product, and paid growth involves using money to buy growth. 33:05 Sticky growth aims to increase usage and revenue from existing users by delivering a good and addictive user experience. 33:05 Viral growth depends on users sharing and recommending the product to others, so delivering a remarkable experience is crucial. 33:22 Paid growth involves using financial resources to acquire new users and drive growth. 33:35 Sustainable growth means ensuring that the money and time invested in the product yield a good return on investment. 33:41 Cohort analysis and customer lifetime value (CLV) are used to measure sticky growth and retention over time. 34:21 To achieve viral growth, a good experience must be combined with a well-designed referral program. 38:46 💰 The importance of customer touch points, program mechanics, and paid growth in referral programs. Understanding CLV and CAC for sustainable growth. 39:36 Customer touch points include after sign up and after product usage. 39:36 Different program mechanics can be tested, such as $10 for $10 or 25 for 25. 40:44 Optimizing the conversion flow when friends click on referral links. 41:47 Paid growth involves spending money to acquire users, with the goal of CLV exceeding CAC. 41:54 Consider CLV and CAC for different customer segments to determine ad effectiveness. 44:01 Sustainability is important to avoid spending beyond means and potential unsustainable growth. 44:32 📊 Pivoting is important when growth is stagnant or the business economics don't make sense. 45:38 Payback time is important, with 3 months being safe and beyond 12 months being unsafe. 45:38 The art of pivoting involves looking at criteria such as growth, user retention, and business economics. 46:35 To pivot, have a growth plan and consider a pivot if there is no growth for three consecutive weeks. 47:31 To get users to switch to a new product, find moments where your product is better or differentiated from existing solutions. 50:08 📝 It is difficult to convince users to switch to a new product with many benefits, so it is better to have one or two clear differentiating features. 51:32 Many people find it hard to switch to a new product with multiple benefits. 51:32 Even if the benefits outweigh the switch-over costs, it is still difficult to convince users. 51:49 Aggregating all the benefits over many little things is challenging. 51:58 It is better to have one or two clear differentiating features

this one is really useful, not blablabla startup blablabla growth

Great. Thank you.

Why their company failed then?

great talk.

Czech Republic. Slovakia is now independent.

learned a lot.

The HomeJoy were shut down

Takeaways... Anything is possible

Pretty simple stuff, but well presented.

Lean Startup + Customer Development + Woman without big vision

This is great. I'm surprised at the thumbs up ratio.

Finished, thanks

nice insights

Great lecture! Well done!

@alanreggae

8 жыл бұрын

Nice

Great :) Thnx!

what is clv(ijk)

I felt like I was left Fielder, center Fielder, right Fielder and short stop trying to catch her fragmentation. Wow. That is not easy for my ADD.

Her hair is so shiny!

very helpfull

GOLD

@bhavinchauhan796

Жыл бұрын

Kunal Shah

Didn't Homejoy die recently?

@cc758b

8 жыл бұрын

+gueneykerim The lecture is from 2014. They were cool then :)

@HanisaMohamed

6 жыл бұрын

They died due to poor customer acquisition

Content was good.. Very poor delivery.. Other lectures so far have had way more inspiring speakers!

> So a lot of it comes from failure Yeah

1 year later, and they're out of business. probably should not take too much away from this webinar. they grew too fast.

nice content but i found that there is a lot of abbreviation needs to be explained, Thanks!

Yeah, and her business failed in 2015, after 1 year from the speech

Damn! Homejoy shutdown

Ppt text font and size manipulation is not good Sam's ppt were more eye catching

Eyebrows have left the chat

4th Video of the Day.

@emmanuelpaleyan3405

2 жыл бұрын

and It is informative, but hard to understand.

21:17 #honestycurve

Andddd her company failed

at 1:13 it already looks intriguing :) THANK YOU!

35:44 good ol' 2014, she would get cancelled for saying that today!

so unclear....WHAT DID U DO AT THE FAIR? did u pitch them at the fair? did u put a label on the bottle , did u force them to sign up before u gave them the water?

@lvpdesign

7 жыл бұрын

I would assume schedule a cleaning and get a free frozen water.

44:20 -Czechoslovakia doesn't a exist since like 25 years!

btw it's the Czech Republic and Slovakia since 1993..

Who the heck doesn't know how to clean??

“You should, you should. You know, you know “ is half of what she’s saying.. very hard to listen and follow.

...you know...

there is no more Czechoslovakia... Its Czech Republic and Slovak Republic. 44:00 You Big Bang Theory Watching Americans oh my xd

51:00

then why homejoy is failed at 2022

@FarhanAbroad

10 ай бұрын

Covid I guess?

You know

21:10

30

essentially incoherent

Here is free cancer water. 😂

Good content but so painful to listen to

There is lots of break in your talk with distract me from concentrating from what do you want to convey. I have learn a lots of thing from this video but still this can be make more valuable if you say smoothly all what you want to convey. Thank You hoping to get more values in future.

homejoy went bust

@SwaggahDontStop

8 жыл бұрын

Ruzin Saleem Yea. Still good points in the video though. She'll probably try the startup game again.

@todzaikaguvichabudapasi260

7 жыл бұрын

Ruzin Saleem doesn't take away the insights

Way too many "youknows" but quite helpful lecture.

> lecture: Building Product, Talking to Users, and Growing > forbes: What Really Killed Homejoy? It Couldn't Hold On To Its Customers hmm

the only boring lecture of this series till now.

I don’t fcking know

Such a disappointing lecture. Low information/word ratio. Considering how much emphasis YC puts on building product and talking to users, you'd think they would have let a better entrepreneur and speaker give this lecture. And maybe do more than just 1/20 lectures on the things you should be doing most of the time.