We have a term called thing big Smart Start small. So your vision has to be the big vision vision has to be 100%. But you don't need to really scale everything. First you build everything, first spend a lot of money and then you start, you start with a small product with a minimum product, which is you can actually go out to the customers to test your idea really, before committing a lot of money into the setup. So there are certain examples that we have discussed in the, in the past about Zappos, which was, we started its online shoe business by taking the pictures from the existing store sending it to the customers, if they like it, they buy it and then the startup founders bought it from this shoe store and then deliver it to the customer directly. So they were able to get a lot of feedback from the customers how they can improve the product.

And after that they develop the product once they see that the market is actually accepting online deliveries. The shoe also before that nobody was able to think that he will shoes can be sold small. Online. You may not know about oil, maybe oil, you may have already been know about oil is one of the largest now third largest hotel chain company in the world. But they they are starting was very modest. The founder was traveling all around the world to see the hotels.

And once they he stay at the hotel, he's approach one hotel manager, one hotel first to develop to understand how the hotel can work and he tested his own ideas on that particular hotel. He innovated the hotel, one hotel and then he ran it and then when he was successful, he took another hotel one more hotel and then he keep on increasing some of the hotels until it was really beyond. So beyond the control of manual so they develop the systems. They develop the processes, they develop the playbooks they put it put more founders in With the company, they hire more people, because their inventory was keep on increasing and then they really scaled super fast, who is not a very, very old company is just only about 10 year old company probably. But now they are the world's third largest hotel chain. Now and they don't own a single hotel they own don't own a single hotel room, they are all selling the hotels under their franchise, they used to start with renting of this committing only one floor of particular hotels.

Rather than taking the whole hotel the other hotel part was sold by the hotel themselves. They were taking only one some flows, but then after that, they rebranded the hotel, the entire hotel under their own brands now, they are spending very, very fast. So that's one way of thinking big and starting small. Then there are accurate customer so they what it helps is to get it helps to get the accurate customer data based on actual spending. Actual their usage behavior and ability to interact with the real customers and understand their needs. And then it reveals unexpected situations surveys, which research probably will not be able to show.

So, if you are doing a market research, you may be able to get some data about the customer about a nice, but you may not be able to get hundred percent answers rather than to go and interact with the customers to understand more about their situations, because some more a lot of situations are unexpectedly novel, which the service will not be able to display. Then there are certain things which was not so successful. For example, HP, HP was developing certain volume tearing projects. So they is they rolled out to all the employees but it was not really successful. So, what they could have done is they could have rolled out their value to a project to a small number of people's test will they really be able to spend their time after the office on the volunteer project, how they would like to what do you do?

And what are the effect what are its impact on the employee morale, employee productivity and then they could have developed that particular study and implemented on the other control on other parts of the company rather than try to roll out the entire program at one go to all the groups. So that is on the thing big and start small experimentation is. So we have new district we were discussing on the field technical field startup strategies, lean strategies. So one is called experimentation. So experimentation is a process of rapidly learning what customers want and how much they will pay for it, if they will pay for it. experiment is actually a product as well.

And we test the assumption so that we don't waste the time on building the wrong product or wrong services or charging wrong or putting up the wrong business model or committing a very fixed cost. So, the experimentation will definitely help us in all those things. The process of experimentation includes make the hypothesis which are supposed to happen and then we the hypothesis can be in both ways. It can be a value hypothesis, how much we will charge will the customer pay for it and how much they will pay for it. And the growth strategy is how we will grow our customer, how much will be the product, how many customers will be able to get how we are going to retain the customers will there be new customers? These are all the growth hypothesis.

So, we need to test our hypothesis with the scientific methods and then we will able to generate our product with a certain more certainty that we are sure the product will work because we have already tested all the hypothesis. So, the necessity of the experiment will answer the following questions. We'll look customers do the customers know that they have a need or they have a problem they have which we are trying to solve? If yes, is there any customer is there any solution or will will they will the customer pay for it and will they buy it from us or not and how much they will pay for it or we can can we build the solution for that particular problem that we are trying to solve. So, it was developed by a company called Kodak Kodak is used to be in more on the print the cameras However, they are not very known about the Kodak gallery now, the Kodak gallery they it was started as an idea of photo sharing app.

But it's not really similar to a social media you can actually control your user access. So they developed the program they developed initial version of the coda gallery, which was not very beautiful, not very functional, but the dispatch date and nevertheless, so they were they got a lot of feedbacks that the customer The product was not useful. It was not as beautiful as it should have been. It didn't like certain features. But that was not the point. The point was that the point was to learn what the customers need me, the customer actually needed.

So that the team was able to understand what features are very, very important for the customers. So they developed a program after that, after those feedbacks, and now the codec delivery is one of the successful products of codec. And you they they can actually the they allow the user to put to, to protect the privacy so that they can make sure that they are sharing the photos with the person who are actually using them. So that's another example of lean startup.