Build-Measure-Learn
The Build-Measure-Learn loop is a mental model from Lean Startup methodology used to turn business ideas into products while minimizing market risks.
This model starts with 'Build', where you develop a minimum viable product (MVP) for a business idea. Next is 'Measure', where you use key performance indicators to assess how this MVP performs in the market. The 'Learn' phase is the final step where you analyze the data collected, gain insights about the market, and decide whether to pivot (alter the product) or persevere (continue with the same product). For instance, Dropbox started with a basic MVP: a video showing how it would work. From the huge interest they gathered, they 'learned' there's a market demand, consequently leading to the elaboration of the product we know today.