The lean Start Up is a book by Eric Ries that treats business as a science and not an art. He shows how to collect date, look at what you’re offering and build upon it. There is so much in this book that it’s still going strong after 7 years, having about 2000 reviews on Amazon alone.
The stories in the magazines are lies; hard work and perseverance don’t lead to success.
Everyone who thought you foolish for stepping out on your own will be proven right.
I’ve often seen how a promising start leads to failure.
The only way to win is to learn faster than anyone else.
We must learn what customers really want, not what they say they want or what we think they should want.
The big question of our time is not Can it be built? but Should it be built? This places us in an unusual historical moment: our future prosperity depends on the quality of our collective imaginations.
Build-Measure-Learn feedback loop is at the core of the Lean Startup model.
If you cannot fail, you cannot learn.
Customers don’t care how much time something takes to build. They care only if it serves their needs.
Entrepreneurship is a kind of management.
I believe entrepreneur should be considered a job title in all modern companies that depend upon innovation for their future growth.
Why are startups failing so badly everywhere we look?
The first problem is the allure of a good plan, a solid strategy, and thorough market research. In earlier eras, these things
were indicators of likely success. The overwhelming temptation
is to apply them to startups too, but this doesn’t work, because
startups operate with too much uncertainty. Startups do not yet
know who their customer is or what their product should be. As
the world becomes more uncertain, it gets harder and harder to
predict the future. The old management methods are not up to
the task. Planning and forecasting are only accurate when based
on a long, stable operating history and a relatively static environment. Startup shave neither.
The second problem is that after seeing traditional management fail to solve this problem, some entrepreneurs and investors have thrown up their hands and adopted the “Just Do
It” school of startups. This school believes that if management is
the problem, chaos is the answer. Unfortunately, as I can attest
firsthand, this doesn’t work either.
Building a Startup is an exercise in institution building; thus, it
necessarily involves management.
The goal of a startup is to figure out
the right thing to build—the thing customers want and will pay
for—as quickly as possible.
The Lean Startup method, in contrast, is designed to teach
you how to drive a startup. Instead of making complex plans that
are based on a lot of assumptions, you can make constant
adjustments with a steering wheel called the Build-Measure-Learn
feedback loop. Through this process of steering, we can learn
when and if its time to make a sharp turn called a pivot or
whether we should persevere along our current path. Once we
have an engine that’s revved up, the Lean Startup offers methods
to scale and grow the business with maximum acceleration.
Entrepreneurship is management.
Entrepreneurs who operate inside an established organisation
sometimes are called “intrapreneurs” because of the special
circumstances that attend building a startup within a larger company.
Leadership requires creating conditions that enable employees
to do the kinds of experimentation that entrepreneurship requires.
pressure to succeed, are wildly creative when it comes to demonstrating what we have learned. We can all tell a good story when
our job, career, or reputation depends on it.
You can’t take learning to the bank; you can’t spend it or invest it.
We must learn what
customers really want, not what they say they want or what we
think they should want.
Learn to see every startup in
any industry as a grand experiment. The question is not “Can
this product be built?” In the modern economy, almost any
product that can be imagined can be built. The more pertinent
questions are “Should this product be built?” and “Can we build
a sustainable business around this set of products and services?”
Success is not delivering a feature; success is learning how to solve the customer’s problem.
planning is a tool that only works in the presence of a long and
stable operating history. And yet, do any of us feel that the world
around us is getting more and more stable every day?
change all the time and our job is to change with them.
At its heart, a startup is a catalyst that transforms ideas into
products. As customers interact with those products, they
generate feedback and data. The feedback is both qualitative (such
as what they like and don’t like) and quantitative (such as how
many people use it and find it valuable).
Many assumptions in a typical business plan are unexceptional.
We assume that customers have a
significant desire to use a product like ours, or we assume that
supermarkets will carry our product.
What differentiates the success stories from the failures is
that the successful entrepreneurs had the foresight, the ability,
and the tools to discover which parts of their plans were working
brilliantly and which were misguided, and adapt their strategies accordingly.
The first step in understanding a new product or
service is to figure out if it is fundamentally value-creating or
Numbers tell a compelling story, but I always remind entrepreneurs that metrics are people, too.
No amount of design can anticipate the many complexities of bringing a product to life in the real world.
The problem with most entrepreneurs’ plans
is generally not that they don’t follow sound strategic principles
but that the facts upon which they are based are wrong.
If too much analysis is dangerous but none can lead to failure,
how do entrepreneurs know when to stop analyzing and
Before new products can be sold successfully to
the mass market, they have to be sold to early adopters.
Early adopters are suspicious ofsomething that is too polished:
if it’sready for everyone to adopt, how much advantage can one
get by being early?
If we do not know who the customer is, we do not know
what quality is.
Customers don’t care how much time something takes to
If only it were
so easy to have a good idea stolen! Part of the special challenge
of being a startup is the near impossibility of having your idea,
company, or product be noticed by anyone, let alone a competitor.
Take one of your ideas (one of your
lesser insights, perhaps), find the name of the relevant product
manager at an established company who has responsibility for
that area, and try to get that company to steal your idea. Call
them up, write them a memo, send them a press release—go
ahead, try it. The truth is that most managers in most companies are already overwhelmed with good ideas.
The only way to win is to learn faster than anyone else.
At the beginning, a Startup is little more than a model on apiece of
Most products—even the ones that fail—do not have zero
. Only 5 percent of entrepreneurship is the big idea, the business
model, the whiteboard strategizing, and the splitting up of the
spoils. The other 95 percent is the gritty work that is measured
by innovation accounting: product prioritisation decisions,
deciding which customers to target or listen to, and having
the courage to subject a grand vision to constant testing and
heart of the scientific method is the realization that although
human judgement may be faulty, we can improve our judgement
by subjecting our theories to repeated testing.
Most entrepreneurs’ biggest
fear isnot thattheir vision will prove to bewrong. More terrifying
is the thought that the vision might be deemed wrong without
having been given a real chance to prove itself
New customers come from the actions of past customers.
At the root of every seemingly technical problem is a human
Entrepreneur Is a Job Title.
Entrepreneurship should be considered a viable career path for innovators inside large organizations.
Reading is good, action is better.
As an entrepreneur one has to read many books. With so many great books out there one always has to make compromises. Well not anymore, I’ve complied a method that lets you read a book in less than a day and still have enough time to take care of other important stuff. I read the Lean Start up in about 7 hours time. Click on the following hyper link to learn how. Click here to buy the ebook that’s only about a dollar.