The Lean Startup is one my favorite books that I’ve read so far. The author, Eric Ries, talks about the learnings found while working on his startup IMVU. This book focuses on validated learning and build-measure-learn feedback. Rather than wasting time creating elaborate business plans, the idea is to test your vision continuously- to adapt and adjust before is to late.
Here is an overview of the Lean startup method:
👩💻👨💻 Entrepreneurs are everywhere – You don’t need to work in a garage to be in a startup. These principles can work in any size company, even in large enterprise
🗂 Entrepreneurship is management – A startup is an institution, not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty
🔬 Validate Learning – Startups exists to learn how to build a sustainable business. This learning can be validated scientifically by running frequent experiments that allow entrepreneurs to test each element of their vision
⚙️ Build-Measure-Learn – Turn ideas into products, measure how customers respond, and then learn wether to pivot or persevere
🔍 Innovation accounting – This requires a new kind of accounting designed for startups how to measure progress, how to set up milestones, and how to prioritize work
The idea is simple, we shouldn’t spend too much resources on building a new product or feature without knowing if its audience actually needs it. Our idea may be good, but the truth is that its users are the ones that are going to decide that. That’s why we need a method for building, testing, and analyzing our new ideas and making sure is something that people want.