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Summary: The Lean Startup - Eric Ries: 1
This ebook offers a summary of the book "The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses" by Eric Ries.
Why do so many startups fail? The business myth says: A lone entrepreneur – beavering away in a lab or a garage somewhere – through hard work, grit and sheer perseverance develops a great product which then becomes a blockbuster hit. That sounds appealing but the reality is most startups tend to burn through their resources and then disappear because they never get around to seeing what their potential customers think of what they’re developing. They worry about the product first and assume customer demand will be there automatically.
To succeed with a startup, you’ve got to manage it differently. Instead of developing a business plan, find ways to accelerate your learning and validate customers demand. The best way to do this is to build a prototype (with minimal features) and sell it to some early adopters. Then change the product repeatedly – daily if necessary – and keep supplying your customers with the new and improved versions. Listen to their feedback and use those ideas to make a better version and then get more feedback on that. Keep iterating until you get a fully featured product which your customers love.
In other words, go through the Build-Measure-Learn loop as often as you can. If you make validated learning the real aim of your startup, you stand a better chance of success. Focus on what customers want, utilize an extremely fast cycle time and take a scientific approach to making decisions. That’s the essence of the Lean Startup approach.
ERIC RIES is an entrepreneur and blog author. He is a cofounder and chief technology officer of IMVU, a virtual community developer. He is also a frequent keynote speaker and is currently entrepreneur-in-residence at Harvard Business School. The Lean Startup methodology has been written about in the New York Times, the Wall Street Journal, the Harvard Business Review and the Huffington Post.
Why do so many startups fail? The business myth says: A lone entrepreneur – beavering away in a lab or a garage somewhere – through hard work, grit and sheer perseverance develops a great product which then becomes a blockbuster hit. That sounds appealing but the reality is most startups tend to burn through their resources and then disappear because they never get around to seeing what their potential customers think of what they’re developing. They worry about the product first and assume customer demand will be there automatically.
To succeed with a startup, you’ve got to manage it differently. Instead of developing a business plan, find ways to accelerate your learning and validate customers demand. The best way to do this is to build a prototype (with minimal features) and sell it to some early adopters. Then change the product repeatedly – daily if necessary – and keep supplying your customers with the new and improved versions. Listen to their feedback and use those ideas to make a better version and then get more feedback on that. Keep iterating until you get a fully featured product which your customers love.
In other words, go through the Build-Measure-Learn loop as often as you can. If you make validated learning the real aim of your startup, you stand a better chance of success. Focus on what customers want, utilize an extremely fast cycle time and take a scientific approach to making decisions. That’s the essence of the Lean Startup approach.
ERIC RIES is an entrepreneur and blog author. He is a cofounder and chief technology officer of IMVU, a virtual community developer. He is also a frequent keynote speaker and is currently entrepreneur-in-residence at Harvard Business School. The Lean Startup methodology has been written about in the New York Times, the Wall Street Journal, the Harvard Business Review and the Huffington Post.
29 pages, Kindle Edition
First published November 1, 2011
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231 people want to read
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Displaying 1 - 4 of 4 reviews
March 16, 2014
There are some really good ideas that are founation for the whole book, but otherwise there are a lot of noise and you have to hook the main thought among it.
November 6, 2024
The Lean Startup is an essential read for any entrepreneur or innovator. Eric Ries offers a practical approach to building a business by focusing on validated learning, iterative product development, and pivoting based on customer feedback. His concepts on building-measuring-learning and creating minimum viable products have transformed how startups operate, offering a clear framework that minimizes wasted time and resources. It's not just a guide but a mindset shift that empowers founders to adapt quickly and strategically.
November 10, 2024
While often seen as a startup book, The Lean Startup provides foundational ideas for applying continuous innovation in any organization. Its principles on lean thinking, customer focus, and efficient management are valuable to businesses at any stage.
November 17, 2024
An essential guide for startups! It teaches you how to experiment, learn fast, and grow without wasting time or resources. Perfect for anyone looking to build a successful business.
Displaying 1 - 4 of 4 reviews