Reader’s Reviews > The Lean Startup > Status Update

#6

When confused about how many features you need in MVP, simplify.
MVP to "begin" the learning process and to test fundamental business hypotheses.

MVP can be a video, concierge MVP.

A ready-made road map AFTER tons of MVP iterations. Once having it, you might get acquired too.

Public marketing launch once the product has proved itself with real customers.

Commit to MVP iterations. Don't give up.

#5

Leaps of faith: Acting as if these assumptions are true.
Confirm that your LOF questions are based in reality.

Success theater
: growing through fund-raising from investors or lots of paid advertising do NOT develop a value-creating product

You cannot understand your business problem unless you go and see for yourself firsthand, not on your whiteboard.

Build-Measure-Learn feedback loop -> minimize the total time through the loop

But reverse-order thinking:

Figure out what to learn -> what to measure -> what to build

#4 Experiment

Identify the elements of the plan that are assumptions rather than facts

1. Value hypothesis
: whether a product really delivers value to customers once they are using it
- avoid survey. They don't assess themselves objectively
2. Growth hypothesis
: how new customers will discover a product & how will it spread?

Measure what the customers actually did with MVP, not your task completion progress

#2
Startup = a human institution designed to create a new product or service under conditions of extreme uncertainty
-> Anyone creating a new product/business under conditions of extreme uncertainty is an entrepreneur, regardless of org size

Company's only sustainable path = continuous innovation (requires experiments)

It's a job of leadership to create conditions that enable employees to run experimentation.

#1

"Just do it" attitude doesn't work. Still gotta manage, but in an entrepreneurial way.

Minimize the waste of resources: time, passion, skills

The goal of a startup = "figure out" the right thing to build.

Driving a car vs rocket launch -> drive a startup. React quickly and make constant adjustments while knowing the destination: world-changing business.

Vision -> Strategy (pivot) -> Product (optimization)

# intro

Lean Startup = a new approach to "creating" "continuous" "innovation"

It’s the boring stuff that matters the most. Startup success is not a consequence of good genes or being in the right place at the right time.

# 5 principles
1. Entrepreneurs are everywhere.
2. Entrepreneurship is management.
3. Validated learning
4. Build-Measure-Learn
5. Innovation accounting.