Summary The lean startup: how constant innovation creates radically successful Book cover image

Summary The Lean Startup: How Constant Innovation Creates Radically Successful

- Eric Ries
ISBN-10 0670921602 ISBN-13 9780670921607
45 Flashcards & Notes
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A snapshot of the summary - The lean startup: how constant innovation creates radically successful Author: Eric Ries ISBN: 9780670921607

  • 0 Introduction

    This is a preview. There are 6 more flashcards available for chapter 0

  • What is true and false about startup succes patterns?
    False: 
    1. a great product can get you anywhere
    2. Work to perfection

    True: 
    1. startups success can be engineered by following the right process
    2. It's the boring stuff that matters the most
    3. Entrepreneurship is management
  • What are example excuses for failing?
    • not having the right stuff
    • not being visionary enough
    • not being in the right place at the right time
  • How did Eric view user feedback when at IMVU?
    User feedback is only one of information regarding the product and overall vision. Experimentation, as opposed to answering to feedback, was more important.
  • Who changed the thinking pattern from product and engineering focussed companies to companies that were also focussed on marketing and business?
    Steve Blank. He called it 'Customer development' 
  • On which ideas is the Lean Startup movement built upon?
    • lean manufacturing
    • design thinking
    • customer development
    • agile development
  • What is Eric Ries' mission?
    To improve the success rate of new innovative products worldwide
  • What are the five principles of the lean startup?
    1. Entrepreneurs are everywhere (they are people who work on new products under extreme uncertainty.
    2. Entrepreneurship is management (a startup is not a product, but a very uncertain institution that requires a new style of management)
    3. Validated Learning (Startups exists to build a sustainable business which you do by constantly running experiments to test the vision)
    4. Build-Measure-Learn (build an idea, test it on customers, preserve or pivot)
    5. Innovation Accounting (measure progress, set milestones, how to prioritize work -- KPI's)
  • What is the idea behind "Entrepreneurs are everywhere"?
    A startup is a human organisation that produces products or services under the condition of uncertainty. The what, who, how or where don't matter.
  • Why do startups fail?
    - the allure of a good businessplan, a great strategy and a good market research. This doesn't work because there is to much uncertainty in the world
    - management has a 'just do it' attitude. They create chaos in their actions, which doesn't lead to anything. Probably Eric means that they are not customer driven and not measured and learned from?. 
  • What is the idea behind "Validated learning"?
    It's the use of scientific validation on constant experiments to test how the vision of a startup aligns with its business sustainability.
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