Introduc`on to Agile & Lean Startups -‐ Dave Mawhinney. 2.) Video “The Lean Startup: Innova`on Through Experimenta`on.” Eric Ries, Web San Francisco. The books cost pennies compared to the immense benefits they offer! You can download The Lean Startup full ebook in pdf format for Free from the link given. CREATE RADICALLY. SUCCESSFUL BUSINESSES. BOOK BY ERIC RIES. SLIDES BY RYAN BATTLES. RIES, ERIC. THE LEAN STARTUP: HOW TODAY'S.
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“The key lesson of this book is that startups happen in the present. —that messy place Eric Ries's revolutionary Lean Startup method will help bring your. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Reinventing Lean: Introducing Lean Management into the Supply Chain. The goal of this talk. ▫ Introduce you to ”The Lean Startup”. ▫ Maybe start a ”Lean Startup Meetup” in uncertainty“ by Eric Ries from the book ”The Lean Startup”.
This new approach has been adopted around the world within startups and established organisations. Regardless of your role or company size, this is a must-read for entrepreneurs, marketers, developers and business leaders. Ries himself is an entrepreneur and drawing on principles from this book, he created the Lean Startup Methodology , this has become much larger than the book itself and has turned into an international movement. Currently living in San Francisco with his wife and two children, Ries has been a pivotal part of numerous startups and has a wealth of knowledge on the subject. In this summary The Lean Startup is organised into three key parts, this summary will summarise each section. Ries emphasises the fact that principles of entrepreneurship can be applied to any industry, any business size, and any role.
If a customer placed an order, they would go to the store, download the shoe, and send it to the customer. This minimal product allowed them to test many critical factors for business success. With this experiment, they validated that there was demand, they learned the optimal pricing for their products, became aware of complaints and the logistical challenges of the business with a minimum of expenses. This validation allowed them to really start the company and it was such a success that it was eventually acquired by the giant site for more than one billion dollars.
Build, Mesure, Learn To experiment in the right way and to generate validated learning, you must follow the scientific method. Just as in science, in the business world, every experiment must begin with a hypothesis.
A price hypothesis, for example, tests whether the product generates value to users. A marketing hypothesis, on the other hand, tests whether the company can reach out to consumers at a cost to generate profit.
To test the value of your product to the customer, find potential customers to run the experiment. To conduct an effective test, you need to follow 3 main steps: Build; Measure; Learn; In a startup, this cycle must be running all the time. Find people who would be the ideal customers for that imaginable product and build a minimum viable product MVP , having you as a concierge.
Yes, the product will not be mature enough, but for the initial users, if the problem you solve is large enough to generate value for them, they will forgive you for its shortcomings and bugs. Participate actively in product validation with customers and monitor all experimental results. Track new revenue, adoption of features, the frequency of use, etc. Always analyze whether the measurement corroborates your initial hypothesis. On the other hand, if there are features in the product plan that are not ordered by customers, remove them from the plan to avoid waste.
These close interactions with customers will help you to constantly validate your hypotheses. The build-measure-learn model is the main pillar of the lean startup, and once an MVP is built, its purpose is to quickly learn and iterate through it, always starting from new assumptions and user feedbacks.
The Leap of Faith Every startup also needs to have their own beliefs about its product and its ability to truly cater to the cravings of customers. Steve Jobs , for example, when launching the iPod, had 2 primordial beliefs, which were considered true.
The first of these is that users wanted to listen to music anywhere, on their headphones. The second is that they were willing to pay for music on the internet, unlike how they formerly consumed music, through digital piracy.
The first had already been validated by Sony, with the Walkman, but the second was much more uncertain and risky.
You need to be able to choose the risks you are going to take and reduce them to the maximum through validation.
Intuit is a company that was founded on the belief that someday companies would use computers to pay bills and to track their expenses and their financial and accounting status.
To test the concept, the founders phoned random people to understand how this vision applied in practice.
Its director of the SUV segment, to learn more about the potential customer, traveled through the United States in an SUV understanding how the minivan worked in practice. He quickly discovered that on long trips, families with children the target audience of the SUV comfort matters a lot and is a differential for the whole family.
When the vehicle was launched, it had full focus on comfort and a cozy internal space for long family trips. This made the vehicle a great success. With the data from the prospective customers on hand, you continue building.
The point of the book: it's easier for those who want to do a start-up to have an ethos of flexibility rather than a set, concrete plan that provides little to no deviation. Included are ideas of small batch testing, customer feedback, and frequent testing.
The work clearly promotes the idea of an engaged, fast response between a business and its demographic. People could take multiple seminars and waste a fortune, and not come away with as good a game plan as you receive from this book.
The key point to me was the emphasis on creating an environment that emphasizes entrepreneurship, and the vision to create new and exciting products amongst all employees. The book does not sugar coat anything, starting a business will be difficult, and I appreciated the no nonsense approach.
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