Tags / 12 quotes from 1 source
#startups
The Lean Startup (Eric Ries)
Who counts as an entrepreneur
The concept of entrepreneurship includes anyone who works within my definition of a startup: a human institution designed to create new products and services under conditions of extreme uncertainty. That means entrepreneurs are everywhere and the Lean Startup approach can work…
Why good plans fail startups
Why are startups failing so badly everywhere we look? The first problem is the allure of a good plan, a solid strategy, and thorough market research. In earlier eras, these things were indicators of likely success. The overwhelming temptation is to apply them to startups too…
Validated learning through scientific experimentation
I identify who is an entrepreneur, define a startup, and articulate a new way for startups to gauge if they are making progress, called validated learning. To achieve that learning, we’ll see that startups—in a garage or inside an enterprise—can use scientific experimentation…
From lean manufacturing to the Lean Startup
The Lean Startup takes its name from the lean manufacturing revolution that Taiichi Ohno and Shigeo Shingo are credited with developing at Toyota. Lean thinking is radically altering the way supply chains and production systems are run. Among its tenets are drawing on the…
Steering with the Build-Measure-Learn loop
The Lean Startup method, in contrast, is designed to teach you how to drive a startup. Instead of making complex plans that are based on a lot of assumptions, you can make constant adjustments with a steering wheel called the Build-Measure-Learn feedback loop. Through this…
Vision, strategy and product
Startups also have a true north, a destination in mind: creating a thriving and world-changing business. I call that a startup’s vision. To achieve that vision, startups employ a strategy, which includes a business model, a product road map, a point of view about partners and…
Many kinds of innovation
It’s also important that the word innovation be understood broadly. Startups use many kinds of innovation: novel scientific discoveries, repurposing an existing technology for a new use, devising a new business model that unlocks value that was hidden, or simply bringing a…
Startups need a new definition of value
Yet those methods had led me down a road in which the majority of my team’s efforts were wasted. Why? The answer came to me slowly over the subsequent years. Lean thinking defines value as providing benefit to the customer; anything else is waste. In a manufacturing business…
Learning is the unit of progress
I’ve come to believe that learning is the essential unit of progress for startups. The effort that is not absolutely necessary for learning what customers want can be eliminated. I call this validated learning because it is always demonstrated by positive improvements in the…
The growth hypothesis
For the growth hypothesis, which tests how new customers will discover a product or service, we can do a similar analysis. Once the program is up and running, how will it spread among the employees, from initial early adopters to mass adoption throughout the company? A likely…
Leap-of-faith assumptions and the minimum viable product
To apply the scientific method to a startup, we need to identify which hypotheses to test. I call the riskiest elements of a startup’s plan, the parts on which everything depends, leap-of-faith assumptions. The two most important assumptions are the value hypothesis and the…
Groupon started as something else
Groupon is one of the fastest-growing companies of all time. Its name comes from “group coupons,” an ingenious idea that has spawned an entire industry of social commerce imitators. However, it didn’t start out successful. When customers took Groupon up on its first deal, a…