Title: The Lean Startup
Author: Eric Reis
Overall Rating: 4/5
Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched.
Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. This is just as true for one person in a garage or a group of seasoned professionals in a Fortune 500 boardroom. What they have in common is a mission to penetrate that fog of uncertainty to discover a successful path to a sustainable business.
The Lean Startup approach fosters companies that are both more capital efficient and that leverage human creativity more effectively. Inspired by lessons from lean manufacturing, it relies on “validated learning”, rapid scientific experimentation, as well as a number of counter-intuitive practices that shorten product-development cycles, measure actual progress without resorting to vanity metrics, and learn what customers really want. It enables a company to shift directions with agility, altering plans inch by inch, minute by minute.
Rather than wasting time creating elaborate business plans, The Lean Startup offers entrepreneurs – in companies of all sizes – a way to test their vision continuously, to adapt and adjust before it’s too late. Ries provides a scientific approach to creating and managing successful startups in a age when companies need to innovate more than ever.
My Thoughts: If your considering starting a business this book is great to help process things. I picked up this book because it was referenced in the 4-Hour Work Week.
Things that really stood out to me were the idea of an MVP (Minimum Viable Product), which I did originally learn about in the 4-Hour Work Week but it was fleshed out more with some personal examples. The idea of creating just enough of something to test out if there is an interest in the market and to make sure your focus is correct.
Also, the idea of pivoting, to not be so attached to what you are creating that you are incapable of pivoting to what the market is demanding.
Personally I think one of the things I loved about this was how personal he got about things. It’s not just facts but also explains how he learned these lessons himself and mentions what they could have done differently and the financial impact of going the route they did. I also love that this was more digital, so much of what I’ve read has been more focused on tangible products which has made it a little harder to take the process into what I’m doing.
Anyways, I’ll leave it at that. Have you read this book? What did you think?