I love this book because it challenged some of the assumptions I had about being an entrepreneur. To distill my thoughts, I’m going to highlight 3 key take-aways from the book.
Ries sets the foundation by two differing defintions of what an entrerpeneur and startup is.
- Entrepreneurs are not JUST the people who starts a business. Entrepreneurs can also be managers, salespeople, or any person who contributes to the “whole startup ecocsyems regardless of company size, sector, or stage of development.” (Ries defines what an entreprenprenur is on pg. 27.)
- Start-up aren’t just related to business startups. The principles in the book could apply to non-profits, hospitats, schools, churches, etc. (A startup is a human institution designed to create a new product or service under condidtions of extreme uncertainty. pg 27)
Start your business ASAP and make adjustments quickly and constantly. Ries wants you to split test all the time. HE explains that split tests don’t just measure vanity metrics like clicks or likes.
Correctly-done split tests result in a cause and effect relationship that helps you find out data that results in FACTS about your buisness. The data you find from your split tests should be accessible to members on your team.
Ultimately, the data from your split tests will help you decide if you need to keep going in the same direction or if you need to pivot the direction of your business (pg 173).
Ries advocates the build, measure learn method (pg 22). Start quickly and set-up ways to measure your business from the beginning of your venture..
Kanban Chart helps you focus growth and gleaning results from your growth (pg 139).
This book is worth reading at least once, but I’m sure you’ll want to read more than one.
You can learn more about Lean Startup practices at http://www.leanstartupcircle.com.
To purchase, check out this link.
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