The Lean Startup

We know you're busy, so we'll keep this short. This summary of The Lean Startup (written by Eric Ries) is designed to give you the main ideas you need to know from this great book in the quickest format possible. What You Will Learn: How to manage and control a new startup How to use experiments to eliminate wasteful processes How to create a "Minimum Viable Product" How to use smart measurements to guarantee long-term success How to change directions and adapt quickly in a fast-paced, competitive environment How to scale an incredibly efficient new business using growth engines and innovation Many more hacks and strategies to build a lean and profitable startup What Is Inside This Summary: A comprehensive overview of the entire book Detailed summaries of each chapter Important and memorable quotes from each chapter A bulleted list of key takeaways from the book Excerpt from the summary of The Lean StartupThe Lean Startup MethodThe Lean Startup is comprised of five principles which make up the majority of the book. These principles include: Entrepreneurs are everywhere. Ries states that you don't have to be a business owner to be classified as an entrepreneur. This means that entrepreneurs can be found everywhere, in every sector of business, and in companies of varying size. Entrepreneurship is management. A startup is more than just the product or service being sold. If you think of a startup as an institution that constantly grows and changes based on the extreme uncertainty of the market, you start to get the idea. In fact, Ries even suggests making the term "entrepreneur" a managerial job title filled by someone who is adept at reacting to market changes as they occur. Validated Learning. One of the major benefits to creating a startup is learning how to build a sustainable business. In other words, it's about more than just creating products, making money, and serving customers. Build-Measure-Learn. The fundamental idea behind every startup is to turn an idea into a product, measure customer feedback, and then decide whether to change course or persevere. The Lean Startup method encourages accelerating this feedback loop as much as possible. Innovation Accounting. Measuring progress, setting up milestones, and learning how to prioritize tasks will help to improve entrepreneurial outcomes while holding innovators accountable. This is accomplished using a new accounting method designed specifically for startups Many of these principles are ideas originally developed by Toyota - a company which has spearheaded the lean manufacturing movement. Ries has taken the time to apply many of these same principles to businesses of all sizes, both startups and established companies. The result of Ries' work is known as the Lean Startup methodology.This book was written to welcome what Ries refers to as Management's Second Century. Modern startups cannot rely on what has worked in the past. Rather, startups require a new set of tactics - tactics that have been incorporated into the Lean Startup process. These tactics will ensure the future success of entrepreneurs around the world.