THE LEAN STARTUP

THE LEAN STARTUP

1. WHAT IS A STARTUP?

   • IS A HUMAN INSTITUTION DESIGNED TO DELIVER A NEW PRODUCT OR SERVICE UNDER CONDITIONS OF EXTREME UNCERTAINTY

2. STARTUP = EXPERIMENT

3. ENTREPRENEURSHIP IS MANAGEMENT

   • OUR GOAL IS TO CREATE AN INSTITUTION, NOT JUST A PRODUCT. IS TRADITIONAL MANAGEMENT PRACTICES FAIL. ALSO NEED PRACTICES AN PRINCIPLES GEARED TO THE STARTUP CONTEXT OF ETREME UNCERAINTY

4. THE PIVOT

   • CHANGE DIRECTIONS BUT STAY GROUNDED IN WHAT WE'VE LEARNED
   • THEY WERE SHOCKED TO DISCOVER THEIR ONLINE GAMES COMPANY WAS ACTUALLY A PHOTO-SHARING SITE.

5. SPEED WINS

   • IF WE CAN REDUCE THE TIME BETWWEN PIVOTS. WE CAN INCREASE OUR ODDS OF SUCCESS. BEFORE WE RUN OUT OF MONEY

6. THE THREE LEARNING MILESTONES

   • 1. ESTABLISH THE BASELINE. 2. TUNE THE ENGINE. 3 PIVOT OR PERSEVERE

7. LEAN STARTUPS REPLACE VISION WITH DATA OR CUSTOMER FEEDBACK.