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1-Page Summary of The Lean Startup

Overview

The Lean Startup is a set of tools and methodologies that entrepreneurs can use to improve their businesses. Since most startups fail, it’s important to understand how to build a better company so we can prevent future failures.

The lean startup is a concept that was derived from the Japanese concept of lean manufacturing. This approach can be applied to entrepreneurship, as well as other industries such as manufacturing.

Entrepreneurship is a type of management. Contrary to popular belief, startups need management just as much as traditional companies do. The effective lean startup manager creates an atmosphere in which employees can learn and experiment with new ideas.

The lean startup movement is not just for startups. It can be used by traditional companies to remain relevant in the business world, which has been so disrupted that no company is safe from needing to change at any time.

The Lean Startup was written in 2011.

Key Takeaways

Startups need a form of management that is different from the usual. Validated learning helps employees learn how to measure their output and success through experience. The more validated learning achieved, the better a startup can perform in its early stages.

Startups can use a feedback loop to steer themselves towards their goals.

Innovation accounting informs the Build-Measure-Learn feedback loop that helps startups determine when to persevere and when to pivot.

In order to succeed, startups have to be flexible and adaptable. They can’t rely on guesses or assumptions; they have to see what’s working and what isn’t. To do this, they use a small-batch approach: before developing a full product, the company first tests out smaller versions of it with customers.

Growth is sustainable when a business attracts new customers from the actions of previous customers. This is especially true for startups, which need to grow quickly. However, it’s important not to sacrifice quality in order to accelerate growth.

Entrepreneurs who work for a company can also use the lean startup method.

Key Takeaway 1: Startups need a specially designed form of management to cater to their very particular needs as fledgling companies.

A startup is a new company that creates something new. It’s different from other companies because of the uncertainty involved in creating something new. A startup needs to be able to adapt quickly and constantly change its strategy or risk failing, as there will always be uncertainty when doing anything for the first time.

Up until this point, many startup founders have used either traditional management tools or a “Just Do It” philosophy. The latter is problematic because it’s not right for startups that are institutions in the making.

Startup IonLab had a good idea, but it failed because its founders were not skilled in managing people. The best advice they got was to focus on relationships, cash flow and balance sheet. They did not get any advice about the technology or innovation. In fact, the strength of an idea is meaningless if you can’t manage people well enough to build a company around it.

Key Takeaway 2: Validated learning is the process by which employees can measure their output and success through experiential lessons. The more validated learning achieved, the more successful a startup can become.

Validated learning is a process that helps startups discover which of their ideas are worthwhile and which aren’t. Validated learning focuses on the value of the idea itself, rather than just whether or not it was successful. Validated learning also helps you understand if your idea will be useful to other people, or if it’s a waste of time.