In September, 2008 Eric Ries presented his thoughts on the term” lean startup” for the first time.
His belief is that “these lean startups will achieve dramatically lower development costs, faster time to market, and higher quality products in the years to come. Whether they also lead to dramatically higher returns for investors..”
This is WITS Zen initiative to post a series of insightful inputs and wisdom nuggets from the book.
- Building a startup is an exercise in institution building; thus, it necessarily involves management.
- Traditional management practices and principles are ill-suited to handle the chaos and uncertainty that startups must face.
- We lack a coherent management paradigm for new innovative ventures, we are throwing our excess capacity around with wild abandon.
- A comprehensive theory of entrepreneurship should address all the functions of an early-stage venture.
- A theory of entrepreneurship should provide a method for measuring progress in the context of extreme uncertainty.
- A theory of entrepreneurship must allow entrepreneurs to make testable predictions.
Watch out for more inputs. To be continued…
If WITS Zen has missed some valuable inputs from the book, please share with us.