Insightful Inputs From The Lean Startup: Part III
This is WITS Zen initiative to post series of insightful inputs and wisdom nuggets from the book “The Lean Startup“, by Eric Ries. The Lean Startup is a new way of looking at the development of innovative new products that emphasizes fast iteration and customer insight, a huge vision, and great ambition, all at the same time.
Insightful Inputs from ” The Lean Startup “:
- “A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty.”
- The Lean Startup method is designed to teach you how to drive a startup. Instead of making complex plans that are based on a lot of assumptions, you can make constant adjustments with a steering wheel called the Build-Measure-Learn feedback loop.
- A startup is greater than the sum of its parts; it is an acutely human enterprise.
- Startup use many kinds of innovation:
- Novel scientific discoveries
- Repurposing an existing technology for a new use
- Devising a new business model that unlocks the value that was hidden
- Simply bringing a product or service to a new location or a previously undeserved set of customers.
Watch out for more inputs. To be continued…
If WITS Zen has missed some valuable inputs from the book, please share with us.
5 Principles of The Lean Startup
Theory of Entrepreneurship:To Make Testable Predictions
Eric Ries Emphasized Validated Learning for Startups