WITS Zen focuses on the concept, principles, methodology and various other aspects of Lean Startup, a “term coined by Eric Ries, his method advocates the creation of rapid prototypes designed to test market assumptions, and uses customer feedback to evolve them much faster than via more traditional product development practices, such as the Waterfall model. ” (Wikipedia).
Commenting on Eric Ries latest book ” The Lean Startup”, Marc Andreessen, co-founder of Netscape, says, “Eric has created a science where previously there was only art. A must read for every serious entrepreneur — and every manager interested in innovation.” This is WITS Zen initiative to post a series of insightful inputs and wisdom nuggets from the book.
Insightful Inputs from “The Lean Startup”:
- Startup success can be engineered by following the righ process, which means it can be learned, which means it can be taught.
- Entrepreneurship is a kind of management.
- The Lean Startup represents a new approach to creating continuous innovation.
- A startup is a an institution , not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty.
- Startups exist to learn how to build a sustainable business. The learning can be validated scientifically by running frequent experiments.
- A fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere.
Watch out for more inputs. To be continued…
If WITS Zen has missed some valuable inputs from the book, please share with us.