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According to Eric Ries, there are two main reasons for startup failures:
Even such a chaotic and unpredictable phenomenon as a startup (can) should be managed. And this is what we document in this stash
“Startup success is not a consequence of good genes or being in the right place at the right time. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught.”
The feedback that a startup receives in its experiments
can be qualitative (which product options they like and which they don't)
or quantitative (how many customers use the product, the number of registered users).
The Lean Startup concept is based on a Build-Measure-Learn feedback loop.
The most important challenge of startup management is to strive to reduce the feedback cycle time. But all the elements of this cycle deserve equal attention.
It's exactly the boring little things that are critical to a startup's success.
1. Create MVP and get feedback to understand the real state.
2. Try to bring metrics closer to ideal ones. It can take a lot of trying.
3. Decide whether to move in the same direction or make a pivot.
If you are close to the ideal metrics, you need to move in the same direction.
“The engine of growth is the mechanism that startups use to achieve sustainable growth. I use the word sustainable to exclude all one-time activities that generate a surge of customers but have no long-term impact, such as a single advertisement or a publicity stunt that might be used to jump-start growth but could not sustain that growth for the long term.”
1. Effective indicators. show what needs to be done to get the results you want. They help to learn from the results of their actions.
2. Simplicity of presentation. Reports should be presented simply and clearly. It is worth remembering indicators are the results of people's work.
3. Data Verification and accountability.
Small batch approach
The Lean Startup methodology is based on a small batch approach, borrowed from the concept of lean manufacturing.
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Hey folks I wrote a short summary of famous Lean Startup book