• Find a business model that works through validation.• Use split testing to tell value from waste.• Never ever indulge in vanity metrics.

Key highlights

As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek.﻿

The only way to win is to learn faster than anyone else.﻿

The lean startup offers both entrepreneurs and wantreprenuere a semi scientific, real-world approach to building a business by using validation, finding a profitable business model and creating a growth engine.

Line Summary

Startups operate in an environment of extreme uncertainty, and this must be taken into account when launching it. At the initial stage of development, a startup needs to remain flexible to learn from mistakes and test the founders' hypotheses as quickly as possible, which means that it is necessary to avoid large investments and costs. This is the heart of Lean, aiming to help entrepreneurs improve a startup's chances of success.

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Despite serious business plans, well thought-out business models, detailed go-to-market strategies, and large investments, most startups fail.why is this so? Eric Ries, the author of the Lean Startup Methodology, is sure that the traditional approach to business development does not apply to startups.

Summary

Outlines a revisionist approach to management while arguing against common perceptions about the inevitability of startup failures, explaining the importance of providing genuinely needed products and services as well as organizing a business that can adapt to continuous customer feedback.

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Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched. Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. This is just as true for one person in a garage or a group of seasoned professionals in a Fortune 500 boardroom. What they have in common is a mission to penetrate that fog of uncertainty to discover a successful path to a sustainable business. The Lean Startup approach fosters companies that are both more capital efficient and that leverage human creativity more effectively. Inspired by lessons from lean manufacturing, it relies on “validated learning,” rapid scientific experimentation, as well as a number of counter-intuitive practices that shorten product development cycles, measure actual progress without resorting to vanity metrics, and learn what customers really want. It enables a company to shift directions with agility, altering plans inch by inch, minute by minute. Rather than wasting time creating elaborate business plans, The Lean Startup offers entrepreneurs—in companies of all sizes—a way to test their vision continuously, to adapt and adjust before it’s too late. Ries provides a scientific approach to creating and managing successful startups in a age when companies need to innovate more than ever.

Eric Ries is an American entrepreneur, blogger, and author of The Lean Startup, a book on the lean startup movement. He is also the author of The Startup Way, a book on modern entrepreneurial management.

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Five Principles of the Lean Startup:

Measure #step-2

Understanding Business Models