Untitled Deck Flashcards
What myth does Eric Ries challenge in The Lean Startup?
The myth of the genius entrepreneur, which suggests success comes from a great product, a brilliant team, and hard work.
What personal experience does Eric Ries share in the introduction?
His own startup failure, illustrating that promising ideas can fail without a structured process for learning and adapting.
What are the two startup experiences Ries contrasts?
His first failed startup, which followed traditional business wisdom, and his successful venture IMVU, which initially did everything wrong.
What led to the success of IMVU?
Testing, measuring, and adapting rapidly despite releasing an incomplete product and ignoring customer feedback.
What did Ries find about traditional product development?
It did not work in uncertain conditions.
What inspired the development of The Lean Startup methodology?
Lean manufacturing (Toyota Production System) and customer development (Steve Blank).
What is the significance of IMVU’s success?
It led Ries to refine and share the principles of The Lean Startup, creating a global movement.
What are the five core principles of The Lean Startup?
- Entrepreneurs are everywhere. 2. Entrepreneurship is management. 3. Validated Learning. 4. Build-Measure-Learn. 5. Innovation Accounting.
What does ‘Validated Learning’ entail?
Startups must experiment and measure real progress, not just rely on assumptions.
What is the ‘Build-Measure-Learn’ loop?
Create a Minimum Viable Product (MVP), gather data, and decide whether to pivot or persevere.
What is ‘Innovation Accounting’?
Tracking progress using actionable metrics instead of traditional business measurements.
Why do startups fail according to Ries?
They focus too much on business plans, market research, and big launches instead of small, iterative improvements.
What is the ‘Just Do It’ mindset?
A rejection of structure, assuming innovation is purely chaotic, which leads to waste.
How does Ries believe startups can be managed?
Systematically, to improve their odds of success.
How is The Lean Startup structured?
The book is divided into three parts: Vision, Steer, and Accelerate.
What does the ‘Vision’ part focus on?
Defining what a startup is and how to measure progress using validated learning.
What is covered in the ‘Steer’ part?
Using Build-Measure-Learn to experiment, test assumptions, and make data-driven decisions.
What does the ‘Accelerate’ part discuss?
How to scale innovation efficiently by using lean principles even in large organizations.
What is Ries’s belief about the future of startup management?
We are entering a new era where innovation can be engineered and taught.
What is Ries’s mission for entrepreneurs?
To provide them with the tools needed to systematically turn ideas into successful businesses.
