Lean Startup Summary

In 2004 ,Eric Ries was a chief Technology Officer of a Silicon Vally Startup entitled IMVU. IMVU’s vision
was to create an online product that allow users to build 3D- Avatar.

How todays entrepreneurs use continuous innovation to create radically successful business – Eric Ries

Eric Ries is a serial entrepreneur who created the lean startup movement to help startup allocates their
resources.

Startups are not about coming up with the brilliant idea and becoming an overnight success ,
Entrepreneurship is much more about testing and learning faster than your competitor.

Most startup fails but much of that failure is avoidable because of the lean startup that is kind of
methodology that helps entrepreneur avoid failure.

The reason why start ups fail is that they operates based on the conventional approach to management

Traditionally doing your markets research coming up with the solid strategy in delivering a great product
that works but it doesn’t work with start-ups because it assumes that they already know what the
market wants and the moment you make your assumption , you are doomed to failure. You are wasting
time and money developing the perfect product before you realized that there is no market for it.

The lean Startup Methodology is based on the Build – Measure – Learn –Feedback loop . It is more likely
building your idea to be a product.Measure your customers reaction .Learn if your ideas has been
validated well or you need to adapt. Repeat the loop of cycle until the customers give you a clear signal
that your product fits the market needs

Before digging with this journey , start by classified what are the two or three key critical assumption
that well determined your startup success. And what is the cheapest and fastest way to test them?

Once you figure out and designed a test, Build your Minimum Viable Product or MVP. It is clearly not a
product you will be proud of . It is just helds the critical features of testing for meaningful results.

When you have your MVP, it is good way to test your and measure customers reaction. In order to avoid
any biases after you have collected the data it is best to come up with the bestline of metrics. Be clear
about what success and failure will look like because it more like harder to distinguished between the
two later.

Assess what you learn if you should pivot or persevere. If your assumptions are confirm your off to the
races and you can focus on refining the product. But if one of your assumptions is proven wrong you
may have to pivot.Change your idea or focus on other customer segments. And starting the cycle all
over again. You may have to experiment more than you expected before you can find your customers
really want
Entrepreneurs often dive head first to an idea they are passionate about yet there is a scientific
approach for building a startup.Having a process to manage the chaos in uncertainty surrounding
startup can be a life saver when you fell like struggling swimming in deep end.