Stop me if you have heard this one before. Brilliant college kids sitting in a dorm are inventing the future. Heedless of boundaries, possessed of recent technology and youthful enthusiasm, they built a new company from scratch. Their early success allows them to raise money and bring an amazing new product to market. They hire their friends assemble a superstar team and dared the world to stop them.
This is how Eric Ries introduces his book, which would revolutionise the way companies across the planet functioned.
What is The Lean Startup?
The lean Startup Method is a fairly new way of managing a company. By prioritising real productivity and product development creating value for the customer. Ries mentions how more productive companies should be, to only focus on value for the costumers and he warns entrepreneurs to resist to urge to create a greatly detailed product, as this only prolongs customer feedback.
A Startup requires much attention in their early days: ”A comprehensive theory of an early stage entrepreneurship should address all the functions of an early- stage venture: vision and concept, product development, marketing and sales, scaling up, partnerships and distribution, and structure and organizational design’.’ Ries describes the following when talking about the meaning of this method: ”provide a method to give guidance on how to make trade off decisions such as; whether and when to invest, when to go at it alone and when to respond to feedback or to stick to the vision.”
Who is Eric Ries and why is his book so important?
Eric Ries, the author of this New York Times bestseller, The Lean startup, is the creator of the Lean Startup methodology. He founded a number of startups himself, including IMVU. His principles had been implemented by thousands of startups. In his book Ries pushes for executives and entrepreneurs to quickly learn what works and what doesn´t. Herein creating a new approach to creating continuous innovation. Thus preventing the new startups of the age inventively pushing the company aside by their youthful energy.
Ries uses the term entrepreneur to refer to the whole startup ecosystem regardless of company size, sector, or stage of development. The author describes a startup as ‘A human institution designed to deliver a new product or service under conditions of extreme uncertainty, according to this book the definition of a startup.´ Thus companies as Apple can be defined as a Startup. So whether you have a starting company or are the manager of all large corporation, you should take the principles in this book to heart.
What makes The Lean Startup Method so useful?
What can this method do for you and your company? Well, this method gives you the blueprint to run your venture. It gives you a way to import a entrepreneurial management in your startup.
The backbone of his method is a continuous learning so development can be optimised, but as Ries in his book declares; Learning is frustratingly intangible. Thus it is very useful for every corporation to have a proven plan in place for this continuous learning.
The wrong approach which is still too often used is when planning is prioritised over a system, ”too many startup business plans look more like they are planning to launch a rocket ship than drive a car.” Rather, Ries advises, to build a simple vehicle and then test the so called Minimum Viable Product. Later you can add the doors, air-conditioning and the seat warmers if and only if it is of value to the customer. As we will see later on, a product is a ending result of strategy.
”Every setback is an opportunity to learn.”
The Lean Startup, by Eric Ries
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