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THE LEAN STARTUP by Eric Ries
Transcript of THE LEAN STARTUP by Eric Ries
“Vision” makes the case for a new discipline of entrepreneurial management. We identify who is an entrepreneur, define a startup, and articulate a new way for startups to gauge if they are making progress, called validated learning.
"In “Accelerate,” we’ll explore techniques that enable Lean Startups to speed through the Build-Measure-Learn feedback loop as quickly as possible, even as they scale."
Game : True or false
- I need to convince the future client that he needs my product.
- I must create a definitive product.
- The client help me to create my definitive product.
- Never revise our first strategy.
- A start-up is constitute almost only on the “idea”.
"How today's entrepreneurs use continious Innovation to create radically sucessful Businesses."
By Eric Ries
- « Just do it » process
- Entrepreneurship requires a managerial discipline
- Worldwide entrepreneurial renaissance
The roots of the Lean Startup:
Taiichi Ohno and Shigeo Shingo
Lean thinking is radically altering the way supply chains and production systems are run
Who is an Entrepreneur?
Proper team structure
A strong vision for the future
An appetite for risk taking
Entrepreneurs are everywhere!
Validated learning involves testing an initial idea and using metrics to confirm or disprove the accuracy of the initial idea. Combined with a minimum viable product, validated learning provides invaluable information for building and growing your education business.
What are characteristics of validated learning when it is put into action?
Empirical demonstrations of what truths you have learned about your current or future business prospects.
More concrete, accurate, and faster forecasting.
Tries to prevent the execution of plans that lead nowhere.
Not good stories to explain failure or after-the-face rationalizations.
Enter the instant messaging maket in 2004
The company statement needs to be measured at the time when it has done numbers induce by its business plan.
Tests will be build to find how real numbers can get closer to the first idea.
Success is not common : Creators tend to be to optimistic and keep going on belief even if reality is far different.
Every creator must deal with an important challenge : Know when they have to change their plans and when keep going on.
To rectify your strategy, you need to pivot in order to try new hypothesis linked with product/service, the strategy and the growth engine.
If strategy has lacks and must be corrected, restart development process is useful if they become profitable.
"Pilot rather than plan: be reactive for every change, to consumers, to society at every moment, even if its changing the schedule. "
- Pilot efficiently : use indicators for having a product strategy.
- For that, you need to lead experimentation: Test hypotheses the more rapidly as possible to be sure that the future client want the product.
You don’t have and need to convince them!
- Go on on the field for a good understanding of the situation.
Minimum viable product (MVP) :
to produce a not final first product which will not waste time and money.
This product will be liked by first adopters,
mature people, visionary clients: They will fill gap of the product by their imagination.
You don’t need to make a qualified product: except if it’s for winning clients.
To sum up
Create a minimum viable product : not definitive product
Manage your rhythm operation
Pivot or persist ?
Which activities create value and which are from a waste?
To answer, we need to ask those questions:
What products do customers really want?
How will our business grow?
Who is our customer?
Which customers should we listen to and which should we ignore?
--> That is what creates value for a startup
When the immune system detects a problem, a number of things happen immediately:
1. The defective change is removed immediately and automatically.
2. Everyone on the relevant team is notified of the problem.
3. The team is blocked from introducing any further changes, preventing the problem from being compounded by future mistakes …
4. … Until the root cause of the problem is found and fixed.
Using the smallest batch size that will get the job done.
Step 1: BATCH
--> Lean Startup practice
scalability, conducting product experiments without making massive up-front investments in planning and design
The approach is called
in lean manufacturing : It works because of the surprising power of small batches.
approach produces a finished product every few seconds
quality problems can be identified
“You can assume
new firm births per year.”
Global Entrepreneurship Center
As new research by
Harvard Business School’s
of all start-ups fail.
The Lean Startup Methodology (LSM) is an approach for launching products/ services and can make the process of starting a company less risky.
"Startup success can be engineered by following the right process."Book
Autor of the blog
"Startup Lessons learned".
His mentor: Steve blank, recognized for developing the Customer Development methodology,
Co-founded and CTO of IMVU.
Teacher at Harvard business school.
Frequent speaker at business events.
“A start up is an human institution designed to deliver a new product or service under conditions of extreme uncertainty”
Lean start up 5 principles:
Taught at more than 25 universities and through Udacity.com..
"I make all of our manager read
The lean startup"
J. Immelt, CEO, GE
Concepts: “minimum viable product” and “pivoting”.
Entrepreneur are everywhere.
Entrepreneurship is Management.
Don’t spend too much time/money creating things customers aren’t interested in.
Fast development cycle
so that we’re constantly offering products/ services that customers want.
Step 2: GROWTH
Sustainable growth is characterized by one simple rule: New customers come from the actions of past customers.
Where does growth come from?
There are four primary ways past customers drive sustainable growth:
Word of mouth
As a side effect of product usage
Through funded advertising
Through repeat purchase or use
The three engines of growth
-The Sticky Engine of Growth:
products are designed to attract and Retain customers for the long term.
-The viral Engine on Growth:
Awareness of the product spreads
rapidly from person to person similarly to the way a virus becomes an epidemic= the viral engine is powered by a feedback loop that can be quantified
-The paid engine of growth:
increase the revenue from each customer or drive down the cost of acquiring a new customer.
Step 3: ADAPT
The Wisdom of the Five Whys
--> provides an opportunity to discover what that human problem might be:
A new release disabled a feature for customers. Why?
- Because a particular server failed.
Why did the server fail?
- Because an obscure subsystem was used in the wrong way.
Why was it used in the wrong way? The engineer who used it didn’t know how to use it properly.
Why didn’t he know?
- Because he was never trained.
Why wasn’t he trained?
- Because his manager doesn’t believe in training new engineers because he and his team are “too busy.”
Step 4: INNOVATE
--> Successful innovation teams must be structured correctly in order to succeed.
- Scare but Secure Resources:
Startups are different: too much budget is as harmful as too little—as countless
- Independent Development Authority:
Startup teams need complete autonomy to develop and market new products within their limited mandate.
- A personal Stake in the Outcome
: Entrepreneurs need a personal stake in the outcome of their creations.