Complete summary of Eric Reis' book: "The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses"
The review of the ideas in Eric Reis' book: "The Lean Startup" shows that most startups tend to burn through their resources and then disappear because they never get around to seeing what their potential customers think of what they’re developing. They worry about the product first and assume customer demand will be there automatically. This summary highlights that instead of developing a business plan, you need to find ways to accelerate your learning and validate customers demand. The best way to do this is to build a prototype (with minimal features) and sell it to some early adopters. Then change the product repeatedly – daily if necessary – and keep supplying your customers with the new and improved versions. Listen to their feedback and use those ideas to make a better version and then get more feedback on that. Keep iterating until you get a fully featured product which your customers love. In other words, this summary highlights that it is useful to go through the Build-Measure-Learn loop as often as you can. If you make validated learning the real aim of your startup, you stand a better chance of success.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your business knowledge
To learn more, read "The Lean Startup" and focus on what customers want, utilize an extremely fast cycle time and take a scientific approach to making decisions.
