Notes from ‘The Lean Startup’.
Key sections and page references by Scott Colfer, 5
[Lean Startup comes from] lean manufacturing, design thinking, customer development, and agiledevelopment. (p4)[Lean Startup is] characterised by an extremely fast cycle time, a focus on what customers want(without asking them), and a scientific approach to making decisions. (p8)The Lean Startup Method (p8-10, paraphrasing):1.
Working in areas of extreme uncertainty
(entrepreneurship is everywhere)
Bring management to extreme uncertainty
(entrepreneurship is management)
(learn about your products
(accelerated feedback loop)
(Innovation accounting: measure, manage, prioritise)
The concept of entrepreneurship includes anyone who works within my definition of a startup: ahuman institution designed to
create new products and services under conditions of extremeuncertainty
)Entrepreneurship is a kind of management. (p3)Entrepreneurship is management. (p8)Entrepreneurship requires a managerial discipline. (p17)Lean Startup takes its name from the lean manufacturing revolution. (p18)Too many [. . .] business plans look more like they are planning to launch a rocket ship than drive acar. They prescribe the steps to take and the results to expect in excruciating detail, and as inplanning to launch a rocket, they are set up in such a way that even tiny errors in assumptions canlead to catastrophic outcomes. (p21)Instead of making complex plans that are based on a lot of assumptions, you can make constantadjustments with [. . .] the Build-Measure-Learn feedback loop. (p22)
We can learn when and if it’s time to make a sharp turn called a pivot or
whether we shouldpersevere along our current path. (p22)Entrepreneurs who operate inside an established organisation sometimes are called
A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. (p27)Lean Startup can help:To create breakthrough new products
that can create new sustainablesources of growth. (p31)
(paraphrasing, p49) always demonstrated by positive improv
ements in the startup’s core metrics,
backed up by empirical data collected from real customers.