The Lean Startup summary. Methodology overview

Summary

Why do startups fail?

CB Insights made own research “The Top 20 Reasons Startups Fail”

What is a Lean Startup?

Five Principles of the Lean Startup:

What kind of management do startups need?

How to define a startup

What is the startup’s goal?

How to understand what people need without wasting time and money?

Break the vision apart

How to go into practice?

Build

Measure

Learn

Leaps of Faith

Genchi Genbutsu

Do what scares perfectionists

Innovation accounting

Three stages of innovation accounting:

Cohort analysis

Vanity metrics

Key aspects of Innovation Accounting:

When should you make a pivot?

Startup runway

How to get traction?

The Three engines of growth

Adaptation

IN CONCLUSION

Key takeaways:

  • The lean startup is developing a product based on the expressed desires of the market.
  • The lean startup uses validated learning, which is a process by which companies assess consumer interest.
  • Lean startup methods focus heavily on customer-related information such as customer churn rate, lifetime customer value, and product popularity.
  • In lean startup practices, experimentation is favored more than adherence to a rigid plan.
  • Lean startup standards will involve releasing a small form or early concept products to assess the customer reaction to the product.

Why did we make this short book overview?

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