THE LEAN STARTUP SUMMARY (BY ERIC RIES)

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Lean Startup is an approach that every aspiring entrepreneur should know about. In this video, I’ll present the 5 best takeaways (in my opinion) from the book that happens to have the same name – The Lean Startup, by Eric Ries.

How to start your first business: http://bit.ly/391czmD

Top 5 takeaways from The Lean Startup:
0:00 Intro
01:12 1. The Build-Measure-Learn Feedback Loop
03:28 2. Everything is a Grand Experiment
05:21 3. Different Types of Mvps
07:24 4. The Three Engines of Growth
10:04 5. Pivot or Persevere?

TL;DW:

- The goal of a startup is to figure out the right thing to build – that customers want and will pay for - as quickly as possible
- To confirm or reject your hypothesis, experiments must be run to gain validated learning about potential customers. An MVP usually forms the basis of such experiments.
- Three popular types of MVPs are: Video, concierge (cut) and the wizard of Oz
- Every startup should focus on an engine of growth – either the sticky, the viral or the paid one
- Successful entrepreneurship is about perseverance and flexibility at the same time. Pivoting an idea does not equal failure, in fact, almost every successful startup has done a major change to its strategy at some point.

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