The Lean Startup By Eric Ries

1237 WordsMar 24, 20165 Pages
In your introduction, summarize the book and describe key lessons you learned. The Lean Startup by Eric Ries deals with properly understanding how to run a startup business at the highest levels of efficiency and launch new products into the market place via development cycle streamlining, hypothesis driven experimentation, and early-adopter feedback . The business strategy model of the same name as the book’s was developed using Ries’s years of experience as an employee, startup advisor, and co-founder of IM messaging service IMVU to create a business strategy that forgoes traditional entrepreneurial methods for a more modern approach. Some core concepts of the Lean Startup method include validated learning which is a hypothesis driven analysis of the different components of a business, build-measure-learn which is a 3-phase system that focuses on turning ideas into products, analyzing customer response, and deciding what works and what requires alteration, and finally innovation accounting which deals with improving entrepreneurial outcomes and holding entrepreneurs accountable for the choices they make. Ries also presents 3 learning milestones that must be achieved by entrepreneurs, these being establishing a baseline or using an MVP to gather data and feedback, tuning the engine or undertaking initiatives to make improvements to the product, marketing, or operations, and finally pivoting or persevering, which means to decide whether a company should stay the course or
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