reading notes from 《The Lean Startup》:
Entrepreneurship is a kind of management.
an extremely fast cycle time, a focus on what customers want (without asking them), and a scientific approach to making decisions.
a human institution designed to create new products and services under conditions of extreme uncertainty.
use scientific experimentation to discover how to build a sustainable business.
- Build-Measure-Learn feedback loop.
The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere.
- Innovation accounting.
how to measure progress, how to set up milestones, and how to prioritize work.
The passion, energy, and vision that people bring to these new ventures are resources too precious to waste. We can— and must—do better.
“Vision,” “Steer,” and “Accelerate.”
“the knowledge and creativity of individual workers, the shrinking of batch sizes, just-in-time production and inventory control, and an acceleration of cycle times.”
The goal of a startup is to figure out the right thing to build—the thing customers want and will pay for—as quickly as possible.
a startup is a portfolio of activities
WHO, EXACTLY, IS AN ENTREPRENEUR?
What if we found ourselves building something that nobody wanted?
Validated learning is the process of demonstrating empirically that a team has discovered valuable truths about a startup’s present and future business prospects.
“We wanted to draw diagrams on the whiteboard that showed why our strategy was brilliant, but our customers didn’t understand concepts like network effects and switching costs. If we tried to explain why they should behave the way we predicted, they’d just shake their heads at us, bewildered.”
which of our efforts are value-creating and which are wasteful?
value as providing benefit to the customer, anything else is waste.
The effort that is not absolutely necessary for learning what customers want can be eliminated.
It is also the right way to think about productivity in a startup: not in terms of how much stu we are building but in terms of how much validated learning we’re getting for our efforts.
systematically figuring out the right things to build.
we need the scientific method. In the Lean Startup model, every product, every feature, every marketing campaign—everything a startup does—is understood to be an experiment designed to achieve validated learning.
The Lean Startup methodology reconceives a startup’s efforts as experiments that test its strategy to see which parts are brilliant and which are crazy.
A true experiment follows the scientific method. It begins with a clear hypothesis that makes predictions about what is supposed to happen. It then tests those predictions empirically. Just as scientific experimentation is informed by theory, startup experimentation is guided by the startup’s vision.
Think Big, Start Small
the value hypothesis and the growth hypothesis
AN EXPERIMENT IS A PRODUCT
“1. Do consumers recognize that they have the problem you are trying to solve? 2. If there was a solution, would they buy it? 3. Would they buy it from us? 4. Can we build a solution for that problem?”
“Success is not delivering a feature; success is learning how to solve the customer’s problem.”