Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean Startup Methodology. He advises startups on business and product strategy using the Lean Startup Approach.
Every entrepreneur and manager wants to make better and faster business decisions.
Can any business venture make fortune if they only have determintation,brilliance,great timing,great product and execution?
The Lean Startup Methodology explained by Eric Ries helps companies succeed in a business landscape riddled with risk.
In his talk at Google, he brings the princilpes from lean manufacturing and agile development to the process of innovation.
Here are few takeaways from the talk regarding creation of successful business
- 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 vaidated learning about potential customers.
- An MVP usually forms the basis of such experiments.
- Three popluar types of MVP’s are :video,[bloopers] 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 the perseverance and flexibility at the same time.
- Pivoting an idea doesnot equal failure. Infact,almost every successful startup has done a major change to its strategy at some point.