A Quote by Eric Ries
The reality is the Lean Startup method is not about cost, it is about speed. Lean startups waste less money, because they use a disciplined approach to testing new products and ideas.
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The lean startup method is not about cost, it is about speed.
The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers.
HubSpot has used the lean startup method to build a spectacularly successful company. What I particularly love about HubSpot is that they are so geeked out on data analysis and making evidence-based decisions, which are at the heart of the Lean Startup process.
The Lean Startup isn't just about how to create a more successful entrepreneurial business, it's about what we can learn from those businesses to improve virtually everything we do. I imagine Lean Startup principles applied to government programs, to healthcare, and to solving the world's great problems. It's ultimately an answer to the question: How can we learn more quickly what works, and discard what doesn't?
There's nothing wrong with raising venture capital. Many lean startups are ambitious and are able to deploy large amounts of capital. What differentiates them is their disciplined approach to determining when to spend money: after the fundamental elements of the business model have been empirically validated.
Startups, by their nature, are entrepreneurial - testing new things, launching new products, and disrupting themselves. That's why you join a startup in the first place - to create, to stretch beyond your current capabilities, and to make an outsized impact.
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. In other words, the Lean Startup is a new way of looking at the development of innovative new products that emphasizes fast iteration and customer insight, a huge vision, and great ambition, all at the same time.
Learning to see waste and systematically eliminate it has allowed lean companies such as Toyota to dominate entire industries. Lean thinking defines value as 'providing benefit to the customer'; anything else is waste.
I basically apply with my teams the lean startup principles I used in the private sector - go into Silicon Valley mode, work at startup speed, and attack, doing things in short amounts of time with extremely limited resources.
Because most startups are lean and scrappy organizations consisting of a limited number of people and supported by an even smaller number of resources, startups cannot afford to have any slackers on board. When you fail, you cause an 'epic failure,' and when you win, everyone in the company knows about it.
Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously.
"Do not lean on your own understanding." That means don't bring in the crutches and lean on them, those crutches that you have designed and made to handle such situations. Stay away from them. Don't lean on them; lean on God.
The weaker we feel, the harder we lean. And the harder we lean, the stronger we grow spiritually, even while our bodies waste away.
The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products.
Ostrich is a very lean meat. Bison is a very lean meat. Chicken is a very lean meat. Notice something about my favorite meats?
We have done a lot of work on cost reduction, getting ourselves lean, reducing our breakeven, reducing our fixed cost and increasing exports. All of these factors help because our export basket is not just automotive but also includes industrial products, railways and others.
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