ONE BOOK WEDNESDAY | THE LEAN STARTUP

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ONE BOOK WEDNESDAY | THE LEAN STARTUP

by Torie Mathis | KNOWLEDGE | 0 comments

Read one book a week to change your life.

This week on one book Wednesday…

Are you an aspiring entrepreneur with a great business idea?

Or are you already running a small business and looking for ways to improve your operations?

If so, then The Lean Startup by Eric Ries is a book that you need to read.

Why Small Business Owners Should Read The Lean Startup

The Lean Startup is all about how to run a successful business in the most efficient way possible. Ries provides readers with a step-by-step guide on how to start and grow a lean startup. He also debunks many of the myths surrounding startups, such as the need for large amounts of capital or complicated business plans.

One of the key takeaways from The Lean Startup is the importance of constantly testing and iterating on your product or service. This allows you to quickly identify what works and what doesn’t, so that you can make the necessary changes. This is a crucial approach for any small business owner who wants to increase their chance of success.

Overall, The Lean Startup is an essential read for anyone who is serious about starting or growing a successful business. It provides practical advice that can be put into action immediately, and it will help you avoid many common pitfalls.

If you’re looking to take your business to the next level, then this book may be great for you.

The Lean Startup by Eric Ries

The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Done is better than perfect and that action is the only way to make things happen.

Too often we get buried in planning and perfection when really we need to get out there and make things happen. This action is the only way to truly decide what the next step should be.

Theories and thinking on it only go so far into any project, it is the actual life experience that pulls a project into completion… whether it is a startup or other complex task.

The Lean Startup is great for any over-thinker, over-planner or just a business owner in need of a kick in the pants to dive in and figure it out by taking action.

What is the Lean Startup Method

The lean startup method is all about making your startup as efficient as possible. It’s a way of thinking that focuses on eliminating waste and maximizing value.

The lean startup method was popularized by Eric Ries, who wrote a book called The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses. In the book, Ries lays out the lean startup methodology and argues that it is the best way to approach starting a new business.

Keys of the Lead Startup Method

The core tenants of the lean startup method are: build, measure, learn; embrace uncertainty; focus on the customer; and iterate quickly.

Build, measure, learn means that you should always be building something, measuring its success, and learning from your mistakes.

Embracing uncertainty means that you should be prepared for the fact that things will never go exactly as planned.

Focus on the customer means that you should always be thinking about how to best serve your customers.

Iterate quickly means that you should never be afraid to change course if something isn’t working.

Why the Lead Startup Method Works

The lean startup method is all about making your startup as efficient as possible. It’s a way of thinking that focuses on eliminating waste and maximizing value.

If you’re thinking about starting a business, or if you’re already in the early stages of starting one, then the lean startup method is definitely worth considering. It could just be the thing that makes your startup a success.

Is the Lead Startup worth reading?

There’s no denying that the Lean Start-up movement has had a major impact on the business world. But is it really worth reading about?

On the one hand, the Lean Startup offers a simple and effective approach to starting and running a business. It’s helped countless entrepreneurs get their businesses off the ground, and it’s definitely worth reading if you’re looking for some practical advice.

On the other hand, some people argue that the Lean Startup is too simplistic and doesn’t take into account the complexities of real-world businesses. If you’re looking for a more nuanced understanding of business, this might not be the best book for you.

So, what’s the verdict? We say it depends on what you’re looking for. If you want some straightforward advice on starting a business, the Lean Start-up is definitely worth a read. But if you’re looking for a deeper understanding of the business world, you might want to look elsewhere.

Highlighted from Kindle Readers - The Lean Startup

via Amazon

Reviews of The Lead Startup

An essential book for start-up entrepreneurs

“I read this book years ago but never got around to reviewing it. I’ve recently read it two more times in the last year. It is that good. I see it as an essential book for start-up entrepreneurs because it is packed with important truths.

Most important is the idea that you must prove your product or service innovation out in the market quickly.

There is so much uncertainty involved with developing an original product idea that traditional management techniques evolved in established businesses are inadequate in start-ups.

Instead, develop a minimum viable product (MVP) to test key elements of your business idea and get it out to potential customers. See what their response rates are compared with your expectations. Keep learning and innovating until you have a product that is proven and a marketing method that works effectively.

While I’ve spent more than 30 years studying marketing, I’m an accountant by training. I found the section on innovation accounting and cohort analysis to be an eye-opener.

This is an outstanding book. While its origins lie in software application development, the concepts have been proven in a vast range of different industries. In some ways, it echoes ideas in Michael Masterson excellent book “Ready, Fire, Aim” that also emphasizes the vital importance of early validation of a business idea in the market.

This is very highly recommended.”

Paul Simister

—

Word processor diarrhea leads to WASTE in The Lean Start-Up

“I had two primary issues with the book. First, the book is written by a software guy for software guys and start-ups. I can only recall one reference in all the pages to a hardware product. So this book is not for anyone that is looking to create physical and tangible products. In fact, hardware is hard and my research hasn’t found anything remotely useful in applying lean start-up principles to hardware.

Second, the focus of the book is on “what” a lean start-up is and doesn’t provide actionable information. Diarrhea of the word processor resulted in a 365 page definition of a lean start-up, where it could have been boiled down to less than 100 pages (minus 1-star for waste…Distill it down to an A3 using Lean Thinking). So let me save you some time.

1. An entrepreneur is a person who creates a business around a product or service under conditions of “extreme uncertainty”, and should ascend the vision-strategy-product pyramid. (Google: Start with Why TEDx – Ries redefines that concept)
2. A start-up is a phase of the entrepreneur’s organization, tasked with the goal of reducing the condition of “extreme uncertainty”, and finding a sustainable business model (Google: Lean Business Model Canvas).
3. Use customer discovery (class) and validated learning (method) to find a sustainable business model around your product or service idea. The validated learning method of Build-Measure-Learn is synonymous with Plan-Do (Build), Check (Measure), and Act (Learn) cycle, which as most people know is derived from the scientific method.
a. Build a Minimum Viable Product (MVP)
b. Measure using Actionable Metrics instead of Vanity Metrics.
c. Learn from your MVP and Actionable metrics and Pivot to improve problem/solution and product/market fit or Persevere.
4. Finally, use lean principles (i.e. small batch sizes, 5 whys root cause analysis, chief engineer, blah, blah, blah) to stream-line your operation once you’ve found a viable business model and are ready to leave the start-up phase and enter the growth phase. (Minus 1-star: As a hardware guy and having extensive experience in lean it’s blatantly obvious Ries is just starting his lean journey and his last section (Accelerate) is superficial, survey, regurgitation of some of the lean tools and ideas).

Reference More Actionable Books:
Running Lean – Ash Maurya
Art of the Start (Ch.1) – Guy Kawasaki

Reference Free Material:
Steve Blank’s Website & Blog
Simon Sinek – Start with Why”

D.Damato

Thanks, Paul and D. for sharing your reviews of the Lean Startup!

So what do you think?

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About Digital Marketing Expert Torie Mathis

Torie Mathis helps entrepreneurs, like you, use digital marketing to grow your business without wasting time, money, or your sanity. She is a best-selling author, Army veteran, speaker + trainer, and your digital marketing coach. You don't need crazy tech skills, buckets of cash, or dedicated staff to market your business. In fact, you don't even need a lot of time. What you need is to be SMART.

Torie hosts SMART AF, a show for non-techy entrepreneurs looking to grow their business, with her husband Sean and is the creator of SMART AF Magazine. Learn from Torie at the Smart Arsenal and on her channel.

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