• My Listings
Expert Circle
  • Expert Panels
    Expert Panel: How to Develop a Content Strategy

    Expert Panel: How to Develop a Content Strategy

    Expert Panel: If you could only do one thing in an organisation to improve the sense of belonging, what would it be?

    Expert Panel: If you could only do one thing in an organisation to improve the sense of belonging, what would it be?

    Expert panel: What are the benefits of coaching and mentoring?

    Expert panel: What are the benefits of coaching and mentoring?

    Expert Panel: What is one change you recommend making to enhance culture and productivity

    Expert Panel: What is one change you recommend making to enhance culture and productivity

  • Get Featured
    Contribute to the panel: should companies disclose salary information in job descriptions?

    Contribute to the panel: should companies disclose salary information in job descriptions?

    Contribute to the panel: how to manage toxic people in your team

    Contribute to the panel: how to manage toxic people in your team

    Contribute to the panel: If you could only do one thing in an organisation to improve the sense of belonging, what would it be?

    Contribute to the panel: If you could only do one thing in an organisation to improve the sense of belonging, what would it be?

    Contribute to the panel: How do you deal with the negativity without letting it drag you down as the leader?

    Contribute to the panel: How do you deal with the negativity without letting it drag you down as the leader?

    Contribute to the panel: What are the benefits of coaching and mentoring?

    Contribute to the panel: What are the benefits of coaching and mentoring?

    Expert Panel

    Contribute to the Expert Panel: What are the important factors to consider before starting a business?

  • Branded Content
  • Media Pack
No Result
View All Result
Expert Circle
No Result
View All Result
Home Book and Movie Club

The Lean Startup – book review

by James Chaplin
October 23, 2022
in Book and Movie Club, Book Review
Reading Time: 3 mins read
0
The Lean Startup – book review
1.7k
SHARES
5.7k
VIEWS
Share on LinkedinShare on Twitter

If you think about the fact that as of 2019, 90% of start-ups fail, the big question is what is the key differentiator? And what if you are still failing despite supposedly doing everything right, according to conventional wisdom?

Indeed, while there is no guaranteed roadmap when launching a start-up, the insights offered here are relevant to anyone who is looking to maximise their chances of being one of the ones to succeed.

Written in the first person, the author Eric Ries walks us through his story, of how at the beginning of his career he failed and with the benefit of hindsight why he did, before going on to describe his journey at IMVU, an avatar-based social networking site, which currently has 6 million users worldwide.

It was during his time at IMVU he came up with the methodology which he writes about in this book. In the first instance, he argues the starting point for the founder is not to ask what customers want, instead assume they don’t know what they want, especially when innovating. Asking customers or clients conceptual questions about what they may want is inevitably going to result in wasted time and energy, when instead he argues, the solution is to experiment extensively and expose clients & customers to the variations and see what sticks and what people are prepared to pay for.

The method this is then done by is through assembling an MVP, where its primary objective is to test the business hypothesis. It is here he tells a great case study of how dropbox before they had a working solution, increased registrations by 15x on their waiting list, solely by producing a video that mimicked the functionality that the end product would do. With that surge in interest they were able to prove the demand to VC firms and build their product. The rest as they say is history.

It is at this point he argues early adopters don’t expect a new product to be perfect, they understand the trade-offs and are happy to use solutions they conceptually buy into, even if they don’t work properly. It is this group the entrepreneur should harness, utilising their feedback on what they like that is there, what they want to be removed and what they would change. At this point he makes a brilliant insight, which is well worth remembering:

“Customers (or clients) don’t care how much time something takes to build. They care only if it serves their needs.”

Later, he talks about the need for the Entrepreneur to adapt also, which is a fascinating recognition that the job the founders need to do evolves as the business grows, were with that, so the responsibilities change from being operational (doing everything yourself) to managerial (tasking others) where at that moment, there are two golden rules:

  1. Be tolerant of all mistakes the first time
  2. Never allow the same mistake to be made twice

With that in mind, then adopt the five whys method to problem-solving. Repeating why, five times can help uncover root causes so you can fix them and create a more robust solution, indeed, the Toyota production system has been built on this method. To conclude, overall this is a book well worth reading for anyone who is involved in either entrepreneurship or within a business, in project or change management. The principles he outlines are conceptually easy to understand, where the philosophy he espouses for me anyway, intuitively feels correct, where overall this book is full of insights that can only be helpful for someone in this field.

 

Share116Tweet415Share664SendShareSend

James Chaplin

Related Posts

Start Your Own Wholesale Distribution Business: Your Step-By-Step Guide to Success (StartUp Series)
Book and Movie Club

Start Your Own Wholesale Distribution Business: Your Step-By-Step Guide to Success (StartUp Series)

April 1, 2023
0
Start Your Own Vending Business: Your Step-By-Step Guide to Success (StartUp Series)
Book and Movie Club

Start Your Own Vending Business: Your Step-By-Step Guide to Success (StartUp Series)

March 31, 2023
0
Start Your Own Wholesale Distribution Business: Your Step-By-Step Guide to Success (StartUp Series)
Book and Movie Club

Start Your Own Wholesale Distribution Business: Your Step-By-Step Guide to Success (StartUp Series)

March 30, 2023
0
Startup Guide to Guerrilla Marketing: A Simple Battle Plan For Boosting Profits
Book and Movie Club

Startup Guide to Guerrilla Marketing: A Simple Battle Plan For Boosting Profits

March 29, 2023
0
Start Your Own Tutoring and Test Prep Business: Your Step-By-Step Guide to Success
Book and Movie Club

Start Your Own Tutoring and Test Prep Business: Your Step-By-Step Guide to Success

March 27, 2023
0
Start Your Own Travel Hosting Business: Airbnb, VRBO, Homeaway, and More (StartUp Series)
Book and Movie Club

Start Your Own Travel Hosting Business: Airbnb, VRBO, Homeaway, and More (StartUp Series)

March 26, 2023
0
Start Your Own Travel Business: Cruises, Adventure Travel, Tours, Senior Travel (StartUp Series)
Book and Movie Club

Start Your Own Travel Business: Cruises, Adventure Travel, Tours, Senior Travel (StartUp Series)

March 25, 2023
0
Start Your Own Transportation Service: Your Step-by-Step Guide to Success (StartUp Series)
Book and Movie Club

Start Your Own Transportation Service: Your Step-by-Step Guide to Success (StartUp Series)

March 24, 2023
0
The Founder (2016) Movie Review
Book and Movie Club

The Founder (2016) Movie Review

March 23, 2023
20
Start Your Own Senior Services Business, 3rd Edition
Book and Movie Club

Start Your Own Senior Services Business, 3rd Edition

March 23, 2023
0
Next Post
Who moved my cheese – book review

Who moved my cheese - book review

monitor screengrab

Hassle-free Phone Lead Attribution for Marketers

The 11 benefits of guest blogging

The 11 benefits of guest blogging

Call to Action

Categories

  • Book and Movie Club
    • Book Review
    • Business Library
    • Movie review
  • Business Management
    • Accounting
    • Careers and Education
    • HR & Recruitment
    • Startup
  • Current Affairs
    • Notes From Ukraine
  • Expert Panel
  • Finance
    • Investing
  • Get Featured
  • Leadership
    • Coaching and Mentoring
    • Motivational
  • Lifestyle
  • Marketing
    • Blogging
    • Design
    • Digital Marketing
    • Email Marketing
    • Networking
    • Podcast
  • Sales
    • Objection Handling
  • Uncategorized

Advertisement

Black Friday Week 2021 v2

Categories

  • Book and Movie Club (171)
    • Book Review (18)
    • Business Library (146)
    • Movie review (1)
  • Business Management (37)
    • Accounting (1)
    • Careers and Education (4)
    • HR & Recruitment (10)
    • Startup (6)
  • Current Affairs (17)
    • Notes From Ukraine (17)
  • Expert Panel (13)
  • Finance (1)
    • Investing (1)
  • Get Featured (12)
  • Leadership (42)
    • Coaching and Mentoring (3)
    • Motivational (12)
  • Lifestyle (10)
  • Marketing (72)
    • Blogging (20)
    • Design (1)
    • Digital Marketing (23)
    • Email Marketing (1)
    • Networking (4)
    • Podcast (2)
  • Sales (4)
    • Objection Handling (1)
  • Uncategorized (2)

An Award-winning Platform

Top categories on Expert Circle

  • Book Club
  • Business Management
  • Leadership
  • Marketing & Sales

Opportunities on Expert Circle

  • Branded Content
  • Promote Your Website
  • Media Pack
  • Get Featured
  • Expert Panels
  • Terms and Conditions
  • Privacy Policy

© 2021 Expert Circle

No Result
View All Result
  • All posts by Experts
  • Get Featured
  • Expert Panels
  • Promote Your Website
  • Branded Content
  • Media Pack

© 2021 Expert Circle

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.