BUS 202 Lecture Notes - Lecture 2: Lean Startup, Shigeo Shingo, Steve Blank

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Week 2 BUS 477
Lean Start Up Model Intro
- Dooed fo da 1 eause the did’t ko ho to tu thei podut ito a geat
company
- Startup success is based on following the right process.
- Etepeeuship is a kid of aageet
- Early on they sent out prototypes and not fully equipped versions of their products and
experimented on their customers rather than trying to cater to their needs and
surprisingly it worked
Origins of The Lean Startup
- Steve Blank expressed that Business and Marketing functions should be seen just as
important as the product development and engineering side of a business. Steve Blank
oied this Custoer Deelopet
- Lean Startup was made to help eliminate startups from building products that nobody
wants and having their products and companies eventually fade away
The Lean Startup Method
1. Entrepreneurs are everywhere: Any individual who is working within a startup.
a. Start Up is defined as: a human institution designed to create new products
and services under conditions of extreme uncertainty.
2. Entrepreneurship is management: As a startup is an institution it requires
management.
3. Validated Learning: Startups exists to learn how to build sustainable companies.
Through running frequent experiments startups are able to validate their visions
scientifically.
4. Build Measure Learn: The main activity of a startup is to build a product, measure
how the customers respond, and learn from that to help determine whether a pivot
needs to be made.
5. Innovation Accounting: To improve entrepreneurial outcomes we must be able to
measure and take account for methods on how to set up milestones, prioritize work,
and how to manage.
Why Startups Fail
- Most statups fail eause the’e aught up i a iitial good pla, solid stateg, ad
thorough market research , hoee this does’t ok fo statups eause the egi
with too much uncertainty.
Chapter 1: Start
Entrepreneurial Management
- Startups are an institution and just like any institution they require management. This is
often ignored by Entrepreneurs
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- We’e goig though a ea of oe etepeeus tha ee, ut e lak effiiet
management
The Roots of The Lean Startup
- Lean startup takes its name from Taiichi Ohono and Shigeo Shingo from Toyota
- The lea stat up uses Validated Leaig to easue pogess. With this e ae
eliminating sources of waste that plague entrepreneurship.
- A good theory of Entrepreneurship should address all the functions of an early stage
venture such as:
o Vision
o Concept
o Product Development
o Marketing & Sales
o Scaling Up
o Partnerships & Distribution
- The goal of a startup is to figure out the right thing to build, what customers are
willing to pay for as quickly as possible.
- The Feedback Loop that startups have is labeled the Egie o Goth
- Startups also have a true north, Startups employ a strategy which include:
o Business Model
o Product Road Map
o Point of View About Partners & Competitors
o Ideas about who the customer will be
- Products change constantly through the process of optimization
- “tateg ofte hages hih is alled the Piot
- Vision rarely changes and every set back is an opportunity of learning.
- Within a startup there are simultaneous activities occurring.
Chapter 2: Define
Who Exactly Is An Entrepreneur?
- A geat ualit fo suess is oe’s ailit to diet the opa’s opoate poliies,
personnel, and processes to get things done.
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