BUS 477 Chapter Notes - Chapter 1-3: Experiment, Abundant Number, Wealthfront
9 Sep 2017
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Document Summary
Key principles of the lean startup: entrepreneurs are everywhere. Regardless of industry, company size or your role, entrepreneurs are everywhere. You don"t necessarily have to be the founder to apply entrepreneurship: entrepreneurship is management. A startup is an institution that needs to be managed: validated learning. Startups exist, not just to make a product and make money, but to learn how to create a sustainable business. This is done using frequent experiments and testing to reach a vision: build-measuer-learn. The fundamental activity of a startup is to turn ideas into products, measure how customers respond and then learn whether to pivot or persevere. Startups need to focus on measuring progress towards goals and prioritise work. This requires a new kind of accounting designed for startups. Instead of making complex plans that are based on a lot of assumptions, you can make constant adjustment with a steering wheel called the build-measure-learn feedback loop.
