THE LEAN STARTUP SUMMARY (BY ERIC RIES)

Description

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Lean Startup is an approach that every aspiring entrepreneur should know about. In this video, I’ll present the 5 best takeaways (in my opinion) from the book that happens to have the same name – The Lean Startup, by Eric Ries.

How to start your first business: http://bit.ly/391czmD

Top 5 takeaways from The Lean Startup:
0:00 Intro
01:12 1. The Build-Measure-Learn Feedback Loop
03:28 2. Everything is a Grand Experiment
05:21 3. Different Types of Mvps
07:24 4. The Three Engines of Growth
10:04 5. Pivot or Persevere?

TL;DW:

- The goal of a startup is to figure out the right thing to build – that customers want and will pay for - as quickly as possible
- To confirm or reject your hypothesis, experiments must be run to gain validated learning about potential customers. An MVP usually forms the basis of such experiments.
- Three popular types of MVPs are: Video, concierge (cut) and the wizard of Oz
- Every startup should focus on an engine of growth – either the sticky, the viral or the paid one
- Successful entrepreneurship is about perseverance and flexibility at the same time. Pivoting an idea does not equal failure, in fact, almost every successful startup has done a major change to its strategy at some point.

My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.