HOW TO DEVELOP SUCCESSFUL BUSINESS OR STARTUP | THE LEAN STARTUP BOOK SUMMARY.

 THE LEAN STARTUP BOOK SUMMARY.



             THE LEAN STARTUP.

          Hey Friends,Eric Ries is an  American Enterpreneuer, Blogger and Author of The Lean Startup a, a book on the lean startup movement. He is also the author of The Startup Way, a book on modern entrepreneurial management.
                    Most of us have a misconception about starting a business,  which even i had that to start  a successful business,  All you need is a brilliant idea and if the Execution is proper, it will make us billionaire or at least millionaire Just like Mark Zukerbug's Facebook Idea, or Youtube in video sharing idea by  three pay pal employees. For that matter every billionaire companies who had a brilliant idea which had made their fortune. But its all a myth's. If we look at the history of you tube, it was initially online dating site, Not a video sharing site.
                   Before,  facebook Mark Zukerbug created a website Facemash. Facebook was not his first idea. A maximum time persons does not get success  with their first idea, instead they get success, when the idea is modified in regular interval as per users requirements.
     We all should know success of a startup is not based on that one brilliant idea, it requires to you handle extreme level of uncertainties.  Startup is like exiprement.

Why Startups Fail :
                          Why are startups failing so badly everywhere we look? The first problem is the attraction of a good plan, a solid strategy, and thorough deep market research. In earlier eras, these things were indicators of likely success. The awesome  temptation is to apply them to startups too, but this doesn’t work, because startups work with too much uncertainty.
                Startups do not yet know who their customer is or what their product should be. As the world becomes more uncertain, it gets harder and harder to predict the future. The old management methods are not up to the task.

Lean startup methodology :
                   It is based on rinse and repeat type of cycle build measure learn build a product measure your customers reactions and learn if your idea has been validated or if you need to adept repeat the cycle until your customers send you a clear singal that your products fits a market need the much coveted product market fit.

Design the test :
        Before embarking on this journey start by considering what are two or three asumations  that you're making that will determine your startup success.And is the cheapest and fastest way to test them.

BUILD . MEASURE . LEARN :
           Once you've designed your tested them.Build your Minimum Vilable Product or MVP that's not a product you'd  proud of far from it. It just needs the critical features for your test to yeild meaningful  results.


Measure Reaction :
                 The singular role of MVP is to play its part in your test. After You have an MVP you need a good way to measure your way to measure your customers reactions. In order to avoid any biases after you've connected the data. It's best to come up with a baseline metrics..
         Upfront if you're measuring conversions or email signups. How many do you need to consider the test success be clear about what success and failure look like because. It's going to be much harder distinguish between two or later.

LEARN = PIVOT Or PRESERVE.
          Hence, finally assess what you learned should pivot or preserve.If your assumptions are confirmed you're off to the races and you can focus on referring the product. But if one of your key assumptions is proven wrong. You may have to pivot change your idea or focus on a different customer segment and start the cycle over again. You may have to experiment more than you expected. Before you can find what your customers really want.
            One thing, you all need to remember, is that how many pivot, you all can handle. Before you run out of money.
         In short, Do remember, The Consumer is king of market. And all your actions and desions must be taken according to their preference and liking to make them happy and satisfied, not you or your team. You will not get success by making something. Which is not required by your consumer.


      The concepts which i have shared with you all is from The Lean Startup book By Eric Reis. It is an Awesome book for startups.

By Book Here :- https://amzn.to/2Sr5qIB

Thank You.

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